As an entrepreneur, you need to be able to quickly identify the risks and opportunities in any new business venture. If you’re thinking about starting your venture, there are some rules that all entrepreneurs should follow as part of their business plan. These will guide them through the ups and downs of this challenging new role. Here are the five rules for an entrepreneur that you should know to succeed as an entrepreneur.

1. 5 RULES FOR AN
ENTREPRENEUR
Practical Tips to starting right

2. Being a successful entrepreneur
requires that you
Look at the big picture
Have a clear goal in mind
Follow a plan through from beginning to end
Regularly Measure your progress, especially
around cash flow
Here are some practical guidelines that can help you when starting business.

3. Don't quit that job just yet
Consider starting your business parttime,
especially if it’s online, while you’re working
and have a steady income
It usually takes six months to a year to get a business
going, and you don’t want your ability to pay your
household bills to hinge upon your company being an
overnight success.
Start with what you can manage, financially and
time-wise, and scale up as your business grows.
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4. Find your niche
The days of generalist services or stores are over, particularly online.
It is preferable to be highly knowledgeable on one or two things that have general
knowledge of everything.
Find your USP - Unique Selling Point
Think about what makes your product or service unique. The best way to know if your
product or service is right for your chosen niche is correct is to test it.
Provide superior customer service
Niches allow you to pursue what you care about; make your buyer's experience
memorable.
You can’t compete with the big guys, so you should start looking where the big
guys aren’t.
When shopping for shoes, you don’t usually purchase the first pair you try on. You look around
and see what fits. The same applies when finding your niche.
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5. Have an online presence
It eliminates physical location and broadens
your customer base significantly. It’s also a
great tool for promoting yourself and letting
people, even in your area, know that you’re
there and what you’re doing.
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6. Avoid cash flow
problems from the start
Even with the best planning, you may experience
regular curve balls, such as latepaying customers.
This can not only affect the spending you had
planned but even throw the future of your business
into doubt.
38% of business start-ups fail in the first few
years because they ran out of cash or failed
to raise new capital
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7. What Kind of start-ups are more
successful
E-commerce, mobile apps, and
SaaS startups are among the
ones that often reach profitability.

8. To start managing your start-up runway, follow the link below to access our interactive Runaway
model for a simple online subscription business with free registration and a single monthly
subscription tier.
https://bit.ly/3WJDFIH
Survival Metrics: Getting to Grips with the Startup Runway
A startup runway refers to how long a company can operate before running out of money. It’s
particularly used by startups to forecast, budget, strategize and seek funds.
To calculate your runway, you’ll need to know your company’s net burn rate. The net burn rate is
the pace at which a new company is running through its startup capital ahead of it generating
any positive cash flow. The formula for the net burn rate is simple.
Net burn rate = Monthly expenses−Monthly revenue net burn rate
Now you need your current cash balance to calculate your runway.
Runway =
Cash balance
Net Burn Rate

9. 5
Few people realize that before Bill
Gates created the extremely
successful Microsoft 3.0, he
created Microsoft 1.0 and 2.0, both
of which flopped—but he
kept at it.
Refuse to quit
Successful entrepreneurship requires
creativity, energy, and a drive to keep
going when you fail.

10. Determination and refusal to give up separate
successful entrepreneurs from unsuccessful ones.
Arm yourself optimistically to get beyond the ‘No’ or
the trouble. There’s nothing wrong with failure—learn
from mistakes and try not to repeat them

11. Book a free no, commitment consultation meeting
for bespoke advice on starting a new business.
& BUSINESS ADVISOR
https://calendly.com/ruth-95/60min