If you want to be successful in business please avoid this mistake
Spending money as soon as you make it!
The money that comes from your job is yours, however, The money that comes from your business is not yours.
The only things you can do with the money from your business are the things that are essential for you to stay alive.
Business is like a baby you have to nature it for many years before you can expect anything from it.
Even after your business has started making money you have to reinvest everything for as long as you can.
There is no instant gratification
If you want instant gratification go and get a job, entrepreneurship is not a 100m race it is a marathon.
The biggest mistake
The biggest mistake you can make when starting your business is rewarding yourself immediately you start making money
If you find yourself doing this, you don’t have the qualities of an entrepreneur. You deserve to be an employee.
Look smart, not Rich
An entrepreneur is not allowed to look rich unless he is really rich
An employee can look rich even if they are broke
Most entrepreneurs make the mistake of spending their business money because they want to impress others.
You don’t need validation from anyone. I know that you want to prove to them that you are making money.
You want to show them that your idea is working and they were wrong to discourage you to start your own business.
Please bear this in mind, you don’t need them to believe in you.
They are not doing the work you are the one doing the job.
They are not committed to your dream. They don’t have the vision you have, so please don’t let them define your success
Employee –Entrepreneur mindset
Most people who started businesses that failed are those people who believed that they can start a business because they have worked for such businesses for a long time. Their argument is that they have the experience to run a business of their own.
What these people don’t know is that they only have the technical know-how to do the A and B of a business
Business is like a tall building the most important part is hidden, which is the foundation
What makes a business work is the mindset of an entrepreneur, not the technical know-how
These people are the same people who are used to receiving a paycheck every month for all the years they worked.
So when they start a business they want to pay themselves every month. This always backfires because businesses are not jobs
In business, there are a lot of uncertainties. One month you make a lot, another month it’s a struggle
Again there are a lot of commitments that you need to pay before you can pay yourself.
Your name should be nowhere near a list of priorities. Unlike in a paycheck situation where the money you get is 100 percent yours and you are allowed to use it all and wait for another paycheck. In Business, it is possible to pay everyone except yourself.
To run a successful business, you have to learn how to reinvest every dollar for several years until business become an adult