How to avoid the mistakes of entrepreneurship?
Boy, are there a lot of mistakes that you are going to need to avoid as an entrepreneur.
As a successful entrepreneur, I can tell you I have navigated and probably made
every mistake possible. I'm going to show you exactly what not to do. Let's go.
I'm going to give you a simple step-by-step process on how to become a successful entrepreneur
in a matter of months. I'm going to share with you the biggest mistakes that entrepreneurs make
and how to avoid them. I'm going to share with you my biggest secrets from over
10 years as an entrepreneur and making millions of dollars in the process now. So,
what is an entrepreneur? An entrepreneur is not just someone that is self-employed.
Many people think that if they are self-employed then they are automatically an entrepreneur. And
in many cases, by definition, you could say that. For example if you do hair or if you do
nails or if you're a barber or things like that, you may consider yourself an entrepreneur. But in
most cases and what I'm talking about is a person that owns a business that does not require them.
Being an entrepreneur is someone that owns a business that does not require them to do the work
in order for the business to succeed. Many people, one of the biggest mistakes i feel just off the
top that people do is they define themselves as an entrepreneur when really they just own their job.
If you have to go and do the work in order for you to get money, then you're probably not really an
entrepreneur and you really need to start thinking of how to take that skillset that you have
and move it into something where other people can do it and you can make money. So, let's talk about
how you really become an entrepreneur. So, let's talk about the benefits and how to actually become
an entrepreneur. So, I started off as a business owner or as a real estate investor in my parents'
basement. I started investing in 2002 and 2003. But I literally was flipping houses and I had a
job. So, fast forward to 2008-2009 when the market started to crash, I ended up losing everything. We
ended up having multiple foreclosures, we had to file bankruptcy and I had to move in with my kids
and my husband in my parents' basement. It was awful. I lived in my parents' basement in the town
that I grew up with --embarrassed and dejected. I ended up finding a coach that taught me some
skills on how to start wholesaling and create a business and another income in real estate the
correct way. Once I did that, I was able to kind of climb out of my situation using the new skill
that I had and make some money and then I ended up going back to work. Because I had learned a
skillset and I was doing something on the side, I still wasn't really an entrepreneur. Just because
I knew how to have a wholesaling business and do wholesaling and fixing and flipping and things
like that on the side, I still wasn't really an entrepreneur. Not just because I had a job
but because it required me to do most of the work in order to get any of the money. And if I didn't
do any of the work, I didn't get any of the money. Now today, I literally have 6 businesses that I
own and run on their own. I have employees, a team. And that business functions without me.
I literally could go away for months on end and my business would be a-okay. My profits would not
go away and the business would still be intact. To me, that is how I became a true millionaire.
And now I consider myself a real entrepreneur. Again, having a skill set that you can make
money with does not necessarily make you an entrepreneur. Even being self-employed does
not make you an entrepreneur or having a business and a business license. If you want to move from
working person or a self-employed person, you have to start thinking like an entrepreneur and finding
opportunities in the market and making businesses that do not require you to do the actual labor.
So, the biggest mistake that people make that I want to tell you how to avoid even one of
the mistakes that I made is not setting up the business properly. Yes, in many cases, I of course
got my LLC and I got an EIn number or did the minimum requirements by the state to legally have
a business. But I never actually set up an entity that could go on year after year after year. So,
failing to set up a business, a true business that can actually be funded and receive other people's
money is probably the biggest mistake that I see entrepreneurs making. Many entrepreneurs rely on
their own savings accounts and their own personal credit to establish and run their own business.
This is not how big businesses run. I think many times we think way too small and we want to be
small business owners. But playing small ball is not what you want to do. Yeah, you may start
off small. We start where we are. But the plan for your business should be to grow as big as you can.
If you can grow your business to something like Apple or Microsoft, just think how you
will change the world and how you will change your whole legacy of your family. If you keep
thinking of yourself as a small business owner and never trying to grow any bigger,
your business will die when you do. You don't want your business to die off when you do. You want to
create something that will go on year after year after year. And if you set in your mind when you
start your business that you are going to grow to a big business, you will do things the right way.
You will set up your business properly, you will invest in making sure you have a business website,
a business phone number, a business email that you go and get business credit that banks will lend to
you that you have a business checking account. Again, start thinking like a big business that's
going to be around year after year after year. Another major mistake that I see people making
is they don't set up systems. Setting up systems for your business will allow you to grow your
business. Take a moment and sit back and have a business plan. Write up an operating agreement of
how your business is going to run. Taking the time to think of your business as a real entity (again)
that is going to be around year after year after year will force you to create systems that can be
duplicated year after year after year. You want to document what it is that you do in your processes.
That way you can hire on more people. You don't want to be the only employee in your business.
And you surely don't want to be the best employee in your business. That means you have a pretty
crazy boss. You want to make sure that your business can hire other people and other people
will be able to follow the processes that you've outlined. So, one of the key things that you want
to do right off the beginning is start documenting how you do things --how do you answer your emails,
how do you answer your phone, when do you answer your phone, how do you say these things, how will
you bring in new people, What will those people do. Start writing it down, start documenting
what you do and start creating a big business right from the start. And last but not least
get business credit now. Do not be like Noelle and wait 3-4 years before you actually start building
business credit. One of the biggest mistakes that I made with my business is relying on my
own personal savings and relying on the revenue for my business to move my business forward
or my personal credit cards. You literally can start building business credit before you even
have profits. I did not know that when I started. But now I do and that's why I teach it to you.
You literally can have all of the capital all of the funding and all of the reserves that you need
to grow a bigger business and have a business that is sustainable year after year after year.
Most businesses fail because they do not have the money to invest in the business. They can't
buy new inventory, they can't get new equipment, they can't hire people, they can't expand. And
if something goes wrong or if income goes down, they end up shutting the business down. Again,
invest in getting business credit and start now. It's life changing and it's business changing.
So, there you have it. Make sure you like this video. If i've given you massive value, please
type below "massive value". I literally spend thousands of dollars a month making
this content for you. I want to make sure you have all of the resources, all of the tools,
and all of the knowledge that you need to be a successful entrepreneur.
Like my video, subscribe to my channel. This is Noelle. To your success.