Be practical about your money.
The first and most important thing new entrepreneurs need to know is the importance of practicality when it comes to to money. Many entrepreneurs don't realize the importance of generating money and how to manage profits. Instead of focusing on the present financial needs and building an actual company, they are too busy thinking about how much money they'll be making four years from now. It's a complete lack of practicality.
Cash is oxygen. How much money do you have to stay afloat and for how long? Do you have one year's worth of rent and overhead? First-time entrepreneurs always make this mistake. You have to make sure your actions can respond to the bleeding of cash that occurs before you even turn a profit.
Realize that building a business is a huge time commitment.
By starting a business, you have made a decision that does not allow you any time in your first year to do anything but build your business. No more binge watching Game of Thrones. No more late night parties with your friends. You are in such a Code Red zone that every minute - let's call it 18 hours a day if you want this to be successful - needs to be allocated for your business. This even includes time with your family. It's a substantial sacrifice and you have to realize the level of commitment that is required.
Hold yourself to your word.
One of best pieces of business advice for entrepreneurs is that your word is bond. If you make a commitment, no matter what happens, you have to deliver. Not only is your business's brand at stake, but your personal brand and reputation, too. Poor business decisions could put your status as an entrepreneur at risk.
While the sources vary, it's often stated that most businesses will fail within the first 18 months. The number one reason why so many businesses fail so quickly is because they don't realize how hard it is, how "all in" you have to be, and how much talent it takes to be a successful entrepreneur. Keep these tips in mind and you'll set yourself up for success.
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