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Thursday Thought: 5 Things I’ve Learned Being an Entrepreneur

By Coco

 

So Coco turns to me and asks me, “Hey Halla, want to write a post for the blog about 5 tips to being an entrepreneur.” I hesitated. Not because I don’t want to share, but because I have always been the silent one on the blog, making random appearances every now and again but not much else. I am very uncomfortable being in front of the camera, and possibly even more uncomfortable sharing my written word. But when you have a partner, especially one you respect and admire, you have to do things they ask, regardless of how uncomfortable it makes you.

So here I am.  Giving you my 5 tips. And if ever I mention that Coco is the yin to my yang, take one of her recent Insta Stories she shared with y’all. Coco’s own 5 Tips on Starting a New Business. In a few short stories, she took us through it:

  1. Embrace change
  2. Don’t take it personal
  3. Get comfy with failure
  4. Read, listen, engage, and open your eyes
  5. Collaborate

Gotta love her! It’s all the intangible things we truly love about being our own boss. My list is quite different. Not because I don’t agree with the above. I absolutely, without a doubt do. But I’m the numbers girl, the business strategy person and the one who watches out for the bottom line. Coco does, but she is so much more easy-going about it than I!

To run a successful business, it must work in the direction of profitability. The idea is to operate a sustainable company so it can foster and grow into something much bigger than you ever imagined.

 

  1. Act like a business

It may sound obvious but in the world of entrepreneurship, perception is 99% reality. Register your company, have a logo designed, make business cards, build a website (even if its just a splash page with contact details). The more official you become, the more you will be taken seriously.

 

  1. Get your finances in order

Hire a good accountant and get yourself extremely comfortable using a web based accounting system like FreshBooks or QuickBooks. When your money is organized, so is your vision.

 

  1. Lawyer up

It can be a friend, distant relative or even a firm, but have someone you can enlist for legal advice. As a business owner, it is way too easy to create your own rules that may not be legally applicable, especially in issues like partnership agreements, non-disclosures and human resources. Make sure you are protected.

 

  1. Always be interviewing

Even if you have to fly solo for a while, you need the right set of minds by your side when the opportunity arises to add someone to your team. Good people are hard to find so make sure you have a roster of bright, intelligent, and hard working individuals to call on for help.

 

  1. Practice the art of negotiation

There’s a tactic many like to call ABC – always be closing. Whereas I don’t totally agree with that, its important to keep in mind that opportunities lie everywhere. You must stay keen and aware so you can negotiate your way through all those potential partnerships that arise when you’re going about your day-to-day. Being an entrepreneur is just as much what you can do for another business, as what they can also do for you. It’s a skillful dance so strap on your shoes and get to it!

 

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