In Starting a business

How to succeed as an entrepreneur

Starting a business is always going to have challenges. Some are rewarding, and others will determine the success and the longevity of your venture. If you are making the transition into the world of entrepreneurship, prepare yourself for the following challenges of being a first-time boss.

The challenges of being an entrepreneur

Be prepared to spend money to make money and to shoulder the stress that comes with being financially responsible.

Financial uncertainty

Every start-up costs money. There’s just no way around it; you are going to have to spend money to make money. Before you start a business, make sure that you are able to handle the financial burden. If you are going to fund your own start-up, make sure that you have your family’s blessing and that everyone understands the risks involved. If you are going to crowdfund or look for an investor to start your business, you are going to have to deal with the added pressure of being indebted to an investor.

Building your team

Unless you are going to be a sole proprietor, you’re going to have to be smart about the people you choose to help you run your business. You need to consider people who have the right resume to fill certain roles. However, it is also important that you find people who will get along. If an employee can’t work with the rest of your team, they can become a burden on your business. The strength of most start-ups lies in the team’s ability to work together to solve problems and grow the business. Your ability to manage a team will be much easier if they are a good cultural fit, rather than just hired based on looking at a person’s resume.

Being decisive

Hiring the right team for your start-up

Hire the right people. Focus on people who fit the company culture as well as their skills and experience.

You may be great at managing a team and creating a team culture where everyone feels they are an integral part of the business. However, you are still the boss, and the boss needs to be able to make the final decision. Indecisiveness can lead to inaction. Inaction is costly for a startup. Be prepared to have to make a lot of decisions a day, from tiny day-to-day decisions to big picture decisions. For a new boss, this can be overwhelming, so prepare yourself for the stress of always being looked to for the final say.

Get the tools to run your own business

At Affordable American Insurance, we help independent insurance agents and entrepreneurs live their dreams and start their own business. We provide a turnkey business model, as well as ongoing training to help entrepreneurs learn business development skills to run a successful independent business.

Join us and start living your dream!