Sunday, May 26, 2013

4 Steps to Ease Your Way Into Entrepreneurship

Becoming an entrepreneur is a fun yet scary proposition. Often, entrepreneurs go against the advice of their friends and family members, in order to follow their dreams and pursue their passion. However, making that leap is a rocky road.

Here are four action steps that you can take right now to make the journey less bumpy:

1. Develop a Personal Mission Statement

A challenging yet exciting thing about entrepreneurship is that you are inundated with ideas and opportunities, but to be effective, you need to choose the ones that work best with what you want out of your life. Create a personal mission statement that will act as a decisive filter. For example, my personal mission statement is "to become a tycoon politically, socially, and economically so that I may have a positive impact on my community." When developing your own, you must ask yourself two questions: What core things are most important to you? Why are those things important? Your answers will help you figure out how to accomplish your goals. Remember that your personal mission statement is not set in stone, so tweak it accordingly as your life's priorities change.

2. Reduce Your Expenses

One of the main reasons many people don't start businesses is because they're afraid of losing their home, car, ability to provide for their families, etc. But the ultimate goal is to generate big wins while reducing your expenses.

A solution to this is to cut your expenses down to the necessities. You don't need to make your life miserable, but simply review your expenses and find affordable alternatives—starting with the most expensive item. Do you really need to pay $1000 per month in rent, or can you share an apartment with a friend to save money?