3 principles every entrepreneur should learn

Image by Gerd Altmann from Pixabay

By Henry Brown

Entrepreneurialism is on the rise, which has to be a good thing. The more entrepreneurs there are, the more innovation there is likely to be, both inter-and-intra-industry-wide, to coin an all-encompassing and somewhat mouthy term.

That said, it’s important for entrepreneurs to realize that simply designating yourself as one doesn’t mean you are entitled to anything. It doesn’t necessarily mean you have anything to offer. It doesn’t mean you have insight, or that you’re somehow diving forward with the ‘hot sauce’ everyone will be chasing you for. It simply means you’re striking out on your own, which is admirable, but not always convincing.

In other words, you need to work.

This sometimes means going back to the drawing board and working on your flaws. That can seem like a harsh realization to make, particularly been in an industry for decades. That said, working on your weak spots is not a practice intended to humiliate you – quite the opposite. It means you’re making yourself more intelligent and capable than ever. So – what principles should every entrepreneur know when starting out? Let’s consider:

The basics of financial management

It’s not always apparent that entrepreneurs are financially literate. You may have had decades of experience in HR, for instance, and now you wish to run out on your own and establish that business you’ve thought of for years. Learning the basics, such as essential cash flow forecasting, priority spending, payroll infrastructure and more can help you avoid keeping this as one of your weak points. If you can boast a common understanding of financial literacy, you’ll avoid the starting mistakes many make.

How to brand consistently

Branding isn’t an obvious skill or art you just know how to do when beginning. Sizing your branding in the right way for your social media profiles and banners, ensuring your email signatures are well-curated, generating a ‘personality’ in the copy of your brand, all of this matters. You can look to online resources, ask for help from outsourced individuals, and sometimes, even try your hand at this yourself. Staying consistent is the key. As an entrepreneur, a lack of reliability is expected from you, unfortunately. Make sure to break that impression as carefully as you can.

Managing people is a real skill, science & art

It’s important to recognize that managing people is more than a simple skill, it’s equal parts science, skill and art. Remembering peoples’ names is the first step. Handshaking is another. Learning how to discipline them and yourself can help you generate respect rather than trying to be best friends with everyone you come across. Managing people means knowing what their motivations are, how to use their strengths and help them develop their weaker points. It takes time to read this theory and to put them in practice. Moreover – remember that people aren’t a formula to be figured out. They’re the most complex entity in the universe – quite literally. Move forward with care and consideration.

With this advice, we hope you can learn these principles as appropriate, and moreover, we wish you the best of luck in your endeavors.

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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.

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