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6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

Initially, it may seem to the inexperienced that running your own business would afford you plenty of financial freedom and clear out your schedule so you can focus more on other things. This idea of being “the boss” and relaxing while others work for you and the money just roles in is what causes most entrepreneurs to fail really quickly. Entire books can be written about the psychology behind this phenomenon, but let’s just say that being greedy, delusional and lazy is the worst combination of traits for an aspiring businessman to have. You’ll need to sit down and ask yourself a few very important questions if you want to avoid grossly overestimating your capabilities and coming up with an unsustainable business model that will leave you buried in debt.

1. Do you have a somewhat original and marketable idea?

The precursor for any sort of business venture is an idea. Good ideas are born out of understanding the principles of supply and demand, knowledge of the latest market trends, a desire to stand out from the crowd and plenty of ambition. An entrepreneur’s vision may not be entirely novel, but it should be somewhat unique.

If your plan looks something like this:

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  • Step One – Open clothing store
  • Step Two – Make a ton of money
  • Step Three – Live out the rest of my days without any worries

Then it is safe to say that you don’t have what it takes to survive your first year, let alone earn enough money to live comfortably and grow your business. A good plan would look more like this:

  • Step One – Research the local market to check if clothing store is a valid option
  • Step Two – Market research shows that there is a lack of elegant and stylish plus-sized clothing options in town, even though there are plenty of plus-sized shoppers, which means a shop catering to these needs would be well-received
  • Step Three – Look for creators, designers and skilled labor that could help you produce your own clothing
  • Step Three – There is enough demand for the product that you can manufacture at a reasonable cost with the right tools, and the skilled labor would be willing to work for a reasonable salary, it’s time to determine a budget
  • Step Four – With the available budget we can hire a small, but skilled and dedicated team, buy the necessary equipment, secure a location and have enough to cover the costs for the first six months even if we make no money
  • Step Five – Find a good location that fits the planned budget
  • Step Six – Find the right vendors and try to negotiate a good deal
  • Step Seven – Fix up the place and set up shop
  • Step Six – Evaluate the time it will take to break even and formulate a coherent and realistic business plan

Make sure that you can bring something new to the table, putting a unique spin on tried and true ideas and basing your decisions on supply and demand in your local area.

2. How good are you at what you do?

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Employee of the month

    Want to open a restaurant or coffee shop? Then you better have some experience in those industries and make sure you are able to cook up a tasty meal or at least partner up with people who can. Want to open a clothing store? You’ll need at least some working knowledge of how things work and plenty of people skills. You may be more of a thinker and organizer than a doer, but you’ll need to make sure that you are one hell of a negotiator. There are many avenues and a huge variety of niche markets that a successful entrepreneur can focus on—as long as he or she possess the right skill sets and is confident in his or her abilities, they can go on to create a great career. However, you’ll want to be objective when judging your own skill level and capabilities if you want to avoid becoming overambitious and burning through your budget.

    3. Do you have enough courage, motivation, determination and focus?

    Courage, focus and determination

      There are plenty of characteristics in common among successful entrepreneurs and it is clear that it takes a certain kind of person to succeed in the business world. Now, you may have some of these qualities without being aware of it, simply because you were never in a position that required you to use them—you won’t know how you handle a situation until you find yourself right in the middle of it. That being said, you’ll need to dig deep within yourself and try to find enough courage, determination, discipline and a laser-like focus on the goals you set. If you don’t have at least some of these traits in spades, you will be better off looking for a different career.

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      4. Can you stay level-headed under stress?

      Businesswoman frustrated at work

        As an entrepreneur, you will need to take certain risks, and you’ll find yourself far out of your comfort zone a lot of the time. A big part of running your own business is being constantly under pressure and dealing with tons of problems as they present themselves. You will need to prioritize and deal with the most pressing matters first, and in the beginning, it can be like a barrage of things going wrong and situations not playing out quite according to plan. The ability to keep your head cool under stress and think clearly is incredibly important, as you will need to improvise on the spot, make quick decisions and choose between the lesser of two evils. If you lose your temper too often and make impulsive decisions, you won’t last very long. Luckily, this is one aspect you can work on and improve through exercises like yoga. A quick boxing session on the heavy bag or going for a swim can be a good way to manage stress and blow of some steam, so keeping in shape can be beneficial.

        5. Are you prepared to stay focused and work every single day?

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        Working on vacation

          There are no sick days, weekends or quiet afternoons when you are an aspiring entrepreneur. Many people complain about the soul-crushing monotony and lack of career options of their nine-to-five jobs, but once you are on your own, you’ll come to miss the simplicity of such jobs. You work during the morning, then you come home and kick back, and you have your weekends free to do whatever you want—even if you bring your work home occasionally, it really isn’t that big of a deal. Running your own business means that you will be on vacation with your family and instead of going swimming, you end up setting up shop in a corner and staring at your laptop the entire afternoon. That’s if you have enough time for a vacation in the first place. Countless hours will be spent working on different ideas and projects, sometimes up to 12–14 hours a day. You need to be passionate and dedicated if you are to survive the sheer workload on top of the stress and sleep deprivation.

          6. Do you have a good level of leadership and management skills?

          When you are your own boss, there is no one to look to for leadership and advice, and no one to help you manage your employees. For a small business, it can be beneficial to look for freelancers and outsource some of the work instead of permanently employing a large team. Outsourcing can have different effects on your business as well as the local economy, but it is generally a fairly safe bet that if you find the right people, it can save you a lot of money. It’s here that your management, negotiation and people skills need to kick in. Managing a small and dedicated team plus a few freelancers, all while keeping your finances in check and handling any unforeseen setbacks takes a lot of concentration and the ability to jump from one task to another quickly and efficiently. Make sure you work on these crucial skills before making any serious plans for the future.

           

          It is said that the path to success is covered in the sweat and tears of those who weren’t afraid to give it their all and make the necessary sacrifices. Although the business playing field is wide and open, there are some fairly strict guidelines for developing winning strategies, so it is best to take plenty of time to think about your plans for the future before committing to a serious, life-changing project.

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          Ivan Dimitrijevic

          Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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          Published on January 7, 2021

          How To Train Yourself When You Lack Attention To Details

          How To Train Yourself When You Lack Attention To Details

          Some people see the trees for the forest, and some see only the forest, meaning they lack strong attention to detail. But even if you’re one of the people who take a macro rather than a micro view, true professionalism requires balancing both.

          If focusing on the fine points is not your forte, you will benefit from training yourself to pay attention to details. You will profit by saving yourself time, effort, money, and credibility.

          Why Training Yourself in Attention to Details Pays Off

          You add value to your organization when you make the effort to ensure that you performed your work thoroughly and effectively. This is why job postings often list “attention to details” among the required skills.

          When you present your supervisor or client with well-completed, high-quality work the first time, it maximizes your value and minimizes wasted time. Detail-oriented people are also more adept at catching mistakes that could lead to costly blunders.

          Moreover, attention to detail is an indicator of possessing other in-demand employee qualities, such as organization, thoroughness, and focus. In some professions, such as accounting, engineering, medical research, and more, you can only excel if you have trained yourself to pay attention to details.

          In other professions, possessing strong attention to detail is the very quality that will get you promoted to a position where you will be asked to consider the big picture.

          Finally, if you are the “go-to” details person, everyone else on the team can relax a bit. They know the project is in good hands and will likely throw you more projects as a reward. This will ultimately lead to your advancement.

          3 Important Aspects of Becoming More Detail-Oriented

          Here are the 3 important things you need to learn if you want to remedy your lack of attention to detail:

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          1. Respect deadlines
          2. Understand the work-flow plan
          3. Build in time to mess up

          1. Respect Deadlines

          Deadlines lend all projects a finish line. One smart idea is to take the given deadline and work backward from it, calculating when your piece of the project is due. Then, if you stick to the proscribed schedule for completing the mini-projects that you have, you will never miss a deadline.

          One important note on this: It is smarter to stick to the deadline and turn in work that merits a “B+” than to blow the deadline with “A” work. Chances are, through revision and suggested changes from others on the team, you can bring up your B+ work to an A later. But if you disregard deadlines, you will lose the respect of your boss and fellow teammates.

          2. Understand the Work-Flow Plan

          Your team is developing work in conjunction with other teams who have projects and deadlines of their own. When you grasp the whole work-flow plan, you may be able to either add insight to the greater project or to your own smaller piece of it that others at the firm will consider valuable.

          3. Build in Time to Mess Up

          You can expect that “what can go wrong will go wrong.” Don’t overpromise on deadlines. Something likely will mess up, but when it does if you built in the time to fix it, those around you won’t freak out.

          Chances are, you already give your attention to several details. Take heart. You can do this! You can overcome your lack of attention to detail and become more detail-oriented.

          For starters, consider this: Most people take the time and put in extra effort into the activities or undertakings that matter to them most. Training yourself to become more detail-oriented can mean adopting a similar pattern of behavior.

          Apply the same attention you give to your appearance. Are you a meticulous dresser? Do you pay attention to how you pair patterns and colors, and how you accessorize a particular outfit?

          This is the same system to use when you lack attention to detail with your work. Give every item careful consideration so that each one contributes to the perfectly pieced-together whole.

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          Assemble the ingredients the way you do when you cook. Cooking and baking from scratch require close attention to details as you measure and add each ingredient in sequence, and you time everything so that the meal comes together at the same time.

          Similarly, your work product requires you to gauge whether all the ingredients have been added and that your final product is delivered on time.

          Organize your business network like you do your social contacts. If you follow a broad base of friends and acquaintances on social media, you can apply similar skills to stay up-to-date on details associated with business acquaintances.

          When you meet somebody who could be influential to your career or a resource for improving your skills, follow that person on social media. Respond to their posts to keep the lines of communication flowing.

          12 Tips to Help You if You Lack Attention to Detail

          Teaching yourself to take note of important details involves sharpening your perceptions and thinking ahead. The following tips will help you adopt these practices. Master these habits when training yourself to become detail-oriented.

          1. Learn to Listen Well

          You will pick up relevant information and needed nuance when you apply the skills of active listening. In conversations, train yourself to make eye contact, give your undivided attention to the speaker, and ask pertinent follow-up questions.

          Training yourself to pay better attention to details in conversations includes learning to fully concentrate on what others have to say. If you find it hard, there’s no harm in taking notes on what they say.

          2. Pay Attention to Social Cues

          Make a point of noticing body language and facial expressions that provide insights into how others perceive a situation. Social cues offer details that give you an understanding of how words and actions impact others. The infamous character Michael Scott of the television show “The Office” epitomizes the consequences of not paying attention to others’ body language.[1]

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          3. Follow Rules

          Rules and protocols usually come about from lessons learned and are put in place to avoid further mishaps—whether from a safety or efficiency standpoint. If you’re given step-by-step procedures to follow, check them off as you go. Also, return to the rules at the project’s end just to make sure you adhered to them all.

          4. Take Notes

          Note-taking is a way to boost your retention and gives you something to refer back to when you need to keep track of pertinent details. You will also heighten your focus as you listen for relevant information. Review your notes shortly after the meeting or conversation and highlight the content that you intend to apply.

          5. Prioritize What Needs Your Attention Now

          When you have a full slate of work that demands your attention, take a few moments to sort assignments from most to least urgent. Keep a calendar, spreadsheet, or project planning software up-to-date with schedules and deadlines to help you stay organized.

          As you tackle each urgent assignment, give it your full attention so no details are missed. Give yourself ample time—especially if you tend to be someone who waits until the last minute—as rushing can make you overlook important details.

          6. Have a Detail-Oriented Assistant Check Your Work

          If you lack attention to detail, then it makes sense to seek help from someone detail-oriented. If you have this option, take advantage of it. Two sets of eyes are better than one. Just be sure to credit your assistant for their help once the project is completed.

          7. Learn the Rules of Writing Well

          English is a difficult language, and grammar, punctuation, and spelling can all sabotage you unless you pay attention to detail. When in doubt, look it up. Free to use website services such as Grammarly can help.

          8. Proofread Before You Hit Send

          Nothing is perfect in its first draft. If you lack attention to detail, then put in the extra effort before submitting things. Before you send off any written work, check carefully not only for misspellings and incomplete sentences but also for improper tone, inappropriate colloquialisms, and inconsistent formatting. When your written communications are error-free, they will have their intended impact.

          9. Minimize Distractions

          It is impossible to stay focused when colleagues carry on conversations nearby or your mobile notifications ding you throughout the day. Do your best to limit distractions.

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          If you are working where there is a lot of noise or side activity, try wearing noise-canceling headphones or seeking out a quiet corner. Disable your notifications when you need to focus, and resolve to only check them after you have completed your assignment.

          10. Take Breaks

          It may sound counter-intuitive to stop and take a walk, but it’s necessary. Walk away from the screen. Moving from one task to the next across the span of your workday is a recipe for brain fatigue. Give your brain a recess time when you come to a natural stopping place or after you complete one project and before you start the next. These short pauses are necessary for sorting through all the details needed for coming up with successful solutions.

          11. Make Time for Reflection

          At the end of a workday, take a few minutes to go over the day’s events in your mind. What was said or relayed in conversations? What is the status of the projects you worked on? What else occurred that you should pay attention to? Could there have been any details you might have missed that you should address tomorrow?

          12. Keep a Detailed To-Do List

          This simple organizational tool is your best ally for getting your work done on time and for paying attention to the details. If you are pressed for time (and who isn’t?), write your list to coordinate with dayparts.

          Allot a certain number of hours to complete each task, do it, and then check it off. Nothing feels more rewarding than completing all the tasks on your list. But if you can’t finish them, then carry them over to the following day.

          Final Thoughts

          Details may seem small, but they can become a lot larger when they are overlooked. If you know you lack attention to detail, commit to training yourself to embrace the many facets that can help you consistently excel in the tasks you set out to accomplish.

          When you begin to catch your mistakes in advance or apply the tidbits of information you gathered from paying close attention, you will know that you have trained yourself in the fundamentals of becoming detail-oriented. After that, you should start hearing the phrase “Great job!” more often.

          More Tips on Boosting Your Attention to Detail

          Featured photo credit: Cristina Gottardi via unsplash.com

          Reference

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