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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.

          More by this author

          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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          Last Updated on June 2, 2020

          How to Write an Impressive Cover Letter (With Examples)

          How to Write an Impressive Cover Letter (With Examples)

          Think of your cover letter for a job application as an in-person introduction. Your resume outlines the facts—where you worked and for how long, along with your major accomplishments. But your cover letter also shows off your personality.

          Your cover letter should outline the case for why you deserve the job without being “salesy.” How do you do that? Follow these 12 important guidelines.

          1. There Is No Cookie-Cutter Cover Letter for a Job

          Targeting your resume to a particular job may mean changing up your “Objective” section a bit or adding to your “Executive Summary” section. Cover letters, though, really need to focus on the particular person you’re writing to, the particular job, and the particular company. It needs to prove, with an economy of words, that your job experience fits the requirements of the position for which you’re applying.

          Your letter should show that you have amassed the skills you need to succeed in that workplace. And, your cover letter should clinch your prospects by making the case that you are very excited about working at that particular company.

          2. Always Opt-in to the Optional Cover Letter

          Some job postings will give applicants the option of opting out of providing a cover letter for a job[1]. Don’t take the bait! Use the opportunity to further sell yourself in a personalized, well-crafted cover letter that creatively shares who you are and why your skills and personality align with the position and the company. Think of your cover letter for a job as an opportunity to describe your value proposition.

          3. A Reference Goes a Long Way

          Did someone recommend you for the job? Put that in the subject line of your cover letter if possible. If an online listing dictates what your subject line must be, cite the personal recommendation in the first sentence of your letter:

          Dear Ms. Sanders,

          Steve Smith recommended me for your Assistant Planner position. I worked with Steve at the XYZ company for four years as his assistant until he moved on, and I feel as though I learned from the best.  His high praise for you is the primary reason I am applying for this position, as I consider him an excellent judge of character. 

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          You may want to bolster Steve’s recommendation with a short anecdote about working with Steve. Don’t be shy. Steve’s high opinion of you will likely mean that your resume gets a serious look.

          4. Outline the Key Points You Want to Make

          Company by company, your cover letter for a job application needs to be specific and bulletproof. Unless you have a great deal of practice in writing cover letters, it’s hard to just bang them out. So don’t even try. Instead, start with a list of points you intend to make. Generally, these would be a “grabby” introduction, a story or two about a particular accomplishment that is relevant to the job to which you are applying, a reason why you are the ideal candidate for the position, and a conclusion with a suggested next step.

          1. Intro – Have been familiar with the company since my father worked there in the 1980s.
          2. College Major – Majored in industrial engineering so I could get a job at CYY Building, Inc.
          3. Captain of Soccer Team – Prepared me to solve problems, promote morale, and coach a team.
          4. Ask for Informational Interview – 15 minutes to meet in person and learn more about opportunities.
          5. Compelling Close – Ask Hiring Manager to call me. Say I will call her in a week if I don’t hear from her first.

          5. Moderating the Tone of Your Cover Letter

          Some companies are buttoned-up. The workers wear three-piece suits to the office each day plus loafers. Other companies are more casual. The employees wear shorts in the summertime and skateboard through the hallways. In an in-person interview, you would never wear shorts to a company whose employees are sporting three-piece suits.

          Similarly, your cover letter needs to strike the right note. The letter you write to a start-up should sound markedly different than the letter you would write to a white-shoe law firm.

          For example, even using something as informal as “Greetings” for the salutation may not be appropriate at a more formal firm. And definitely don’t use the default “To Whom It May Concern.” Instead, try to find the name of the hiring manager with an online search. If that’s not possible, you will want to begin with “Dear XYZ Hiring Manager.” The tone of your cover letter for a job starts at the very beginning.

          6. Create an Attention-Grabbing Opening Line

          Think of going to hear a presentation by a motivational speaker, only to have her open with, “I’m here today to present (fill in with title of the presentation).” What a let down! What if instead, she started with, “I just ran a half marathon. Now doesn’t that sound better than if I told you, ‘I tried to run a marathon but quit half-way through?’” See the difference? You want to hear more.

          Craft the first line of your cover letter with the utmost care. It doesn’t need to be clever, but it needs to show your personality and your fit for the position.

          Dear Mr. Stevens,

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          I am committed to making the customer service experience better for people like my grandmother. At 87 years old, my Gram is lost in the digital world and reliant on customer service representatives she can reach by telephone to answer her questions and solve her problems. She regularly shares stories of frustrating dead-ends she experiences with people wanting her to “go online and make your selection.”  Yet, whenever she reaches someone willing to take the extra time to resolve her issue, she sings the company’s praises to everyone she knows. Based on Gram’s frustrations, I want to be that person who won’t give up or pass the buck with bewildered customers.  

          With a strong, anecdotal opening such as this, you show purpose and passion behind your application to be a customer service representative.

          7. Recognize the Value of Cover Letter Real Estate

          Spare writing is key in the cover letter for a job. It is always best if your letter doesn’t exceed a page. Those reviewing applications appreciate a letter that is terse, yet provides useful information to evaluate an applicant. This means you have five to six paragraphs in which to work.

          Repeating anything from your resume is a waste of real estate. Think in terms of describing why you are applying for the position and why you are the best candidate.

          To best show your personality, avoid stale phrases such as, “I believe my experience would be a good fit in your organization.” Add punch to your statements that show off your accomplishments and your attitude.

          I thrive in start-up environments where I’ve learned to expect the unexpected and to make changes on the fly. In one such instance, I uncovered better results from a pilot project and in under 30 minutes had updated the CEO’s presentation in time for his meeting with a venture capitalist.

          8. Getting Creative

          On the surface, a requirement is a requirement. Many online ads specify the number of years, and you might think they are ironclad. But if you count the number of years you amassed a particular skill at the job and add any volunteer work where you also used that skill, you might surpass the requirement.

          Say that you are applying for a position in fund development. If your career experience in putting on charity fundraisers falls a little short, it’s certainly appropriate to add in time spent organizing fundraising events as a volunteer—as long as you indicate it as such in your cover letter for the job.

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          I recently passed my two and a half year mark of employment as a fund development associate with Notable Events. Concurrently, I oversaw all aspects of two annual fundraising galas as a volunteer board member of Reach for the Stars Foundation, offering scholarships to first-generation college-bound students. These involved finding sponsors for more than 70 silent auction items, renting event space, working with caterers, recruiting volunteers and MC-ing both events, which each drew more than 200 attendees and, together, raised more than $250,000. I believe this intensive hands-on experience helps supplement my years of employment.

          Showcasing your community ethos through volunteering could make up for the deficit in actual on-the-job experience.

          9. Making the Case that You Fit

          How will you fit in at the company? With some research, you can easily figure out the corporate culture of an organization. Many companies share their core values in job recruitment ads. But even if you can’t discern a company’s mission or beliefs from its advertising, you can learn it from articles you read about the company.

          Is it employer-centric or employee-centric? Is the culture more traditional or more fun? And what are you looking for? When you find a company where your needs align with theirs, that’s an indication that you would fit in well. Take care to make sure that your cover letter reflects how you fit.

          If you are a recent military veteran[2], consider which civilian positions lend themselves to the regimented culture of which you’ve become accustomed. For example, your occupational specialty while in the military could dovetail well with a company’s job requirements—and you have the added benefit of discipline, following instructions, and teamwork that you can apply to any future position.

          10. Always Ask for What You’re Worth

          If the employer asks applicants to share their salary requirements in the cover letter for a job, disregard what you made in your former position and look into the salary ranges[3] of the advertised position. You will want to adjust up or down within the salary range depending on your prior experience in the industry or in a similar role.

          The key is to not undercut yourself by asking below the minimum amount, or to overinflate your worth by asking for an amount higher than the maximum pay in the salary range.

          11. Show Your Cover Letter to Three People Whose Opinion You Trust

          Once your letter is out in the world, it’s too late to tweak it for that particular job. You will dramatically improve your chances of having your cover letter “land” correctly if you’re proactive. Find a few people in the field, and ask them if you can show them your cover letter before you send it out.

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          If you are starting out and don’t know anyone in the field, you may want to consider paying for a professional career consultant or coach to review your cover letter and resume. Remember that the care you demonstrate in your cover letter is that employer’s first impression of you.

          12. End With Enthusiasm

          You want to stay upbeat all the way to the end of the letter. Let the reviewer know that you appreciate the opportunity to apply and that you look forward to hearing from (or having a chance to meet with) them in person.

          It would be an honor to be part of your team, and I hope to have an opportunity to discuss this role and how I could contribute to it in person.

          This acknowledges that the organization gets to make the next move, but that you anticipate it will be in your favor.

          Sign off formally (“Sincerely” or “Best regards”) or informally (“Best” or “Thank you”) depending on the tone of the letter. Also, be sure to include your email address and phone number under your name. This ensures that, should the reviewer wish to contact you, the contact information is easily accessible.

          Final Thoughts

          The best cover letters for a job are lively, authentic, and provide a memorable result, anecdote or example of your approach to work. By tying your approach to the requirements of the job description and revealing your personality as a fit for the organization, you will give yourself a winning chance for making the cut and landing that coveted job interview.

          More Tips on Writing a Great Cover Letter

          Featured photo credit: Glenn Carstens-Peters via unsplash.com

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