The Dos and Don'ts of Entrepreneurship

Two plus two equals four, and no matter how hard you try to change it, it always will.

The wheel has already been invented, so don't try to reinvent it.

These same principles apply to business and entrepreneurship. There are fundamental things that have worked and still do work. They've been around longer than you and your idea have and will be here long after you and your concept retire to that little island of your dreams.

I like to call them do's and don'ts.

While there is no "one size fits all" approach to business, that doesn't mean you shouldn't be aware of some of the many tried and true methods that 'treps (entrepreneurs) follow today. As well as the common ways people have tried that simply don't work.

The bottom line is there is no point in trying something that is proven not to work or avoiding something that many businesses have already proved vital.

Feel me?

Here are the dos and don'ts of entrepreneurship.

Do: Understanding your target audience

Newsflash: your audience isn't everyone.

While you may genuinely believe that the entire human race needs what you have, the truth is they don't.

A critical difference between successful and unsuccessful entrepreneurs is understanding their target audience. If you don't understand your target audience correctly, you won't make the valuable products, services, or content they need.

And worse, you could crash and burn.

Don't: Ignore your target audience

Once you know who they are, you can't just expect to market to them and get conversations instantly.

You must engage and interact with them too. The more generous you are, the more likely they will become a loyal customer. It proves you truly understand who they are and what they need from you on a deep level.

Do: Be financially responsible

Have you ever heard the phrase, "revenue is vanity, profit is sanity, but cash is king"?

Poor cash flow is the number one reason many new entrepreneurs and businesses fail.

If you are just starting out, you need to figure out a solid plan to cover your expenses, the costs you need to start your business, and what you need to keep it running full time sustainably. Without this key information, it is always best to wait before transitioning full-time or starting the business.

A poor idea of finances likely means you won't be successful.

Don't: Expect overnight success

Overnight success is often years in the making.

What that means is you have to stick to it. You have to keep pushing. You have to drive on even when you feel like stopping.

Social media and many other outlets on the internet make overnight success look straightforward, realistic, and something that happens often. However, that is far from the truth. Even the stories that seem like overnight successes took years to perfect their skills and find the right people to enjoy and share the content with.

Starting with the expectation that it will probably take you longer than you want or realize will lead to more success as you make better plans.

Don't: Start without a plan

Every successful venture has a plan.

When you travel to visit mom, there's a plan. There's a plan when you decide to make the perfect blueberry muffins. When a nurse gets the shift at 7 am, there's a plan.

The point is every successful venture has a plan.

Simple business plans help you define your idea, goals, market, target audience, marketing strategies, and financial projections. Without this information, you won't determine if your idea is viable or realistic.

This can lead to many years of frustration as well as wasted resources.

Do: Learn from your mistakes

No entrepreneur is free of mistakes.

In fact, many successful ones will tell you their failures are what got them to where they are today. Through failures, you can quickly identify what you need to do to see the outcome you are hoping for.

Now I'm not telling you to fail, but rather to advise you that you likely will.

Don't let them stop you. Learn and grow from them.

The final word

Entrepreneurship is not easy.

Many things go into being a successful entrepreneur, and even more can lead to failure. However, if you follow the dos and don'ts outlined in this article, you'll be on your way to entrepreneurial success.

Remember to always be financially responsible, learn from your mistakes, and engage with your target audience.

With these principles in mind, nothing can hold you back.

Thinking about becoming an entrepreneur and taking that leap of faith?

Discover in less than two minutes if it's time to finally quit your job...