10 Laws of Power for Entrepreneurs continued…
Law VI: Seek Wise Council in Order to Learn How to Prosper
Entrepreneurs have to understand that you can’t do this all on your own. Help is needed for you to start your business and help will be needed for you to keep elevating to higher levels. Talk with people who are in the position you wish to place yourself within. Experienced people have the knowledge which you seek and can provide you with the guidance that helps you avoid mistakes that they have made themselves along their entrepreneurial journey. This means you have to put away your arrogance and humble yourself so that you can listen and learn. Find a mentor(s) that are all about ensuring your success. Don’t be afraid to reach out to people because you fear it shows weakness. It actually shows strengths that you are willing to seek advice in order to increase your capabilities that leads to you prospering.
Law VII: Diversify Your Core Business
One source of income or more precisely only one means of creating economic generation is dangerous. Some businesses have favorable seasons where business flourishes and for the rest of the time it’s dry…no customers. NO! You cannot have this happen to you. When one facet of your business is experiencing a slump, other facets need to be sustaining or thriving. For example, an accountant’s core business is accounting but their diversified services might be taxes, book-keeping, auditing and so forth. If they just focused on one service they would miss out on other potential opportunities to make money because they only service one sector of the overall business. Most important is to have a strategy in place when operating multiple services. You want to ensure everything is working organically and effectively in order to produce the most profitable return possible on all your activities.
Law VIII: Seek a Position of Authority & Influence
Are you just existing as an entrepreneur? You do just enough to get a little ahead of breaking even and never dare step out of your comfort zone. You know what is destined for you? To keep getting looked over and never experiencing what it’s like to be in a position of authority. Those who have authority and influence have the eyes and ears of their industry and marketplace. Authority means you are sought after to make key decisions. Influence means your words and actions shape other’s thoughts and behaviors. You must stop being content with doing ok and just good enough and become determined to be exceptional! Show your worth, produce value and demonstrate why others can’t duplicate what you provide.
Law IX: Money is a Means of Freedom Not Arrogance
A fool and his money are soon parted… I was once a huge fan of Floyd Mayweather but his constant need to flaunt his wealth shows he has not achieved real freedom. Money, wealth; however you define it should be used as a tool for continued freedom from debt and financial lack. No one wants to be a slave to a lack of money but you are still a slave once financially well off if you let money rule your happiness. If your entrepreneurial journey is solely focused on money you will always feel a sense of emptiness. Now don’t get me wrong, we all want to make money and a lot of it but other motives have to be in place in order for you to feel complete. You have to really be inclined on helping the people you service. When your focus is on helping others succeed, then your success in turn grows exponentially. You should be focused on making money every day but don’t let that money become your god that you worship…
Law X: Have an Exit Strategy
Entrepreneurs are prone to burn out and crash because they have no exit strategy in place. They keep going and going and going, until they finally hit a wall that impedes their growth or become too exhausted to continue. Have a plan you are working towards, which once achieved frees you of your firm grasp upon your business. Whether its handing the business over to family, selling the business or closing the doors for good; have some type of strategy designed that gets you to that wanted destination. An exit strategy helps you maintain the needed performance to grow and to execute those critical goals set so that once all initiatives are accomplished you can retire away happily or start on a new venture. Design that golden strategy and work on it relentlessly so that you can walk away smiling; knowing you provided value, made a difference and people’s lives and can now enjoy the fruits of your labor.
Hopefully you have enjoyed the 10 Laws of Power for Entrepreneurs and can take away key points to use for your entrepreneurial journey. Entrepreneurship is a process and you will have to use many tools and resources in order to come out successful. Free advice such as this can prove to be of great value that stays with you for a lifetime. Use what you have learned here and put it into action!