#Asia 5 business hacks for the newbie entrepreneur

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Starting up is full of challenges and requires a mindset shift. Here’s how you can be successful without losing your mind

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As entrepreneurs, we compete as underdogs. Challenges are a guarantee and we play a game that has the odds stacked against us. Entrepreneurship can be a lonely game that will stretch us as participants and that’s why I think it’s powerful to share our stories, successes and failures amongst each other. We are in this together.

I’ve been asked to share five rules to live by as an entrepreneur, an entrepreneurial employee, a startup or an existing business revitalising itself.

1. Vision overcomes challenge

We have had it drummed into us. We’ve all heard it 100 times. Vision is the cornerstone of growth. The question I constantly ask myself and our team is to share stories that represent our vision in action. Yes, you need a flash vision statement and flagship wording to express your group vision, mission and purpose, but my challenge to our team is to constantly share core stories that represent our vision playing out in real life.

Ensure your vision is imprinted into the minds of your people with more strength than your challenges, because vision overcomes challenge.

Also Read: GIZTIX named winner of Echelon Thailand Startup LaunchPad

2. Take the high ground

As entrepreneurs, we’re often put in positions where we’re challenged. This might be because an employee isn’t doing their best work, or we have a problem with a competitor or because of an odd disgruntled customer.

From day one, it’s important to take the high road. Get into the habit of doing the right, moral and correct thing early on in business, and focus on solving the problem rather than winning the battle.

I think it’s so important to remember as entrepreneurs that rejection is an element of growth. Be prepared, expect it and be ready to take the high road.

3. Thinking time

As growth occurs, it’s a guarantee we will have more than enough tasks to get bogged down by. As business owners, a large part of our days is often spent fighting fires and overcoming challenges.

I think it’s powerful to allocate time every day or every week when you can just think. This means removing yourself from the daily hustle to work on bigger picture tasks or think through a specific problem.

In this time, you should examine the problems you are facing and develop strategies to avoid them. An hour-a-day-spent-thinking will be one of the greatest investments you make.

4. Hope is not a growth strategy

No matter what people tell you, hope is not a growth strategy when it comes to your businesses’ finances.

A lot of startup businesses shy away from the numbers due to fear or a lack of understanding. But if you’re serious about scaling your startup, finance is an aspect you can’t hide from.

To enable growth, you need to have a strong and realistic budget, a business plan and a cash-flow forecast. Treat yourself like a listed company in the way you report and plan. Your financial dashboard is your scoreboard.

Also Read: Is the term ‘woman entrepreneur’ sexist?

5. Belief matters the most

As entrepreneurs we are taking a vision, something that doesn’t yet exist in the physical world, and we are doing whatever it takes to make that vision real.

Belief is a requirement of entrepreneurship. Belief is a requirement of growth. You have to believe in your customer (market), your product, your plan, your people, yourself and believe the world is conspiring to help you.

I like what Jim Rohn said, “Great wealth can’t be earned as efficiently as it can be attracted.”

The article STARTING A BUSINESS? HERE ARE 5 RULES TO LIVE BY first appeared on The Entourage

The views expressed here are of the author’s, and e27 may not necessarily subscribe to them. e27 invites members from Asia’s tech industry and startup community to share their honest opinions and expert knowledge with our readers. If you are interested in sharing your point of view, please send us an email at writers[at]e27[dot]co

The post 5 business hacks for the newbie entrepreneur appeared first on e27.

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