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3 Life Skills Every Entrepreneur Should Know

Have you ever dreamed of leading a successful startup like the Singapore-based Grab someday? Whether you’re an entrepreneur or you’re climbing the corporate ladder, it’s never too late to be one.

At first, thinking about launching your own company seems easy – we think of an idea and launch it. But believe me – it’s never easy! It takes hard work, perseverance, and dedication to make it to the top. Here are some tips to help you orchestrate your activities.

  1. Control your spending. Spending is good if your plan is to make money, e.g. office equipment, servers, delivery trucks, laptop, etc. Unnecessary costs are the ones that you should watch out for – do you really need to get take-out coffee at Starbucks? I don’t think so. This is a very simple example that most of us are guilty about. Gourmet coffee is fine, don’t get me wrong as I get one myself, but try not to run to the nearest coffee shop at your whim especially if you have a goal of reaching for that million soon. When you learn about your costs, it makes you save more money that will contribute to building the business or career instead. Well, this applies to using your credit cards too.

  2. Take action. Planning and drafting multiple strategies are great – you just have to take action so that it will create results for you.

  3. Don’t be afraid to fail. Failing is something that you have to get used to especially if you run a business. By failing, it aligns you to the right perspective whether your plan is realistic or not. It helps you stay focused by crafting a new method on how your plan will be carried out. This enables you to review your game plan once in a while to make sure you are on track.

  4. Have fun. You may think that this tip may seem odd to you but having fun while working really helps because it fights boredom. Additionally, by creating a fun atmosphere you encourage positive energy to people you work with – whether online or offline.

  5. Maximize social media and blogs. Signing up in social networking sites like Facebook, Twitter and LinkedIn are powerful tools that can complement your traditional media campaigns (TV, Print, and Radio). Also, social media and blogs are great avenues to build your campaign and brand presence especially if you are just starting up.

Finding the right venture and working through your research takes time, effort, and also money to learn which industry is lucrative. Always remember that building a startup does not equate to how much you earn from your ventures but the skill to learn to understand, control, and maximize your cash flow will help you reach your goal sooner rather than later.


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