How to become a self made entrepreneur

How to become a self made  entrepreneur

Becoming an entrepreneur is a fun yet scary proposition. Often, entrepreneurs go against the advice of their friends and family members, in order to follow their dreams and pursue their passion. However, making that leap is a rocky road.

Here are four action steps that you can take right now to make the journey less bumpy:

1. Develop a Personal Mission Statement

A challenging yet exciting thing about entrepreneurship is that you are inundated with ideas and opportunities, but to be effective, you need to choose the ones that work best with what you want out of your life. Create a personal mission statement that will act as a decisive filter.

For example, my personal mission statement is "to become a tycoon politically, socially, and economically so that I may have a positive impact on my community." When developing your own, you must ask yourself two questions: What core things are most important to you? Why are those things important? Your answers will help you figure out how to accomplish your goals. Remember that your personal mission statement is not set in stone, so tweak it accordingly as your life's priorities change.

2. Reduce Your Expenses

One of the main reasons many people don't start businesses is because they're afraid of losing their home, car, ability to provide for their families, etc. But the ultimate goal is to generate big wins while reducing your expenses.

A solution to this is to cut your expenses down to the necessities. You don't need to make your life miserable, but simply review your expenses and find affordable alternatives—starting with the most expensive item. Do you really need to pay $1000 per month in rent, or can you share an apartment with a friend to save money? Actively cut those excessive expenses and recalibrate yourself to your new lifestyle. The more responsibility and expenses that you have, the harder it will be for you to take on the entrepreneurial mind set.

3. Create a Synthetic Family of Networks

Don't worry about whether you come from a rich and well-connected family or not. There are plenty of successful entrepreneurs who came from very little. What is often overlooked, however, are the key people who helped give them that additional push or extra opportunity. They created their synthetic family of networks.

A synthetic family is not the family you were born with, but one that you created who help provide the resources you need to accomplish your goals.

4. Take an Inventory of Your Current Assets

People often speak of the 4 grades that really matter

a. Personal Capital – How well do you know yourself?

b. Intellectual Capital – What do you know?

c. Social Capital – Who do you know and who knows you?

d. Financial Capital – Who knows that you know what you know?

Before you make that leap to entrepreneurship, take a hard look at where you stand across these four dimensions:

Are You Ready for Entrepreneurship?

Making the leap is already frightening enough. Make the transition easier by following these steps, which will relax your mind so that you can then fill it up again with a level of creativity and execution that will help you change the world for the better.