A student recently asked me ‘how can I become an entrepreneur?’. Whilst I don’t have all the answers, I certainly do have some experience in this area.

It got me thinking about what advice I would give to those looking to make it in the business world and the habits and lessons that have helped me get to where I am today. So here it is, my top 10 bits of advice for any budding entrepreneur looking to build their own success story.

 

1.Go to the gym every day. Make it a daily habit

Establishing a healthy routine can help you feel energised and ready to take on the world. Going to the gym is not only good for your physical health but also for your mental health, helping to clear your head so you can focus on achieving your goals in your day-to-day life.

 

2.Go after everything you want. Aim high, starting with the end result/goal in mind

As with any journey, you need a clear destination in mind before you can begin. Knowing what you want to achieve with your career and business plays a vital role in creating a plan to get there. If you start with your ultimate goal in mind you can then work backwards, establishing a series of smaller goals that will help you get to where you need to go.

 

3.Get a copy of the book, Rich Dad, Poor Dad by Robert Kiyosaki. Its an Amazing book and will change your life

Every entrepreneur will have literature and books that either inspired them or helped them to success. For me, this was the book that taught me a lot about financial literacy and how to generate wealth and success through investments. It’s a must read for any entrepreneur.

 

4.Understand the basic principles of ‘Making Money’ and ‘Earning Money’

If you want to ‘earn money’ and get paid by someone else, get a job. Find a great job and if the company does well and you add real value to the business, then you will have some level of financial security and earn a good salary. ‘Making Money’, however, is a whole new world and a different mindset. For example, if you buy a house for £200,000 and then sell it a month later for £225,000, you have ‘made’ £25,000. Knowing the difference between the two concepts is key.

 

5.Find real teachers and learn the difference between a ‘real’ and a ‘fake’ teacher

A real teacher is someone who does what they do every day. They practise what they preach and apply it, for example a lawyer or accountant. They are essential to any successful business and learning from them can give you a genuine insight into the legal and financial world. Theoretical knowledge is great, yes, but practical, hands on experience can turn out to be far more valuable to your business education in the long run.

 

6.Turn a hobby you are passionate about into a business

Creating a business from something you are very passionate about almost guarantees success. When you’re enthusiastic about a trade, sector or product, putting in the hard work that goes into building a business suddenly becomes a lot easier. As the old proverb goes ‘Choose a job that you love and you will never have to work a day in your life’– only we entrepreneurs aren’t choosing a job, we’re creating it ourselves.

 

7.Learn how to use debt and know the difference between ‘Good debt’ and ‘Bad debt’

Debt used correctly to purchase appreciating assets is ‘good debt’, i.e. property, businesses, investment portfolios etc. ‘Bad debt’ is money used to purchase depreciating assets such as cars, boats, holidays, clothes etc. Knowing the difference between the two can make you bolder, empowering you to make wiser investment decisions that will make you money.

 

8.Grow all your social media networks every day

Make it a daily habit because then you have the ability to leverage the power of social media at a moment’s notice. Growing a social media presence takes time and consistent effort. When done correctly, it can be one of the greatest tools an entrepreneur has to expand their network, meet new people and create opportunities- but you have to be willing to be in it for the long game.

 

9.Learn to speak last

Hold your opinions to yourself until everyone else has had their opportunity to speak. Being the last to speak allows you to learn and understand more from the voices around you. Absorbing all the information presented will help you formulate an informed and valuable response when it’s time to put your point across. No matter how important you get, never lose the ability to listen; it’s a vital skill that will help you continue to grow.

 

10.Enjoy the journey

Whilst embarking on a new business venture or starting out in the business world requires hard work, ambition, and forward planning, enjoying the journey is vital to a healthy and happy life. Striving towards your future goals is never a bad thing but it can sometimes make you lose sight of the here and now; you might be tempted to hold off life until you’ve ‘made it’. Another saying springs to mind here- ‘success is a journey, not a destination’. So, enjoy the journey and get cracking!

 

Matt Newing is a successful business owner, investor and philanthropist. If you have an IT, security or digital business you’re considering selling or a business idea with potential, get in touch with Matt today.