8 Things to Know If You Want to Become an Entrepreneur
5. Make more cash than you spend
You should be well aware of your cash flow in the business. Never spend more money than you earn. Also, be very meticulous and careful when you allocate funds from your capital into important business developmental activities and operations. Making cash is very difficult, and spending is easier than cakewalk. So before spending, earn it!
6. Never mix business with friendship
It is a very bad idea to get into a business venture with friends, especially good friends with whom you share such rapport and wavelength that you decided to run a business together. The idea seems wonderful and pleasant at first, but business is all about money and relationships go haywire when money enters the scene. So, if you care and are wary of losing good friends at the cost of a business venture and more money, refrain from mixing friendship and business.
7. Focus only on profits
When it comes to business, your sole focus should be only on profits. Remember that the sales figure really do not mean much because you will be covering your costs and paying your salaries and wages first, and then comes your margin. So this is what you should look at, from the very beginning to avoid unwanted disappointment.
8. Consider whether you will have a better life
A great business and a miserable life are a horrible combination. Your business is important, true, but more important is your life. If working for the business takes a toll on your health, relationships and life in general, then it is not worth it. Hard work is definitely important, but that does not mean that you overexert yourself. Your life always comes first, and a successful entrepreneurial venture will only be an addendum to the lovely life you live, thereby enhancing it, not taking away from it.
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