Here are some tips from some of the challenges I have encountered.
Don’t be in the battlefield alone.
As you embark on this journey you need to be able to list down at least two people that you purpose to speak to and exchange ideas when all is good and more so when all is not good. Asking for help is a pillar to becoming a successful entrepreneur.
Get emotional support.
They can be more but sometimes it’s hard to find entrepreneurs willing to walk this journey with you. If you are married like me or are in a relationship, entrepreneurship can often create emotional turbulence and you need to constantly remind yourself that your partner is on your side and you can count on them. You need to openly share updates at least once a week and it’s ok to have weeks when there is zero progress and no revenues. Also value these relationships because they may be the only thing left should your business fail. Make time each day for human connections.
Take good care of your health.
As an entrepreneur I often forget to stay healthy, eat well and take good care of my body. One of my wife’s roles is to help me observe healthy habits. By so doing I am able to work better and be more alert without relying on shortcuts like energy drinks and fast foods.
Limit your financial exposure.
Not every good deal is worth taking. Develop a discipline to take some time to evaluate each opportunity before putting your money in it. Set a limit for how much money you are willing to invest and what areas you want to invest in.
As much as possible do not go into areas you know nothing about unless you have an expert in that field to guide you.
I remember going into commercial farming of poultry and birds and I knew nothing about raising them. I was blinded by the opportunity and I did not bother to do my research and to seek the advice of an expert.
The end result was a financial loss and an emotional toll.