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5 Tips for Thinking More Like an Entrepreneur

27 November 2012 One Comment

Whether or not you consider yourself to be an entrepreneur, you have to admit that many entrepreneurs possess a skill-set that could help nearly anyone to improve their lives in a variety of ways. From the constant effort that is required to create new revenue streams and seeking sources of additional income, to the ability to appropriately manage finances and explore new opportunities, there are a few ways that thinking more like an entrepreneur can have a very positive effect on your life and allow you to better yourself as a person. These 5 tips will help you to think more like an entrepreneur, and apply it to your day to day life;

1 – Detailed Money Management

Running your own business requires that you document nearly all of your expenses and keep a close eye on where your money is being spent on a daily basis. The sad fact of the matter is that most individuals do not apply this to their personal lives, and as a result spend too much money on certain items, without dedicating enough to the truly important areas of their lives. There is nothing worse than overlooking an obligation and having to go into debt to take care of it. Having detailed money management skills is something that everyone should attempt to build.

2 – Drive to Improve

Entrepreneurship is comprised of individuals that have a real drive to improve their lives. Often, going the route of starting your own business can be a long, tough road. Most entrepreneurs fail several times before becoming successful, and are able to take those losses as lessons, improving their skills and learning what mistakes to avoid as time goes on. Having that drive to fight through even the worst failures in life is the type of outlook that everyone, even those that work a 9 to 5 in a cubicle, should strive for. Earning an organizational leadership degree can be an excellent way to be a successful entrepreneur

3 – Always Look For New Opportunities

Successful entrepreneurs are constantly on the lookout for new opportunities to grow their business. Whether it is a new client, a new idea for cutting costs, or streamlining their work flow, new opportunities are the lifeblood that helps small businesses to grow. The same can be said about anyone’s personal life. If you never seek out new opportunities, it can become easy to stay stuck in the same position over a long period of time, and become complacent. You should always be trying to improve yourself, and better your situation when opportunities arise.

4 – Cost Vs. Benefit Analysis

Almost all businesses look at all of their spending on a cost vs. benefit analysis. This is something that has helped many businesses to cut out excess spending, and streamline their workforce. You can apply these same ideas to you personal life as well. Analyze all of your spending and truly think about the benefit that you get out of each dollar spent. Does that $30 trip to the bar add enough to your happiness to justify it? Do you really enjoy seeing 4 movies per month? Analyzing where you might be overspending allows you to divert funds to a place that makes the most sense for you, allowing you to cut costs or create better spending habits.

5 – Put Yourself Out There

Don’t be afraid to take chances. Entrepreneurs start taking a risk from the very moment that they decide to forgo the typical day-job route and begin planning to build their own business. They invest a lot of their time into the creation of this business, and are forced to be solely responsible for the success or failure of the business. This typically leads your average entrepreneur to new opportunities and the ability to live on their own terms. Don’t be afraid to put yourself out there and take chances.

Whether or not you want to start your own business, there are many things that can be taken from the entrepreneur lifestyle to improve your own personal life.

Stevie Clapton works for FastCash an informational website that provides articles on short term loans.

One Comment »

  • moneybeagle said:

    I think it's always important to sell yourself when possible. Don't be obnoxious about it, but don't just stand in the background. Selling yourself is what gets you noticed when it comes to job opportunities and even dating opportunities.