Understand that entrepreneurial success is not achieved by simply knowing or even believing the principles below - it comes from actually implementing the principles, taking action, and persisting until the goal or dream is realized.
Below are 12 essential tips every entrepreneur must implement in order to achieve success.
These 12 principles are only 12 of the 40 necessary.
1) Entrepreneurial Management: Entrepreneurs (hereafter referred to as 'they') work on their business, not in it.
They are not the boss or manager - they are the owner and investor.
Whether or not they have the skills necessary to do the work of the business, they are smart enough to get others to work for them, attract more talented people then themselves, and build the business - not run it.
2) Passive Income: They understand that all their efforts are to produce passive income.
They don't trade time for money, they don't seek to be the boss, and they don't even want to give their lives to eventually being rich.
They work hard to create wealth as soon as possible, and then invest every extra penny into assets that make them money, don't require their time and effort, and produce a continual monthly residual income.
3) Good Debt: They don't worry about debt - they leverage and manage it.
They understand the difference between consumer debt and good debt - and they know that any debt that allows them to buy assets that appreciate, create money, require less of their time and effort, and produce a monthly positive cash flow...
this is always good debt.
4) Congruent Progress: True entrepreneurs always have new ideas and business ventures come to their mind, and it is tempting to try those new ideas, achieve new goals, and develop new relationships.
However, successful entrepreneurs also know how to focus, commit, not be distracted, and ensure all their new ideas and ventures are building upon what they have already built, are congruent to their talents and interests, relate to their line of business, utilize the current relationships they have worked hard to develop, and will contribute to the accomplishment of their eventual goals.
While they are always open to and looking for new opportunities, they also know how to focus on their goal and dream, ensure everything they do works towards achieving success, and never get distracted mid-course.
5) Burn the Midnight Oil: Rather than falling victim to the mentality that 40+ years of working for a company and contributing to a 401(k) will result in eventual financial independence, they are willing at a young age (or any age) to work a lot more and much harder than everyone else, in hopes that the initial sacrifice and effort will create passive income, time freedom, and financial independence - much sooner than later.
Heaven forbid having to work more than the typical 9-5 schedule, right; but successful entrepreneurs don't think that way - and their successes prove that.
6) Rat Race: They understand how detrimental the typical employee mentality is.
They realize that working for others will never create financial independence, and rarely contributes to the accomplishment of their other goals and dreams in life.
Pay raises and promotions don't excite them, they limit them.
Being in control of their own destiny is far more important than annually getting two weeks off, paid holidays, and the little extra money from overtime or bonuses.
They desire the freedom of sleeping in and not having to call the boss with a lie; and they hate feeling like they can't go to the doctor because they've used all their 'sick days.
' However, they also are wise enough to not fall victim to the thought that being the boss, manager, or even owning their own company is the solution to their problem.
The definition of a boss is being paid more to work harder, longer, and dealing with more problems.
Ownership, not just management, is their goal.
Passive income, not large bank accounts, is the quest.
Reaching their full potential, creating time freedom, and accomplishing financial independence as early as possible is the goal - not job security or a nice retirement at age 65.
7) Joint Venture Leveraging: Successful entrepreneurs leverage other people's time, talents, experience, knowledge, money, efforts, and relationships.
Although they are confident in their own abilities, they understand that their talents, knowledge, and efforts combined with others' are far more effective, will produce greater results and profits, and accomplish much more.
They are smart and humble enough to realize that partnering, teaming up with, and utilizing others is - and always has been - the most effective way to accomplish their dreams.
8) Systemize, Automate, & Scalable: Effective entrepreneurs and businesses create, implement, and follow systems.
They automate everything they possibly can, harness the power of the internet, and make as much of their product, systems, resources, and efforts repeatable.
They also insure that their product (or service) is simple and easy to use and understand for both the consumer as well as the employee doing the work.
And ideally, their up-front research, development, and efforts allow their product or service to be repeatable.
9) The Human Touch: Successful entrepreneurs understand and take advantage of how powerful, time saving, and effective the internet is.
From auto-responders to emails, websites to automated answering services, and instant messaging to social networking - they save time and money.
However, successful entrepreneurs also understand the importance of the 'human touch.
' Thus, they take advantage of any face to face interactions and networking, they pick up the phone and make calls and do follow-ups, and they ensure relationships are human, not just electronic.
Because they both harness the power and effectiveness of the internet, as well as never lose the 'human touch,' they dramatically increase their effectiveness, relationships, and profits.
10) Separation of Work & Family: In most cases, separating business relations from friends and family relations is an extremely wise decision.
Smart entrepreneurs ensure that their wife remains the wife, not the secretary - and the brother remains the brother, not the partner.
In fact, even more importantly, successful entrepreneurs develop an ability to leave work at work, and ensure their mind, words, and actions are with family when at home.
11) Ignore Others: The two greatest challenges that every successful entrepreneur has faced is first overcoming the voices of fear and doubt in their own minds; and secondly, developing the ability to not worry about or listen to what others say, do, or think about them.
There will be, and always has been doubters, nay-sayers, and critics who don't believe in you or your dream / idea, and they will do anything to discourage your from moving ahead.
To combat this inevitable reality, these entrepreneurs surround themselves with like-minded people, they pay no attention to anyone who doubts or criticizes their ability or potential, and they recognize that the majority of those who do doubt them have probably never accomplished anything great in their lives because they are too busy preventing others from achieving the very successes they are unwilling to put in the effort to obtain themselves.
12) Revenue Producing Activities: They understand that time can be one of their greatest assets or liabilities, so they use time wisely.
Every day they plan their schedule, and create and follow a to-do list.
The difference, however, is that each item on their to-do list must be revenue producing.
They thus know how to delegate any administrative or non-revenue producing task, activity, or to-do to others.
And perhaps most importantly, rather than having the typical 9-5 mentality, they are determined to do whatever it takes and work as long as possible to accomplish every to-do on their list for that day...
every day.