Many people say you can’t teach entrepreneurship. This is partially true. Yes I do agree that in order to become a better entrepreneur you need to learn from experience. I also agree that there are plenty of lessons you can learn from those who’ve tried before you that.
These lessons will help you expand your knowledge and avoid common pitfalls along the way. That said, here are five tips for becoming a better entrepreneur.
Create Rules for Yourself
If you want to be successful in business you need to be disciplined. So how do you keep yourself on track?
The best way to accomplish this is to set rules for yourself. Decide when you start and stop work. Eliminate distractions like your smartphone during the workday. Wake up everyday at 5:00am. These kinds of rules add structure to your life and will help you stay productive.
Read, Read, Read
In business and in life, knowledge is power. Obviously reading books about business can be very helpful. For example, the Lean Startup is considered by some to be the “startup bible”.
I personally have trouble finishing longer books cover to cover. Instead I try to read up on current events and industry news for at least 30 minutes a day. As long as you’re reading your likely gaining new perspectives and expanding your mind.
Keep Your Enemies Close
By enemies I mean competitors. Before you even launch your product you should know your competition inside and out. Whether they launch a new product or make a new hire, you should be the first to know about it.
One strategy is to actually work with your competitors. Just because you’re in the same market doesn’t mean you have to compete for the same customers (especially not initially). This way you can work together while keeping a close eye on how they operate.
Stay Up to Date With Technologies
It’s no secret that we live in the digital age. Every day we hear about new applications and technologies that are enhancing our daily lives.
Whether you work in technology or not you should definitely stay up to date. There’s technology to improve almost every process in business. If you aren’t utilizing them, you aren’t operating efficiently.
Network to Make Friends
Regardless what industry you work in or what position you hold, it’s always beneficial to network. The problem with networking professionally is that you’re going into it with the wrong mindset. You always expect to gain something out of the connection, it’s almost transactional.
If you network to make friends (even if you’re in a professional setting) you’ll develop more authentic relationships with others. At the end of the day you want people in your network who will stick their necks out for you.
Next time you’re at a networking event, try to walk away with just one connection that you could actually see yourself becoming friends with. Don’t even bring your business cards. If you make a habit of this you’ll slowly build an immensely strong and valuable network.
The five examples above are only a few tips that will make you a better entrepreneur. That all said, you really just need to get out there and experience it.