New entrepreneurs will seek advice from various people, such as their family, friends, neighbours, and colleagues. They will also search for helpful online content from influencers, authors, and the list goes on. The trouble with this knowledge-gaining approach is deciding what advice or content they should consume with their precious time.
Every entrepreneur needs different advice and guidance at different times during their entrepreneurial journey. Twenty years of being an entrepreneurial accounting firm helping thousands of entrepreneurs has allowed us to distill five key things budding entrepreneurs should follow and seasoned entrepreneurs should revisit.
You don’t have a business until you sell a product or service. As a budding entrepreneur, you can get stuck in the administrative rabbit hole before taking that leap to begin. Like making sure your corporation is registered, having a bookkeeper hired, having your website developed and polished, and business cards ordered, etc. This rabbit hole can keep entrepreneurs from starting for months and can quickly turn into procrastination. You can get all the administrative tasks lined up and completed after your business is started, we promise.
Form your ‘Mastermind’
After you’ve started your businesses and have a good sense of what the next few steps of your entrepreneurial staircase will be, it’s time to form your ‘Mastermind’. A Mastermind is a group of peers and professionals that will provide you with advice and keep you accountable. Initially, the two most important positions you need to add to your Mastermind are a lawyer and an accountant. A lawyer will help you incorporate your company and manage your legal compliance tasks. An accountant will set up your bookkeeping, prepare your financial statements and yearly income tax, and offer advice on the most optimal legal structure of your company from a tax perspective.
Choose a Professional and Peer Mentor
Find a mentor who represents who you aspire to be. It’s much easier to find these prospective mentors today than 20 years ago. Spend an hour on LinkedIn and develop a list of 5 individuals who look like suitable mentors. Reach out to each one of these individuals on LinkedIn and ask them if they’d be willing to have a 20-minute in-person or virtual coffee chat. Successful entrepreneurs love to mentor up-and-coming entrepreneurs, and you will get more insight in those 20-minutes than the hours you spend consuming generic business content.
It’s vital for entrepreneurs also to find a peer mentor, someone whom they know, like, and trust. Entrepreneurship can be lonely, and there will be personal situations and events you’ll need to discuss with someone who isn’t your professional mentor or family.
Entrepreneurship can be exciting, and entrepreneurs need to be ready for the ‘more’ of everything it brings. More money, adrenaline, loss, mistakes, emotions, success, excitement, late nights, weight gain, weight loss, etc. Failure and mistakes are part of the entrepreneurial journey, and entrepreneurs get this. The trick is to fail and learn fast. Each failure provides an opportunity to quit, and other entrepreneurs will use a failure to pull in their fishing line for good. If an entrepreneur wants to be the last entrepreneur standing, understanding that failure is power for the course is key. Each time they dissect their failure and adjust their strategy, not only will they be one step closer to success, but the field of entrepreneurs in their space will decrease as other entrepreneurs quit.
There is No Common Entrepreneur Mould
They come in all forms and sizes, from a person selling one product on Amazon, the 12-year-old who mows lawns for $15 an hour, to the exciting world of technology companies like Google. The key takeaway is that anyone with a desire to solve a problem and provide value to others can be an entrepreneur; it’s that simple.
An Entrepreneurial Accounting Firm for Entrepreneurs
If you’re an entrepreneur who has made the leap into entrepreneurship or is thinking about it, Provision CPA can help. Contact us today to learn how Provision CPA can be an essential member of your Mastermind.
Photo Credit: Alexander Suhorucov from Pexels