(DailyThrive.com) – You’ve taken notice of those million dollar homes and exotic cars that top business execs own. Forget your manufacturing job, you want bigger and better.
Think you have exactly what it takes to be a bigwig? You might want to hold on for a minute. Mega Entrepreneur Don Lok wants you to understand what vital mistakes new business owners often make — and how you can avoid them.
The Three Commandments of Starting a Business
- Make sure you’re not broke. Many people are so desperate to get rich overnight, they put their last dollar into starting a business. Be sure you have a nest egg first and plenty of money in savings. You likely won’t make a profit right away. Don’t quit your job. Always take care of cash flow needs first.
- Know the industry inside and out. Why you and why now? What are your qualifications? Don’t start a business without knowing anything about it. Your life experience is your expertise. Find something you are knowledgeable and passionate about. Otherwise, your business could be set up to fail against the competition.
- It takes a lot of time. Sure, it takes time to build your egg, as Lok explains in his video. But it also takes up a good chunk of personal time. Vacations and golf excursions may have to wait. Less time with family is also a reality. You have to put in the effort and this means sacrificing some things you really love too.
Being a top executive and business owner is tough, but very much worthwhile. Just remember that many variables will affect the rise or fall of your growing empire. If you think you have what it takes, go for it. The rewards won’t happen overnight, but if you’re willing to work hard, the sky’s the limit!
~Here’s to Your Success!
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