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Posted by Star on May 17th, 2021

10. Work 24 hours a day. Someone more perceptive than I am defined being an entrepreneur as "working 24 hours a day for yourself to avoid working 8 hours a day for someone else." It's your business and you'll be constantly thinking about it. Perhaps you already do that in your job. But somehow it's different when it's all yours.

9. You're responsible for all aspects of the business. Marketing. Sales. Business development. Legal. Financial. Accounting. Promotion. Sourcing. It's all you, baby! Certainly you'll have advisors (including a CPA, banker, and lawyer), but even when you have advisors, the decisions are ultimately your responsibility. There is no CFO to catch the mistakes.

8. Juggling lots and lots of hats. Not only are you wearing all the hats of the business, you are constantly juggling them. Right in the middle of month-end financials? That's inevitably when a new client will call. Trying to develop fresh marketing material? An overseas supplier has a problem. If you're not comfortable with this kind of balancing act, think hard before going out on your own.

7. No benefits to round out your salary. Heck, sometimes there's not even a salary! You come last. Certainly all those "entitlements" like healthcare, dental, 401K, paid vacation aren't there-well, they can be there, but guess who has to set it up and pay for it?

6. Expense account money is your money. Sure, you can deduct coffee and mileage when you meet a client at Starbucks (check with your accountant) but cash is the King, Queen, and Court Jester-and that cash is yours. If you're used to having big expense accounts to lavish on clients (and yourself), better think twice before following the entrepreneurial road.

5. Vacation? What vacation? Most entrepreneurs (especially new entrepreneurs) find it incredibly difficult to take a single day off much less string together several days for a vacation. I know one very successful entrepreneur who takes a cruise with her husband each year-and stays in her cabin writing copy and sending emails, emerging kakakslot88 agen casino sbobet only occasionally for food.

4. Limited financial flexibility. Not all entrepreneurial ventures require heavy investment, but many do. Having a lot of capital tied up in your endeavor may limit your flexibility and options. I met a couple recently who were trying to sell their third successive business in order to retire. Without a buyer, they had no choice but to continue to run their enterprise.

3. Businesses are generally harder to sell than you think. Forget about the economy. Regardless of business conditions, most owners believe their business is far more valuable than most buyers consider it to be. Successful entrepreneurs plan their exit strategy (or two or three exit strategies) at the beginning. Are you able to plan your exit now?

2. No one else to blame. If you over invest in inventory, there is no purchasing department to admonish. If your sales promotion drops margins without driving new business, there's no sales VP to fire. On top of that, you probably don't have much in the way of support staff. If you're used to someone else managing your files and scheduling your meetings, you need to decide if you can live without that help for a while.

1. No "attaboys." For many of us, financial compensation is only part of the reward of work. The camaraderie, the sense of belonging to a team, the praise for a job well done, and promotions are all important reasons many people enjoy their jobs. Being an entrepreneur (especially at first) can be surprisingly lonely. Successful entrepreneurs find other ways to generate the interaction and positive feedback they need on a regular basis.

If I haven't convinced you not to be an entrepreneur by now, congratulations! You may be well suited to the entrepreneurial life! And by planning correctly so you can "do it right" you can find ways to combat each of the above issues. Successful entrepreneurship can be highly rewarding-just be sure it's the right choice for you.

Entrepreneurs need to possess certain basic skills like motivation, dedication, and innovation in order to devise business strategies and direct them to realization. However, successful entrepreneurs need more than just the simple of above mentioned assets.

Here is a list of 70 famous entrepreneurs who each became extremely wealthy in their businesses and respective industries:

1. Alvin Ailey - Dance (Alvin Ailey) Dance Theater

2. Mary Kay - Ash Cosmetics (Mary Kay)

3. P.T. Barnum - Entertainment (Barnum & Bailey)

4. Warren Bechtel - Construction

5. Jeff Bezos - Internet (Amazon)

6. Michael Bloomberg - Financial Information

7. Richard Branson - Several (Virgin)

8. Andrew Carnegie - Steel (US Steel)

9. Steve Case - Internet (America Online)

10. Jim Clark - Internet (Netscape)

11. Michael Dell - Computers (Dell Computer)

12. Walt Disney - Entertainment

13. Larry Ellison - Software (Oracle)

14. Debbi Fields - Cookies (Mrs. Fields)

15. Donald and Doris Fisher - Clothing (Gap Inc.)

16. Ernest & Julio Gallo - Wine

17. Bill Gates - Software (Microsoft)

18. A. P. Giannini - Banking (Bank of America)

19. Walt Goodridge - Writer

20. Leo Goodwin - Insurance (GEICO)

21. Barry Gordy - Music (Motown Records)

22. Joyce Hall - Greeting Cards (Hallmark)

23. William Randolph Hearst - Publishing (Hearst Newspapers)

24. Richard A. Henson - Airlines

25. Fernando Hernandez - Telecommunications (AT&T)

26. Milton Hershey - Chocolate

27. James J. Hill - Railroads (Great Northern Railway)

28. Wayne Huizenga - Sanitation (Waste Management)

29. Steve Jobs - Computers (Apple)

30. Robert L. Johnson - Broadcasting (BET)

31. John Johnson - Publishing (Ebony)

32. Henry J. Kaiser - Health Care (Kaiser Permanente)

33. Herb Kelleher - Airlines (Southwest)

34. Ray Kroc - Fast Food (McDonald's)

35. Estee Lauder - Cosmetics

36. William Levitt - Housing

37. Henry Luce - Publishing (Time/Life)

38. J. W. Marriott - Hospitality

39. Louis B. Mayer - Entertainment (MGM)

40. William McGowan - Telecommunications (MCI)

41. Scott McNealy - Computers (Sun Microsystems)

42. Judi Sheppard Missett - Fitness (Jazzercise)

43. Gordon Moore - Electronics (Intel)

44. Andrew Morrison - Web Publishing

45. Rupert Murdoch - Media

46. Pierre Omidyar - Internet (Ebay)

47. David Packard - Electronics (Hewlett-Packard)

48. William S. Paley - Broadcasting (CBS)

49. Ross Perot - Data Management (Electronic Data Systems)

50. Jay Pritzker - Hospitality (Hyatt)

51. Ralph Roberts - Cable TV (Comcast)

52. John D. Rockefeller - Oil (Standard Oil)

53. Carlos Santana

54. David Sarnoff Broadcasting (NBC)

55. Howard Schultz - Coffee (Starbucks)

56. Charles Schwab - Discount Brokerage

57. Richard W. Sears - Mail Order (Sears-Roebuck)

58. Russell Simmons - Music (Def Jam Records)

59. Fred Smith - Shipping (Federal Express)

60. Charles C. Spaulding - Insurance

61. Gloria Steinem - Publishing (Ms)

62. Martha Stewart - Multimedia

63. Dave Thomas - Fast Food (Wendy's)

64. Donald Trump - Real Estate

65. Ted Turner - Broadcasting (CNN)

66. Madam C. J. Walker - Hair Care

67. Sam Walton - Discount Retail (Wal-Mart)

68. Thomas Watson, Sr. - Computing (IBM)

69. Oprah Winfrey - TV

70. Mal Emery - Australian Mailorder Millionaire

All these people emerged as prosperous entrepreneurs and their success stories are a lesson to learn from. These entrepreneurs did not start their venture with a lot more intelligence or a lot more wealth. Indeed, they all had the talent to move on and were equipped with a vision, dedication, commitment, inspiration and innovation.

But one of the central elements that drove them to success was time management.

An average individual is able to attain mediocre results from some allotted time; however, a wise entrepreneur makes the most use of that time. He/she is gifted with the ability to utilize time perfectly and to obtain results from every single minute spent.

They realize the value of every moment and work hard to make it worthwhile.

Maximize Time and Money

Successful entrepreneurs take certain steps that put them on the path to maximum productivity and profits.

The following are some measures entrepreneurs take to ensure sound business operations:

1. Outsourcing: Outsourcing is the key to getting work done on time with minimal resources. Outsourcing helps entrepreneurs to hire external workers to perform certain tasks; in this fashion, entrepreneurs save time, money and efforts.

All this results in the ability to conduct business operations smoothly and to tackle competition better.

2. Gathering A Team of Business Experts: Entrepreneurs ensure that the team involved in the business is filled with professionals specialized in their respective fields.

A good committed team works hard to meet business objectives and remains committed to the purpose.

Further, expert team members perform their tasks efficiently to maximize business profits and growth. This, in turn, helps entrepreneurs attract investors for its projects.

3. Using Rather Than Fearing Technology: Technology has emerged into every aspect of life. It has helped to make business processes more convenient and swift.

Successful entrepreneurs employ technology to their advantage; they exploit the various benefits it offers by incorporating technological advances in every aspect of the business. This helps to reduce costs