The most important initial move for you as an entrepreneur is getting your mind right, 100% of the time. Starting your own company, especially from scratch and with limited funds, is a big challenge. No matter what kind of company you start, if you are not committed to the “failure is not an option” mindset, you are setting yourself up for new business failure. And even worse, you are facing the prospect of going back to work for someone else.
You read about and hear the gory statistics — 80%-90% of all new start-ups will fail. Friends and family can also buy into the statistics and begin to doubt the wisdom of you “taking the entrepreneurial plunge.” Don’t let your mind go there. Here are 10 useful tips that may help you keep your mind and mission on track, helping to stay out of the failure trap:
# 1-Understand Starting a Business Is Hard
Your mind needs to know right away that starting your own business is really hard. You can’t go into business for yourself with false notions. As an entrepreneur, you need to realize and accept this right at day one. This will probably be one of the hardest things you will do in life. Remember the old saying, if it is so easy, everyone would be doing it.
#2-Remember the Alternative
You need to keep telling your mind, especially when times get tough, why you are doing this in the first place. Remember, you are trying to create a better future for you and your family. Going back to work for someone else is not an option for you. Just visualizing yourself at the mercy of others controlling your life, playing corporate politics, reporting to incompetent bosses should be sufficient motivation to keep your mind right.
#3-Stay Away from Negative People
Time is precious for new entrepreneurs. Don’t be around people who are negative and who will try to bring you down. Your mind needs to remain positive and upbeat all the time. People can be negative simply because, deep down, they are jealous that you had the courage to follow your own dream, not just talk about it.
#4-Sacrifice Is Inevitable
A big component of your “failure is not an option” mindset is knowing right away that certain sacrifices will need to be made along the way in order to achieve your dream. Entrepreneurs who have made sacrifices and have prospered, realized early on that starting and building a great company comes with a price.
#5-Accept Risk Taking
Your mind needs to know, and accept right away that starting your own company, especially from scratch, involves risk. If you are a risk aversive type of person, chances of business survival will probably be slim. Taking risks can actually help you adhere to the “failure is not an option” thinking. Success comes to those who recognize risk, are unafraid of it, and will execute on their ideas.
#6-Visualize Success
Entrepreneurs need to visualize success at all times, not failure. By visualizing success, your actions will become more confident. And increased confidence breeds success. Remember, customers or clients prefer to do business with people who are confident; knowing that buying their services and products will indeed help them.
#7-Know the Key Business Rule
Understanding a key business rule can help keep failure thinking from creeping into your mind. When times get tough financially, you really have only two choices: Either decrease your expenses or increase your revenues. Entrepreneurs with “failure is not an option” mindset will make the necessary, tough and right decisions in order to keep their dream alive.
#8-A Hungry Dog Hunts Better– My Dad Was Right
When clients or customers are few and far between and money is tight or non-existent, the “failure is not an option” really kicks into high gear. Successful past and future entrepreneurs will always find a way to drum up another sale.
#9-Write a Business Plan
A business plan is the entrepreneur’s roadmap. It forces you to think about the entire business. Entrepreneurs who do their homework increase their chances for business success.
#10-See # 2 Again!
There are many other tips that can help entrepreneurs avoid becoming another start-up casualty. But it all begins with the right frame of mind. HBM
Neil F. Anderson is the Founder/President of The Courage Group, Inc, a professional entrepreneur services and consulting company. The Courage Group, Inc. specializes in incorporating, business plan writing, investor presentation development, public relations writing and essential marketing materials for entrepreneurs and small business owners. For more information about The Courage Group, Inc., phone (651) 216-9653, email or visit its company web site at www.thecouragegroup.com
Previously published in the August 2007 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com
All HBM Articles 
