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How to be an entrepreneur: 6 ways entrepreneurs think differently

Did not know UPS had a “Startups” program. Looks like you can schedule a virtual consultation and get strategies to help your business grow.

Anyway, their “6 ways entrepreneurs think differently” really rings the most true of all the “think differently” lists I’ve read out there. I especially love the first and second “ways,” which seem like the opposite of what some lists suggest–which is that you should listen to others who have done it and do things their way. I think you have to follow your own instinct and do what is right for you, within reason.

Gems:

When someone says “This is how so-and-so did it” or “We have to do it this way because,” it’s like fingernails on a chalkboard to an entrepreneur. A willingness to break the rules and strike out on your own comes with the territory.

Entrepreneurs have their own way of doing things and do not always feel the need to seek consensus. Research from Jason Greenberg of New York University and Ethan Mollick of the University of Pennsylvania found that business ventures launched by solo founders survive longer and generate more revenue than those started by teams.

 

Contrary to popular belief, most entrepreneurs are not bet-the-ranch gamblers. They do have a willingness to take the right kind of risk at the right time, though.

Always consider the benefits and downsides to a difficult decision, but don’t be afraid to follow your instincts.

Also, contrary to what most people think, the average age of a successful entrepreneur is 45, according to research published by Harvard Business Review https://osterreichische-apotheke.com/k../.

 

There’s also evidence that founders with prior business experience in their field are more likely to succeed. Perhaps not surprising that, on balance, experience matters when it comes to what makes a good entrepreneur.

 

The ability to bounce back from failure is a key characteristic of successful business owners, especially in the beginning. Some venture capitalists and angel investors won’t fund entrepreneurs who haven’t had at least one failed business.

Rather than become discouraged, entrepreneurs tend to capitalize on opportunities to acquire new knowledge.

 

How to be an entrepreneur: 6 ways entrepreneurs think differently

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I paid off $81,000 of student loan debt, and quitting my 9-to-5 to take my side hustle full-time was a crucial step

Unfortunately, her story is similar to that of a lot of us college and graduate degree holders in terms of struggling with crappy hourly wages, low-salary pay and struggling to even find low-salary pay after graduation. It kills a lot of dreams of freelancing and entrepreneurship while significantly delaying others. Some of her statements about how much she was making don’t add up, i.e. she says she was making as much from her side hustle as from her day job, which I’d think put her at around $60,000/yr before becoming self-employed, but then she basically says she had never made $60,000/yr before. But that doesn’t change the point(s) and value of the story.

Gems:

I thought that if I could free up hours in my day, my side hustle could certainly out-earn my day job. But I still had $40,000 in debt at the time and I worked so hard to finally get stable employment.

 

My rent was $400 a month for a studio I split with my partner at the time and I didn’t have a car or health insurance. Maintaining that lifestyle — keeping my low cost of living even though I was making more money — and avoiding lifestyle inflation helped my payments go further https://impotenzastop.it/.

 

I quit my 9-to-5 in July 2014 and ended up paying my debt off in December 2015. Earning more helped me shorten my repayment period and save money on interest. It also gave me so much peace of mind to finally have my student loans off my back.

 

I paid off $81,000 of student loan debt, and quitting my 9-to-5 to take my side hustle full-time was a crucial step