The eight factors are: 1.
Finances Most entrepreneurs need to borrow to finance their new businesses.
Be careful! Do not get yourself in over your head by loading up credit cards, IOU's, loans, etc.
Stay within your means to repay and do what you can when you can.
Yes, some risk taking is involved but it should be very carefully calculated risk.
Get all the facts and do your math before taking on more debt.
2.
Running the business It is very easy for entrepreneurs to get so caught up in the excitement of their new business that they find the business is running them instead of them running the business.
It is important to work both in the business and on the business but it is also important to have some balance in your life.
Your family and your body will no doubt let you know when you are stretching the limits.
Step back and take in the larger view or you might not be around to see your business succeed.
3.
Ideas Most entrepreneurs have little trouble generating ideas - that is the problem.
They have so many ideas that it is hard to focus on the one or two that will make the business really work.
Instead of focusing and creating a core business they try to spread themselves too thin in trying to do everything.
Identify what your core business is and build that.
Branching out can come once the business is solidly running.
4.
Progress Many entrepreneurs get so involved in the daily tasks that they cannot see the progress they are making.
That makes them frustrated and they find they are not enjoying their work.
You can avoid this by writing a good business plan and then working it.
Keep the overall picture in your mind and take the time weekly to review what you have accomplished.
Celebrate! 5.
Opportunities Opportunities are usually abundant for entrepreneurs.
They are great at seeing opportunities and seizing them.
The problem comes in when you are so busy chasing small opportunities that you don't recognize the big ones OR in getting so bogged down in the little ones that you can't take advantage of the big ones when they come along.
Use your business plan as guidance - stay on track.
Don't branch out too soon.
Many small businesses fail because they grow too fast for their infrastructure to support the growth.
6.
Stress Need I say more??? For entrepreneurs, pressure and pace are often overwhelming.
When all of the factors on this list are negatively in play the stress can cause burn-out and illness.
Stay ahead of stress.
Pace yourself.
Stay financially secure.
Follow your business plan.
Choose to see opportunities rather than problems - keep your thoughts positive and don't obsess about your business.
7.
Decisions For the entrepreneur decisions are everywhere.
Try not to be in too much of a hurry.
Get solid information from others who have been there.
Have an advisory board available to help guide you.
Bad decisions lead to bad business.
If you make a bad decision correct it right away before it has a chance to do too much damage.
Rational thinking, plus your gut feelings, is usually the way to make solid decisions.
8.
Self-care This is the most important factor of all.
If you don't take care of yourself first you will have nothing to give to your business, your family or anything else.
You need to schedule time with yourself just like you schedule time with your clients.
Take care of all the aspects of your humanness: physical, psychological, spiritual.
When you do these things you will be healthy and have the energy you need to build your business.
Too many entrepreneurs try to "go it" alone.
If you feel yourself getting in trouble get a coach.
I know you are going to say that coaches cost too much and that you would rather put your money into your business.
Look at it this way.
How much will it cost you if you don't get a coach and your business fails? Get some help! You will be glad you did.
Finances Most entrepreneurs need to borrow to finance their new businesses.
Be careful! Do not get yourself in over your head by loading up credit cards, IOU's, loans, etc.
Stay within your means to repay and do what you can when you can.
Yes, some risk taking is involved but it should be very carefully calculated risk.
Get all the facts and do your math before taking on more debt.
2.
Running the business It is very easy for entrepreneurs to get so caught up in the excitement of their new business that they find the business is running them instead of them running the business.
It is important to work both in the business and on the business but it is also important to have some balance in your life.
Your family and your body will no doubt let you know when you are stretching the limits.
Step back and take in the larger view or you might not be around to see your business succeed.
3.
Ideas Most entrepreneurs have little trouble generating ideas - that is the problem.
They have so many ideas that it is hard to focus on the one or two that will make the business really work.
Instead of focusing and creating a core business they try to spread themselves too thin in trying to do everything.
Identify what your core business is and build that.
Branching out can come once the business is solidly running.
4.
Progress Many entrepreneurs get so involved in the daily tasks that they cannot see the progress they are making.
That makes them frustrated and they find they are not enjoying their work.
You can avoid this by writing a good business plan and then working it.
Keep the overall picture in your mind and take the time weekly to review what you have accomplished.
Celebrate! 5.
Opportunities Opportunities are usually abundant for entrepreneurs.
They are great at seeing opportunities and seizing them.
The problem comes in when you are so busy chasing small opportunities that you don't recognize the big ones OR in getting so bogged down in the little ones that you can't take advantage of the big ones when they come along.
Use your business plan as guidance - stay on track.
Don't branch out too soon.
Many small businesses fail because they grow too fast for their infrastructure to support the growth.
6.
Stress Need I say more??? For entrepreneurs, pressure and pace are often overwhelming.
When all of the factors on this list are negatively in play the stress can cause burn-out and illness.
Stay ahead of stress.
Pace yourself.
Stay financially secure.
Follow your business plan.
Choose to see opportunities rather than problems - keep your thoughts positive and don't obsess about your business.
7.
Decisions For the entrepreneur decisions are everywhere.
Try not to be in too much of a hurry.
Get solid information from others who have been there.
Have an advisory board available to help guide you.
Bad decisions lead to bad business.
If you make a bad decision correct it right away before it has a chance to do too much damage.
Rational thinking, plus your gut feelings, is usually the way to make solid decisions.
8.
Self-care This is the most important factor of all.
If you don't take care of yourself first you will have nothing to give to your business, your family or anything else.
You need to schedule time with yourself just like you schedule time with your clients.
Take care of all the aspects of your humanness: physical, psychological, spiritual.
When you do these things you will be healthy and have the energy you need to build your business.
Too many entrepreneurs try to "go it" alone.
If you feel yourself getting in trouble get a coach.
I know you are going to say that coaches cost too much and that you would rather put your money into your business.
Look at it this way.
How much will it cost you if you don't get a coach and your business fails? Get some help! You will be glad you did.
Source...