Making The Jump To Entrepreneurialism
R. Kenner French and Liliana Falconer discuss the top three things that new entrepreneurs need to do to set themselves up for success. The three main themes are: passion, preparation, and business structure. They emphasize the importance of being passionate about what you want to do as an entrepreneur, as it will help you push through tough times.
They also highlight the need for preparation, both financially and emotionally, and suggest having a good support system in place, such as a CPA or virtual assistant. Lastly, they stress the significance of understanding the logistics and structure of your business, including choosing the right business entity to protect your personal assets and optimize tax benefits.
Takeaways
• Passion is crucial for success as an entrepreneur. Be clear on what you want to do and have a strong belief in it.
• Preparation is key. Have your finances and emotions in order, and consider having a support system in place.
• Understand the logistics and structure of your business. Choose the right business entity to protect your personal assets and optimize tax benefits.
Sound Bites
• Be clear on what it is that you want to do. Don't be swaying between, well, should I do this or should I do that? I think you definitely need to have a clear, concise idea and have passion behind it.
• Have your ducks in a row, make sure you're prepared. So meaning financially and emotionally.
• Having a good, concise structure around the types of business that you should be filing for and having are really, really important.
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