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Last Updated on: January 13, 2023 by Joseph Muriithi

If you’ve recently experienced professional setbacks, remember that this is not the end of your career. Instead, with the right mindset, you can reframe your way of thinking so that you can use this pause point to create a new path for yourself in the form of entrepreneurship.

What It Takes To Be An Entrepreneur

According to the US Chamber, entrepreneurs are persuasive, flexible, creative, motivated, tenacious, and passionate. You must possess all of these traits along with mental strength and unrelenting energy to make it as a small business owner, this means having the capability to deal with professional setbacks. You must also possess knowledge and know-how to make smart decisions before these decisions are needed.

Have A Plan

Whether you’re starting a small business or you have bigger dreams, it all starts with a business plan. Idea To Plan can help you collect your thoughts and put them down into a working document that you can use along your pathway toward success. If you need a quote, message us today, and will be one step closer to calling yourself CEO.

Business Formation

Starting your own business requires more than just the traits you possess. You also need to check a few steps off your to-do list so that you can get started right away. One of these is to form an LLC. As an LLC member, the money you have in your personal bank account likely won’t be targeted if your business is sued for any reason. When your cash reserves are low, skip the attorney and use an online formation service that will route you through all of the state-related rules and regulations needed to file legally.

Technology To The Rescue

Today’s entrepreneurs have it easier than ever. This is because we now have access to tech tools and software programs that take much of the work out of our new jobs. Take a look at this estimating software as an example. If your business is in the construction industry, you can use these types of programs to quickly and accurately understand labor and material cost, offer bids to your customers, and accept payments online.

So Many Possibilities

If you think that you’re stuck in the industry you are currently in, you are, according to POS system sales company Clover, wrong. Cleaning services, dog walking, mobile detailing, personal training, tutoring, social media, and digital marketing are all highly in-demand areas that you might consider a new career.

What Mistakes Did You Make?

Businesses fail every day, but the vast majority of these do so because of mistakes that are easily avoidable the next go-round. Embroker notes that rushing the hiring process, not having a brand, and growing too quickly are all issues to be on the lookout for as you embark on your next endeavor.

Even if you’ve never worked for yourself before, you can’t deny the perks of self-employment, which include flexibility and unlimited income potential. Whether you are recovering from a layoff, firing, corporate restructuring, or a failed business venture, your professional setbacks don’t have to keep you down. You can use them as a springboard toward something bigger and better; all you have to have is the right mindset, the desire to form an LLC or other business structure, the right technology, and a willingness to acknowledge your past mistakes so that they don’t affect your future success.

Need a business plan? Idea To Plan has you covered. Our experts plus your desire to succeed equals a business plan that will take you places!

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