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8 Tips For Becoming A Successful Entrepreneur

Lexi Miles Corrin is the Founder and CEO of WAXON Laser + Waxbar and a champion for women’s empowerment by mentoring aspiring entrepreneurs.

The world of entrepreneurialism is an amazing place laced with opportunity, prosperity, autonomy, creativity and passion. It can also be lonely, high risk and scary as hell. At times you will want to give it all up, questioning everything. And other times, you will win big, proving risk can equal reward. I am 12 years into my entrepreneurial journey, and it has been filled with many wins and many failures. I believe everything you experience is for your growth, so I’ve turned these failures into learnings that I’m sharing here in hopes of helping fellow entrepreneurs on their journey.

These eight tips are the rules I have—and continue to—live by. I hope they help you on your journey as well.

1. Move on instinct.
Trusting your gut is a skill that cannot be underestimated. Ultimately, I believe knowing yourself and being confident in your ability to evaluate opportunities and make the best decision is the strongest trait you can possess as an entrepreneur. There will be mistakes. But there will also be rewards.

Sleep on it, walk on it, think on it, but at the end of the day, trust yourself and make decisions confidently. In other words, go with your gut.

2. Create a strong team and culture.
You can’t do it all. Knowing that is the first step to strategically building a strong team and supportive culture. Lean into your culture from day one—the groundwork of your culture is born through the first few hires. Respect your team, and they will respect your business. Find ways to provide support, create autonomy and ownership and drive motivation in your team. And remember that passion is contagious. Drive passion by sharing your vision for what you are creating together.

3. Be vulnerable.
Humility might not be a characteristic one thinks of when it comes to leadership and success as an entrepreneur, but I would argue it’s crucial. Being humble and vulnerable creates an environment of openness and trust. Something I have done from day one in my own business is sharing vulnerable moments. It reminds us that none of us are perfect or doing it right all the time, and it also fosters an environment of trust and support. If you want to be a nimble business that is able to make quick decisions, you are best served fostering a safe environment where it’s OK to make mistakes.

4. Optimize your schedule.
Organization directly correlates to success. And I don’t just mean meetings. Schedule non-negotiables in your calendar. Mine are my morning meditation or journaling, a workout, family time and date nights. Setting boundaries and non-negotiables can be so challenging, especially as an entrepreneur when you constantly feel like you need to be “on,” but it’s often during these moments that I have the clearest thoughts and come up with my best ideas. It is also a great way to set an example for your team and helps to drive accountability and balance into your culture. You cannot pour from an empty cup.

5. Move quickly.
Waiting for perfection that will likely never come can cause roadblocks and hold you back from executing. Before you know it, someone else has gotten there first. So, what are you waiting for? It might ultimately change a thousand times from the first iteration, but the faster you start, the faster you can adjust. Be nimble and try to keep your business that way, no matter how big you grow. Innovation and execution are key!

6. Consider a franchise.
There are thousands, if not millions, of successful entrepreneurs that have franchising to thank. If you are struggling with where to start on your entrepreneurial journey, you might consider a franchising opportunity. Franchising can give you all the benefits of business ownership and wealth building without the time and high-risk startup costs often involved when you’re working from the ground up. It also provides all the processes and systems necessary for success within a proven model. In my experience, it is a great way to learn the ins and outs of business ownership in a safe and supported environment.

7. Master saying no.
As a recovering people pleaser, I continue to work at the mastery of reframing the word no. It can be the start, not the end of a negotiation. In fact, as entrepreneurs, we should learn to love it. No is actually where the real negotiation begins, as it helps to clarify what the person really wants by eliminating what they don’t want. So be bold and get comfortable having uncomfortable conversations. No can actually be the gateway to yes, and it can also give you time to pivot and adjust your plan.

8. Find a mentor.
Seek guidance. Find experts who have been there before and are willing to share with you what they know. That might include experts in your industry, but it can also include financial experts, strategic experts, business coaches and even family and friends. As entrepreneurs, especially in the early stages, we often find ourselves at the head of our business without much peer-to-peer support, having to make big decisions on our own, and that can be a lonely place. Find people that you can trust, talk to, strategize with and that will hold you accountable.

Reference: https://www.forbes.com/sites/forbesbusinesscouncil/2023/08/16/8-tips-for-becoming-a-successful-entrepreneur/?sh=3e576c76f5c0

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