How to Become an Entrepreneur: 4 Vital Tips for Success

I keep hearing people say things like “I hate my job” or “I don’t make enough money” or “my stupid boss said [this]or [that]” or asking questions about how to become an entrepreneur.

And then a week, a month, a year, a lifetime later… they are still at that job.

They have dreams of spending more time with family, traveling the world, working on their own thing…

…but it never happens.

Sure, maybe they jump over to another job, but let’s be honest: The same jerk co-workers, boss, time clock, and TPS reports are there, too.

So how does someone quit their job — for good?

If you want to know how to become an entrepreneur and start living life on your own terms, you are going to have to grow up and understand four simple truths.

How to Become an Entrepreneur, in 4 (Not So) Easy Steps

1. You’ve Got to Take It — No One is Going to Give it to You

Look: If you really want to learn how to become an entrepreneur, you need to stop living reactively. This means stop living life like you are a pinball, getting hit back and forth by everyone and everything else.

What do you want with your life? Really. What do you want?

Who do you want to be?

What do you want to spend your days doing?

What makes you happy and fulfilled?

How do you want to look?

Where do you want to live?

Related: 10 Simple, Everyday Things You MUST Do to Be a Successful Entrepreneur

Figure out who you want to be, and then stop living reactively and spend the rest of your life going after it with everything you have.

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2. To Learn How to Become an Entrepreneur, Use Your Collateral

If you are looking to quit your job, it’s likely you have a few ideas on how you want to do it. Maybe you are going to flip houses. Maybe you are going to open up a gas station. Maybe you are going to sell products on Amazon.

But it’s going to fail if you don’t have collateral.

What’s collateral? It’s a term used in Cal Newport’s incredible book So Good They Can’t Ignore You that comprises the knowledge, experience, and skills you’ve acquired in a given industry, over time. Too many people try to start businesses without collateral and wind up broke — or worse.

Let me give you an example. I’ve been investing in real estate for a decade. I know how to find, analyze, and finance deals. I know how to flip houses. I know how to manage tenants.

But if I decided to open up a burger joint because it sounds fun, my lack of collateral is going to kill me. I don’t know anything about burgers. But could I open up a roofing company? There’s a much better chance at that.

So maybe you want to open up a Crossfit gym or a plumbing company or a music studio or whatever. Before you do, ask yourself: Do you have the necessary collateral?

The fastest way to quit your job is to use the collateral you’ve built up at your job and start getting paid for it. Maybe that means freelancing or jumping into a related field. But it doesn’t mean jumping ship and starting something new just because you are bored. Play to your strengths and use the collateral you have.

(Continue reading on BiggerPockets…)

P.S. looking for hard money loans in California? Be sure to check out my friends over at northcoastfinancialinc.com. They have very competitive rates, can fund within a week and specialize in fix and flip loans and other hard money loans.

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