Entrepreneurship is more about growing as a person than it is about making money. Here are 10 things you might need to realize about yourself to make it out alive as an entrepreneur.
1. Your risk tolerance needs to go up a notch, it's the cost of opportunity and innovation. You know it cannot happen if you will not accept the risk that your undertaking might fail.
2. You have to be patient. Rather than rush ahead simply for the sake of movement, patience helps rein you in and focus on the best opportunities, instead of all the opportunities. This includes business ideas, investor funding, business partners, and talent.
3. Sacrificing a lot, new businesses require risk, and risk means sacrificing security and stability. You'll not only sacrifice financial security; you'll also risk the security of your reputation on your venture. This pressure can feel overwhelming, and you have to manage it.
4. Consistent confidence. Confidence is incredibly important for entrepreneurs to have. By having confidence, you will know that you are capable of achieving your goals, that failure doesn't make you a failure, and that others will want to buy what you're selling.
5. Stress levels, your stress will hit an all-time high day in and day out. You'll go from total elation to mental breakdowns in an hour. Be prepared to try and control this for the better of your team and at best learn to expect it.
6. Passion for your product, you have to love what you're doing, because otherwise, the sacrifices you've made won't feel worthwhile. Investors and customers need to know you believe in this, so make sure you're passionate about your product before you create it.
7. Failure is just a bump in the road, not only should you expect it, but you should plan for it. The best approach to failure is to fail quickly, adapt and try again. One of the worst things we can do is to fail slowly, desperately hoping that things will turn around.
8. Say no. Knowing when to say "no" without guilt. The only way to survive in a modern business world that demands your attention 24 hours a day is to prioritize and say no when you need to. Entrepreneurs who know themselves are not afraid to delegate.
9. Know your weaknesses. Knowing what you do not want to do is; in a way, as important as knowing what you want. You can build your team around people, and roles that plug in your gaps. You don’t have to do everything yourself.
10. Stick it out, no matter what. Sticking it out when times are tough is worth fighting through, to teach you lessons. How do you respond to that crushing blow that the world can sometimes deliver? Strength and confidence will ultimately lead you to success.
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With every new internet movement comes new slang, and there are plenty in Web 3.0. Here are the words and acronyms you need to know to avoid not being down with the kids.
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GM - Good morning, how everyone in Web 3.0 likes to say hello.
WAGMI - “We All Gonna Make It”. It refers to a high conviction and optimistic state about the future.