Join Jay on today’s Black Entrepreneur Blueprint podcast episode # 361 as he discusses the best pieces of entrepreneurial advice that he would give his younger self based on what he knows today. Don’t miss this episode as Jay shares his wisdom and “know-how” from over twenty-plus years as a successful entrepreneur and starting over 17 businesses. This is a must-listen. Visit www.BEBConnect.com
BLACK ENTREPRENEUR BLUEPRINT EPISODE # 361 – SHOW NOTES
17 Best Pieces Of Advice For Entrepreneurs – What My Current Self Would Tell My Younger Self
- What is your why? Identify why you are becoming an entrepreneur.
- Understand you won’t have all the answers, entrepreneurship is a continuous learning process – “know-how” comes from doing.
- You have to follow YOUR dreams and visions because those dreams and visions are given to you (not anybody else)
- You need to be strategic as you Pursue your dreams and consider the people that you will affect in your journey and try to prepare them as much as possible by setting realistic expectations.
- Don’t quit, you must have mental fortitude and belief in yourself. The outcome exceeds the struggle.
- Build your platform and recognize and understand this about platforms: they will take a while to build, they will provide you with unlimited monetization opportunities, you are building a foundation that can provide stability and wealth for generations, those that don’t have a platform will wish they did in the long run.
- Everybody who starts with you isn’t meant to finish with you, in business and in life.
- Align yourself with like-minded entrepreneurs and don’t lean on civilians for advice about entrepreneurship because we speak 2 different languages. Don’t listen to the naysayers.
- Don’t be afraid to try different business ideas by testing – without spending a lot of time and money – you want to discount an idea as fast as you can so you can move on
- Once you find proof of concept for your business, stay focused– I know it’s hard.
- Try to create an ecosystem around your business with synergistic products and or services that you can monetize – to create additional revenues.
- Always build or buy assets even if they don’t throw off cash flow right away (online courses, domain names, trademarks, content, etc
- Try to create a business that you can scale and try to move away from trading hours for dollars.
- Try to work in your genius space (intersection between your passion and your talent). Learn how to monetize that (example: photographer opens a studio)
- Learn how to create passive/semi-passive income using the freedom equation (cash flow plus passive income equals freedom). Do this so you can focus on your passion. Example of Taylor and content creation.
- Keep up with the trends and news to identify opportunities. Let’s be in front of the curve for a change.
- Ask yourself, What legacy do you want to leave as an entrepreneur and a person? What did you stand for, who did you serve?