Entrepreneurship is all about execution. Starting an idea and bringing it to market can take months or years, but most entrepreneurs never achieve commercial success because they run out of time before realizing their vision. Although most people will tell you that money is the most valuable resource for entrepreneurs, this doesn't necessarily hold true anymore.
As a (multiple) startup founder myself, I often say time is the most valuable resource for entrepreneurs.
Time is the most valuable resource for entrepreneurs because it takes time to grow your idea into a successful business. As most startups can attest, ideas are simple and execution is hard——no amount of money will make your business a long-term success without proper execution.
Not only can most businesses be started with little-to-no capital, but even if more capital is required, most acquired early-stage companies fail to return acquired capital. In most cases, the most valuable resource for entrepreneurs comes down to your time and how efficiently you can use it.
The biggest misconception about entrepreneurship is that having enough money makes it easier or more likely that a startup can get off of the ground successfully. While money might be necessary in many aspects of an entrepreneur's life (such as purchasing inventory or hiring employees), it won't guarantee success because startups need time to grow into successful and profitable entities.
(No matter where you are on your entrepreneurial journey, here are five important habits to form to help you be a great leader)
So, if money doesn’t guarantee success in entrepreneurship, what does?
It's a combination of a few things, with time being the most important: time, capital, and people. Hiring the wrong team can stop any startup faster than having no money or even failing to develop an original idea. But here’s where time comes back into the equation: businesses need time to hire the right people that will help them succeed in achieving their mission.
That’s why startup founders should think of acquiring talent as much more than hiring employees. They should find other like-minded individuals who want to work towards similar goals with the same passion and intensity.
So what does this all mean? Well, if you want to become an entrepreneur, first ask yourself how much time you have until you need to make money off of your idea or pivot altogether. Not everyone has unlimited runway before they need to start making money with their startup, which means most people will need to determine how much time they have to execute their idea and bring their vision to life.
No matter how much time you determine you have, it's incredibly important to make the most of it. And that's exactly what you'll learn to do in my upcoming course! In Fierce Boundaries & Daring Delegation, you'll learn how to get four hours of your week back in just seven easy steps. Be sure to check back soon for the official launch date and to reserve your spot!
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