As a finance leader and mentor, I want to share my life lessons as an entrepreneur to help you take charge of all your influential destinies, and this includes yours!
An Unlikely Start
It is helpful for individuals to see how an entrepreneur has achieved success. I want to help your strives by sharing some life lessons as an entrepreneur. My success strategies can help you in a wide array of pursuits. Once you know the formula for success, you can apply it pretty much anywhere. First I’ll share my specific experience but anyone with grit and compassion belongs as a mentor. Too often we look ahead and not at those who can learn from where we are today. While it’s been nearly two decades since I first became a mentor through the Big Sisters Big Brothers program, which is an incredible opportunity for every party involved to gain confidence, I want your takeaway to be how to become a great entrepreneur. We need more fresh perspectives to pull ourselves through pandemic of 2020 and I hope ending in 2021.
My Do-Gooder Track Record
My life lessons, like life lessons of many entrepreneurs come from all over! I graduated with honors in journalism, and was nominated by peers much to my surprise the very next day I began to serve as editor-in-chief of award winning XPress Magazine. I achieved what no other insurance agent let alone team member had at State Farm, was recruited to start my own agency there by 22; and then led in another fortune 100 financial institution, Northwestern Mutual. Before being let go for being a woman about to empower the next generation of strivers including women like me which was shattering of that corporation’s glass ceiling. I turned this painful life lesson as an entrepreneur into more lasting change.
Here’s How: I started with my husband our closely held registered investment advisory by 27 after advising many well-known entrepreneurs, startups and under-represented alike. Yes, if you’re thinking we’ve have had more than our fair share of hurdles to achieve success, it’s true. Pain isn’t in vain, so we need to share some pivotal life lessons as an entrepreneur that may be helpful.
Develop Your Foundation to Educate Your Entrepreneur Mind
Entrepreneurship can be risky but only if you don’t sharpen your tools. Otherwise it is a venture for the long – haul. Many individuals become lucky and succeed in the first run so it seems but the actual stats are that most entrepreneurs fail. Where I worked the specific odds as a financial advisor let alone as a woman were well under 1% success rate. But for me, that wasn’t the situation. I started my journey to help me and found i was good at finance. I never thought of myself as being in it, I don’t come from it, my Mom is a business owner and realtor and Dad a doctor; but we all face many types of decisions in one way or another.
Recognize Where Mistakes Happen
Success Strivers was actually started while I was in j school. Along the way I got the succeeding in life lessons that I now apply to new business and personal projects I’m engaged in. In my second fortune finance institution, I was told I had to give up Success Strivers, but now I understand this is influential more than I initially realized to the hurdles under-represented people face. We don’t have the backgrounds passing us down information, so we at Success Strivers by leading, innovative registered investment advisory, my very own baby Boracchia Wiviott Wealth Partners fills this need with life lessons for entrepreneurs.
Start with a Simple Innovation
Many entrepreneurs mistakenly think they need to create something that had never been done before to be successful. While that is a great way to be a successful entrepreneur, sometimes innovation can be something that is not unique to you, but is simply your fresh perspective. As an underrepresented minority, leverage your unheard perspective for your niche!
For example, after grossing $500k not including the millions of not realized equity, then having that amount that was additionally owed not received by the aforementioned events (being forced to resign the last day for bonuses for no real reason more so but my Grandmother dying and me wanting to rush out to see her). Needless to say, Boracchia Wiviott Wealth Partners knows how to innovating the best lifestyles. We offer the best lifestyle plan for the wealthy and emerging or re-emerging alike; and exist to help guide you home or recover from the unexpected.
These creative ideas are simple and without any advanced innovative technology. They fulfill an essential need. 1. You want to impart value and 2. The community needs to be inspired by the power within you. So we can say success can come from basic ideas including what you innately represent from a turn or not. (I hope it goes without saying that you can certainly succeed without unjust hardship.)
Just Do IT
Sometimes I have thought of an idea and then contemplated different situations and how it could play out. I investigated each point and tried to guess and estimate all the possibilities.
That’s expected to some extent but the best methodology (which is exponentially harder to get financing for, if you are going the venture capital or angel investment route) is to just start building and testing an idea. Brainstorming a fast method to place together the most basic form of a product to send to potential customers is the best trail to blaze if you are self-funded in my professional opinion.
This cycle will result in the best evaluation of how the product might fare in the market and deliver real feedback to help you polish your idea. However if you are raising money from institutions, that is a full time job in and of itself, and they will want plan after plan 99.9% of the time, as well as huge stake and say in your company that may not let you just do it so to speak.
*Some companies that are venture backed do the best this way, but you can also change course later if you have no vc network and don’t want to wait the long periods to take outside investment. We specialize in this so feel free to contact us for a personal consultation to see exactly the best course of planning for your enterprise.
Short-Term Planning and Implementation
As a financial planner for families, businesses and trusts, I was educated to make business plans and outlines. Yet how might you plan for a long time when the situation changes so quickly?
As an entrepreneur, I learned the best lesson about business planning. Make plans, think long-term but analyze the short-term and near future consistently. I currently recommend to plan a half year or a year, depending on the investment for your closely held business. As well I don’t waste valuable time making detailed plans that are not concrete.
Indeed, entrepreneurship is difficult and you must put in long work hours, more than many others do. But don’t sacrifice family, fun, and social life. I strongly recommend not forgoing those things if you’re unsure about doing that. What you spend your time on either fills your cup or empties it so to speak.
As an entrepreneur, you need all the motivation you can get. It can come from a deep sense of self or other sources. just ensure you spend time online with those who take your business seriously. Especially for a girl or young woman it could be easy to feel like you’re not getting taken seriously. Family or not, you need to take time to purge people or things out of your life that don’t add value to your business goals.
Again, Work Hard, it’s a Winning Proposition
Imagine if you work in the long periods, avoid your own life and the business fails? At that point, you’ve lost your business and relations. To manage your time and grant yourself free time and breaks take time to socialize and spend time with family and friends. This can help your growth mindset so you will make good decisions or reach realizations that you wouldn’t have something else.
Stories of very hardworking entrepreneurs flourish. One hears of 80 to 100-hour weeks and the thought that the individuals who don’t work constantly are not serious entrepreneurs. So we can say If you work hard you will get ahead –even this against all odds Jewish girl and her Latino husband!
Never stop learning
Learning new is great. I consistently found myself being average and not shining in any area. For example not sought after / enough for what I know I do best.
A shift happens upon deciding to emphasize one thing and invest most of my effort and time into developing that skill and becoming the best in it.
You can conduct deep research, read books and articles, (we write articles about what we learned,) and connected with experts. This allowed many doors to open that I would not have been chosen in my pancake state.
So as a business person:
- Don’t try to be good at everything
- Keep yourself up-to-date about other industry practices
- Align your skills with your interest
- Push to build our skill, product, or service to be the best in areas that are needed and searched after
- Work hard on your already strong skills
Celebrate small success
Many individuals celebrate the big success but what about the small achievements?
Starting a new company is hard, growing and running your business is also difficult. Doing this throughout every day can be tedious. When I first relaunched due to covid-19, I, at times, felt like I was not making the headway I really needed on my business. The fact this is while I was and continue watching my daughter, is actually a success that I should appreciate.
However, to become a successful entrepreneur, identify small success to celebrate in your short-term plan. Celebrate over the first transaction or customer in a few days. Celebration in the moment of pushing through a quarter of a year.
Recognizing small victories can boost your confidence and provide a flood of energy. They will help lighten the pressure that can drag you down. It’s also important to remember that especially during covid-19 we are in unchartered territory. Use what you know best; and innovate on your strong foot while recognizing this is hard.
Additionally, fun times help you identify achievements even if they aren’t earth-shattering. They supply you with the inspiration to continue onward. Be good to yourself, entrepreneurs already have high standards and strong work efforts (if you don’t, entrepreneurship probably isn’t for you). There is no typical look of an entrepreneur; it’s a vibe and a skillset you can learn.
It is never too late
It doesn’t matter if you are a teenager or a 40-year-old. I was 27 years old when I started my business, now a leading and award winning innovative registered investment advisory Boracchia Wiviott Wealth Partners! As a minority, female and with my husband also a minority, Latino as I mentioned for this reason, this is rare. As a side note trailblazing is painfully vital but the success comes after much more totally unnecessary tribulation.
You are never too old or too young to set another goal or to dream another fantasy. Whether you meet the mold the old wall will tell you about (to try and dissuade you from competing) or you know you have vital perspective; don’t let anyone bring you down! In fact, I was the top advisor in two fortune 100 finance companies for many years before we started our firm nearly 5 years ago.
My mother was also a trailblazer in business. She co-founded with her famous architect partner who she bought out, Andy Skurman, the #1 selling vase company in Europe. My Mom was a new divorcee and single Mom of two girls. You can bootstrap, if you have good credit, take out debt; there are many ways to be a successful entrepreneur as we became again 5 years ago, thus being able to bring this article to you. (We are multi-time respected fintech founders.)
Dream big, plan well, work harder than you imagined but celebrate your success and love yourself no matter what people say. Great things will happen.
Boracchia Wiviott Wealth Partners made a name for itself specializing in girls, women, and entrepreneurs around the world. Through guiding our clients as their financial planners in any of their endeavors, we have helped unleash our client’s true dreams. Your financial security and freedom matters. Anyone can benefit from our unique skill set of private wealth management and empowering yourself investing. Sign up for our stock market subscriptions today at investingprofits.pro, which came about from covid 19! Or begin your investment guru financial planning course!
This article is brought to you courtesy of the innovative team behind Boracchia Wiviott Wealth Partners. She and her high school sweetheart Marc are our founders, which in and of itself is a success story. The goal of Success Strivers is to provide accessibility in all wealth management strives and we have the experience to help underrepresented and represented communities alike. Contact us today and start living your better lifestyle tomorrow!
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