The Wantrepreneur’s First Steps

Wantrepreneur, n.
definition: Someone enamored with one day running their own business, owning their time, and building a cash flow machine, but is afraid, or waiting, to pull the trigger on starting.

Lots of people like the idea of being a successful entrepreneur, most of them never pull the trigger because they are waiting for the “perfect moment”. Unfortunately, there is never going to be a perfect moment.

You might as well make a move right now. But, if you don’t feel comfortable, you should at least start doing these six things to make it easier on yourself when you decide to make it happen.

1. Improve your credit score - While the myths of getting funded by a venture capitalist or and angel investor are well chronicled, most entrepreneurs bootstrap their business, particularly in the early days. If you are interested in getting a small business loan or increasing the credit limit of your credit card, you have to improve your credit score. For tips and fundamentals, check out this article.
2. Minimize your personal burn rate - cash flow is king, see your life, and personal finances, like a business. Make a personal budget and track everything you spend money on for one month. The simple act of writing down and acknowledging all your expenses will help you cut back.
3. Read a book per month - Charlie Munger, Warren Buffett’s partner, has been quoted saying,
   
   “In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time -- none, zero. You'd be amazed at how much Warren reads--and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”
   
   Don’t do it because I said so. Do it because one of the wealthiest, humble, intelligent men in the world said so.
4. Master a NEW skill - You are probably talented. You probably have a few elite skills. Go build a new one from the ground up. This will benefit you for TWO very important reasons. One, you can consider the value of the skill before you choose it, increasing the likelihood that it will be applicable in the future. Second, you will learn the much more important skill of HOW to learn and master new skills. Once you’ve mastered one skill, you have a blueprint for mastering more.
5. Produce content - Videos, podcasts, blogs, it does not matter what. You have to get comfortable putting yourself out there and sharing something you created publicly. If you start a company, you will be doing this in a very serious way.
6. Pay off debt -  Debt is an entrepreneur’s worst enemy. A lack of self-control leads us to spend and live beyond our means, perhaps because we have seen our parents and friends practice the same behavior. Instead of rushing to enjoy luxuries at the first possible opportunity, employ some discipline and reap the rewards of a debt-free existence.

Doing these things will not guarantee your success, but they will certainly increase your odds.
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Want more insights and some book recommendations?