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5 tips on how to become an entrepreneur

 
 
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Tips and guidance from recent content created by Eagle Labs, with links to the original articles and videos if you want to learn more.

Ask the tough questions before you give up the day job

Do you have the time, the skills and support to commit to your startup full time and give up your regular source of income? If not, then it may be better to continue running your startup as a side hustle before taking the leap to become a full-time founder.

Discover 9 tough questions that entrepreneurs should ask themselves – plus links to resources for those looking to start their own business.

Sort your seeds and your series

Startups often need funding to grow, but the language can be confusing if you are new to the world of high growth businesses. Knowing the difference between pre-seed, seed, and series A, B and C will help you navigate the funding landscape, communicate your needs and help find the support you need.

Darren Balcombe of Capital Enterprise explains everything a first-time founder needs to know about the structure, requirements, payout amounts and process of funding rounds.

Be able to articulate your idea clearly

Developing a clear and concise business plan for your startup can be the difference between gaining investment or not – and even success or failure, in some cases. Almost as important as having a good product is being able to explain why and how it will be successful.

In this video, Rafik Jallad, founder of BlueCreation, explains how to create a compelling business plan for your startup, including how to get the market sizing right and the key to making your proposition attractive to investors.

Educate yourself on funding readiness

The majority of startups don’t earn money for the first few years, so it’s absolutely essential that you look into existing resources for help and assistance. It all boils down to educating yourself on funding readiness and being able to admit when you need help.

In this video, Anishka Prasad, Founder and CEO at RESOLV, explains her journey from lawyer to LewTech startup founder—with some tips for succeeding in your first year.

Invest in young talent

Startup founders often battle with the dilemma of investing in experienced talent or taking a chance on a young go-getter. But young people are often looking for a platform to succeed—and that leads to the most creative ideas for your business.

For more tips for your first year in business, make sure to watch the full video interview with Nimesh Mehta, Founder of data-insights business Rockmetric.

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