How to Start a New Life as an Entrepreneur

A mentor of mine, Stephen Gregg, has contributed to my personal “do over” as much as any person. From showing me how to define my dream, make commitments, practice techniques and create systems, Stephen taught me so much with regard how to start a new life as a real entrepreneur. I’ll never forget the experience of working with him, and I expect our paths to cross again in the future to create big things.

In 2009, Stephen Gregg, found himself in the midst of a “do over” himself and he recently stopped by my podcast at iTunes to share his hindsight so that you can use it as your foresight in considering how to start a new life. I’m happy to hear that Stephen is on his way back to the top in his latest endeavor. As he shared with me, he’s confident this one is going to stick as he will not repeat the following three fatal mistakes entrepreneurs so frequently make.

Stephen GreggA mentor of mine, Stephen Gregg, has contributed to my personal “do over” as much as any person. From showing me how to define my dream, make commitments, practice  techniques and create systems, Stephen taught me so much with regard to how to start a new life as a real entrepreneur. I’ll never forget the experience of working with him, and I expect our paths to cross again in the future to create big things.

In 2009, Stephen Gregg, found himself in the midst of a “do over” himself and he recently stopped by my podcast at iTunes to share his hindsight so that you can use it as your foresight in considering how to start a new life. I’m happy to hear that Stephen is on his way back to the top in his latest endeavor. As he shared with me, he’s confident this one is going to stick as he will not repeat the following three fatal mistakes entrepreneurs so frequently make.

1. OWN YOUR PRODUCT

 

As an entrepreneur, it’s important that you come up with your own product or service. “Ownership gives you much more control over your business and the future of your business,” Gregg says. Stephen partnered with a friend selling an auto-safety product, Maxiview Mirrors. As part owner of the company, Stephen finds himself not only in more control, but contributing a lot more energy into marketing and promotions than if he were a mere distributor.

2. ESTABLISH A FOUNDATION

 

Many entrepreneurs put the cart before the horse, building a business and putting a strong marketing team together without setting up a foundation first. “You need to have your accounting procedures in place, and your corporation must be structured properly before you can start peddling your business,” Stephen advises. “You can compare it to building a house: if there is no foundation, the house can look good for a short time, but when the winds come and the rains start to fall, the house will crumble.” Laying a foundation is vital with regard to how to start over as an entrepreneur.

3. DELAY GRATIFICATION – BUILD A RESERVE

 

Entrepreneurs who experience a lot of success early on have a tendency to develop lazy work habits. Regardless of how quickly your success comes, keep planting seed and delay your gratification. “If you eat the seed as you plant it, when the winter season comes you will have nothing stored up,” Stephen shared with me. Building a financial reserve is something that should be at the front of mind for everybody as they contemplate how to start over.

Having experienced a rapid rise and fall, Stephen knows how to start over and avoid the mistakes that ruined him. Having now heard his advice, you have two choices – follow the road commonly traveled by selling a product you don’t own and watch it fall apart due to a weak foundation and no reserves; Or, you can take Gregg’s advice on how to start over as an entrepreneur, the road less traveled, and experience the uncommon result… success!