A truly daunting question for any would-be entrepreneur: “Do I really have what it takes to make it?” In many cases you may think so but there will certainly days where you will think on the contrary.

To help you stay positive and focused, here are the 7 steps to becoming a successful entrepreneur by Michael Giuffrida, collected from his seminars which he recently gave at conferences in Hartford and Southington, Connecticut.

1. Manage Your Money.

If you’re the kind of person to always lose money, or have metaphorical holes in your pockets, then you can’t manage a business. Do you have an idea of where your money goes every month? Do you make do with less than you earn? If the answer is no then you’ll struggle to manage both your business and a budget. You must ensure that you can manage money to know whether or not you can do this.

2. Raising Money.

Now that you can manage money, can you get more of it from where it came? Not only is it important to know where to get money from, but you also have to convince investors that your business is worth the risk. Michael Giuffrida was never afraid of thinking outside the box and taking risks to convince others his business was original so that others were willing to take a risk as well.

3. Be Zen.

Stress shouldn’t go under the radar. If yourself get all stressed up by setbacks, you’ll struggle in your quest for entrepreneurship. Learning how to relax is basic and quintessential. Michael often remarks about how he practiced breathing techniques to get his focus back.

4. Be Productive.

This one is big because you can’t really speak of any one precise way of being productive that works for everybody. Manage your peak energy times, routines and tools that make you productive, nail them down and keep on working.

5. Get Social.

According to Michael, “You are the measure of the five people you hang around with most of the time.” So there’s a need for image creation, even if it only means for achieving your goals. Find entrepreneur friends and establish links by sharing interests and ambitions. You need friends who understand your struggles and give you the much need insights.

6. Be courageous.

If you’re to own a business, you don’t need absolute perfection. You do, nonetheless, have a need to understand where you’re strong or where you’re weak, this is called courage. For it takes more cojones to pinpoint your weaknesses than it does to see it in others; once you’ve seen your own, you can look at the competition.

7. Be an effective recruiter.

Concerning hiring, it’s by far the most important of skills you should have within your executive arsenal. Having great people with you to start your venture will quickly give you new strengths, building along the way a company culture and a sense of belonging. Your company becomes a home where people are willing to offer their hard work and hearts.

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to [email protected].