Being an entrepreneur is more a lifestyle than a job. There is no ready solution or way to follow that will determine if you succeed or not, because whether you do so or not mostly depend on yourself, the decisions you make and how hard you work to achieve your goals.
To succeed as an entrepreneur, you have to be persistent and purposeful while at the same time be prepared to live with the uncertainty not to be sure that it is going as planned. All businesses have special demands, and often it is about trying out and learning from your mistakes.
Although there is no manual to follow, that says do this and you’ll become successful, there are certain characteristics and things that make some successful entrepreneurs while others fail. In this post, we have collected tips from other entrepreneurs who have succeeded in their activities to help you succeed in yours as well.
1. Do something you like.
Wanting to be an entrepreneur just to make money seldom works, because once it gets tough, it’s seldom motivation enough. You have to love the process, and if you do something you like, you’ll love the process, even though it can get tough at times. Choose something you like and passionate about. Just working for money is rarely enough motivating to be patient enough and to cope with the inconvenience you encounter. Being an entrepreneur is rarely glamorous and especially not in the beginning when hard work is needed and often without making any money. If you do something you think is fun, chances are you will be sufficiently persistent and hopefully the business will also be profitable in the long-term.
2. You should have perseverance and discipline.
Knowledge is important but not the most important. Many times, you can acquire much of the knowledge you need on the road. Grit, consistency, perseverance are all characteristics that are far more important to have as an entrepreneur than knowledge. Almost always, it takes a long time before you earn a lot of money and most of the time it’s not about 40 hour work week. Even when the business is profitable, you often have to work long days and uncomfortable times. Do you think that after a short period of time you can work as when you are employed you will probably be disappointed even if there are exceptions. However, it is important to know that many years of hard work are often required to succeed.
3. You have to be focused.
Choose a narrow niche that you are really good at, as opposed to handling many different things. It’s hard to get really good at something if you’re doing a lot of things.It’s better to focus your efforts than spreading yourself thin. Should you have a competitive edge, you should the best in your industry and with what you are doing. It’s also much easier when you’re only focused on an area as the costs are usually also lower then.
4. Leverage on past experience.
If you have previous experience from the industry, you get a head start. You might also have contacts in the industry which can prove to be beneficial further on. Perhaps you have worked with things you can develop and do better in your own business. Often times, it is much easier to get started when you choose to start a business in an area which you have previous experience in.
5.Take help of others.
Even if you have to work hard and do a lot of work, it’s not the same as doing everything yourself. Get acquainted with the knowledge of others and do not be afraid to help you when needed. Remember that you can’t do everything, and there are people that are better than you at certain things. Talk to others with experience from your industry and other business owners. The more you learn, the higher the chances of you succeeding. If you have good contact with previous employees or managers, then discuss your challenges with them. Perhaps someone with more experience may become your mentor. Perhaps you can also find a new partner to the company, too, which can make the company grow bigger or more profitable. Many times it is also fun to be several who work towards the same goal. Having someone to share adversity and co-existence can be valuable and be what makes you stand out when it gets tough.
6. Again focus, focus!
It’s easy not to dare say no as a new entrepreneur, but there is a risk of jumping on every opportunity. But it also means that the path to your real goal will be longer. Focus on one thing and do it right instead of having ten half-finished projects at the same time. If you still find it difficult to not get rid of a sidetrack, maybe it’s your original business idea you need to think about?
7. Love what you do.
Do not become entrepreneurs because it sounds tough or because you hope to earn big money fast. Work with something you love! That is the real reward. Entrepreneurship based on your knowledge, interests and talents have greater chances of success. And you’re having fun on the road – you’re okay with it taking a long time before you reach your goals and starting to make big money.
8. Have your elevator pitch ready.
Always be prepared to talk bout your business idea and practice a short presentation that can be tailored to the one you are talking to. You never know when or where you meet a future customer or partner.
9. Find mentors.
Nobody knows everything, especially not as a beginner. A good advice is to find advisors and mentors who have experience in your industry and entrepreneurship. Dare to call or send an email to people you admire and ask for advice.
Most people will get flattered and will be happy to help you with time. The worst thing you can get is a no – and if you are successful, your person may eventually fall in love with your business idea that you have a new partner or investor in the long run.
10. Be economical.
At the beginning you do not have much money – remember that and act accordingly. Review your expenses and minimize them. Try to make every dollar count, and look over your expenses, from office space to choice of coffee place.
11. Learn from your experiences.
You will never be able to plan your future problems. No matter how much you prepare, things will happen that you have not planned and entrepreneurship often means daring to take risks.
Of course, be careful about thinking about the decisions you make, but make thing that feel right. It’s unnecessary to walk around on an idea for a long time. The most important thing is to act smart if problems arise, learn from mistakes and never make the same mistake twice.
12. Do not count on any starting capital.
Plan your new business based on the fact that you have no money. If you realize that you will need a big capital just to get started, it’s time to return to the drawing board. Start small and prove your idea, then you have much more chances of attracting investors who want to join and fund your business.
About the author
Jens is the editor-in-chief and co-founder of Veloce International marketing blog and the influencer marketing directory Veloce Network. He is a social media and marketing nut, sharing his passion for online marketing and business in his articles.
Note: The post was edited for style, content and audience.
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