How do you become that Successful Entrepreneur?
Have you ever aspire to become an entrepreneur? or Do you think you have what it takes to become an entrepreneur? Are you willing to develop the right mindset needed to venture into business and become a success story like other entrepreneurs that made it? How do you plan on reaching this height? Many people are attracted to the great benefits to be gained from owning a successful business, but only a few persons are capable of facing the challenges of entrepreneurship and become a winner.
The toughness that comes with building a successful business is evident by the statistics, which claim that approximately 90% of all small enterprises fail within the first two years of operation. The statistics is alarming, but if you are serious about starting and operating your own business enterprise to be in control of your income and enjoy your own working freedom, you can take the right approach towards becoming a successful entrepreneur. But first, let’s set the bases by understanding the true meaning of entrepreneurship or;
Who Is An Entrepreneur?
An entrepreneur is someone that organizes and operates any business venture in an attempt to make a profit. He or she invests money, valuable time, and resources into his or her enterprise even when there is no guarantee of favorable returns or making of profit. Therefore, one of the major traits of entrepreneurship is risk-taking.
Some of the characteristics and qualities of entrepreneurs include being able to innovate, able to spot opportunities, an effective thinker, an efficient producer, and persistent hard worker. Entrepreneurs are the bedrock to most economies. They are catalysts, solution providers and employers. Once successful, entrepreneurs’ profits and rewards are great, they make up the richest people in most countries worldwide.
What’s the Right Approach to Becoming an Entrepreneur?
There are different categories of entrepreneurs becoming one would require some unique capabilities and qualities. Their classifications are based on their approach to starting up and managing their enterprises. Generally, however, entrepreneurship will require you to be innovative, self-motivated, independent, optimistic, and persistent in working hard.
How do you hone the True Spirit of an Entrepreneur?
We all know that becoming a successful entrepreneur begins with a single line of motivation to create. And as such, a lot of people happened to nurse this desire but not everyone has really been able to accomplish it for some diverse reasons. In the world of business, there is a lot to learn and so you should be willing to explore the different options in order to understand the right ways in which you can excel in your project.
You must have an undying passion and verve to excel in the project. If you do not fight to accomplish your goals, despite numerous challenges and setbacks, you will find it difficult to become an accomplished entrepreneur. The spirit of the entrepreneur is such that you are always ready and willing to take up the different challenges entrepreneurship ultimately presents.
As an entrepreneur, you are sure to meet a lot of different hurdles because the world of business is full of ups and down. You cannot expect the journey to be smooth as there will always be moments that seem unbearable and these are the acid test. However, if you possess a true spirit of the entrepreneur, it will guide you in such circumstances and provide you with the determination required to see you through the bad times.
No man can excel in the world of business without a resolve to find success. Along with a firm will and determination of an entrepreneur too. As an owner of the firm, you are responsible for the workers you have, the type of policy you follow, the way you help the society, the good and bad decisions you make as well as a whole host of other such responsibilities.
It is not easy to become a successful entrepreneur because you need to hone a lot of different skills. You must have leadership quality because as an entrepreneur, you need to lead from the front. Once you have managed to do so, you would be setting a good example for your crew to follow. This is an example of inspirational leadership.
Further, you need to work on your communication skills as well because it will help you in distributing the information in the right channels which will serve your purpose as well. You must be willing to socialize and make connections because when you do so your business will undoubtedly continue to prosper and grow.
Learn about the different responsibilities of an entrepreneur and then work upon them so that you can excel in your duties and become an example of a true leader. There are a lot of entrepreneurs who had a rough start in their businesses but the confidence and the zeal to succeed has brought them far. This is relentless persistence underpins what is meant by the spirit of the entrepreneur. So, do not lose hope and make sure to keep walking ahead because walking away from your dreams is never a solution.
Is it true that entrepreneurs are born with a special trait?
Many believe people are born with entrepreneurial traits, but it’s also very possible for anyone to develop them. If you want to develop your entrepreneurial capacity you do not have to change overnight. You can slowly incorporate new qualities into your life before making any big career changes. If you are interested in starting a business or project to make money, start by coming up with a good plan. Take some time to think about the business you are interested in.
Carefully estimate the risks involved, the amount of work involved and the profitability of the industry you are thinking about going into. Also be prepared to make mistakes, learn and develop – be persistent in trying and working hard. Most people already did some sort of entrepreneurial project at some point in their life. Most of us don’t mind taking risks in various aspects of life in an effort to gain profit. So it can be said that we all have an inner entrepreneur in us that are waiting to be developed.
7 Rule of thumb you must adhere strictly becoming an Entrepreneur
Choose to do what you love: More often than not, all businesses handled by young entrepreneurs have a common denominator and that is they choose to create and build things according to what they love. So always select a business idea that suits your interests no matter what it is.
Be firm with what you want: Organize your time and know your priorities. Are you willing to do everything for your business? Deciding on this matter is hard because most of the young entrepreneurs are still students that they are torn between work and school. It’s better to weigh your options to know what are the things to look into that could probably be good for you.
Be bold and different: You are young and small that’s why there is nothing to lose. Being a young entrepreneur gives you the opportunity to think fresh, unique and original with full enthusiasm that. Don’t be scared to do something no one’s ever done before. You can create a bizarre product or services that could shake up the current market by changing old and conventional factors to a new and up to date model.
Always follow the rules: Be radical but conform to the rules. Being young does not exempt you from business registrations, paying taxes and keeping records. By being able to follow even simple requisites like these you could be able to secure a healthy future free from administrative and legal problems later.
Learn how best to manage your time: Time is of the essence especially if you are still a student. Running your business will be difficult and stressful but it would help you a lot if you could make a schedule. Identifying your roles on both sides of the coin is better. Do you things as a businessman on a scheduled time and a student respectively.
Employ organizational tools and planning methods when doing this such as acquiring a time management system, making an appointment book or having an online update of schedules. It will make your job easy and your time better managed.
You can make good use of free resources: Being a student and a businessman at the same time can give you an advantage. You will have free computers and internet connections at school that could help you update and expand your business; you will be able to gain knowledge from your professors that would be willing enough to share what they know about your current endeavor. You are actually lucky because resources and employees surround you.
Find yourself a business adviser: Find someone on the business arena that is willing to guide you in your journey. Find someone who can help you understand the challenges and the risks of being on that field as well as the benefits and the best strategies to employ in order to succeed. By this, you could actually expand your network and find potential investors in no time.
And as we call it a close here, I want to leave you with one of the favorite quotes from a renowned American business magnet [Warren E Buffet], he said; “Do not taste the depths of the sea with both feet”. If you were a first gen investor, do not let your emotions be clouded with the greed to make quick gains to stake all your money without having a backup plan.
Like we have already stated above every business comes with its own challenges, ensure you get your math right and if you must take a leap – do a SIP investing with a little amount of money to taste the water before you plunge in. Am sure, like me, you want to do business to make a profit. I hope this helped, please share