Becoming a successful entrepreneur has less to do with education and more to do with personal enrichment than one might think. Here are some tips on how to become a successful Entrepreneur.
Grow some thick skin
Successful entrepreneurs need to become used to hearing NO a lot. Not everyone will like your idea, but you need to persevere and continue looking for new clients to truly become successful.
Step out of your comfort zone
As an employee, you typically have a set list of tasks and duties to accomplish. As an Entrepreneur, you will need to do every job at the company and do them well.
Become passionate about something
Don’t just pick a profitable path; choose something that you have passion for. You will be spending long nights and weekends working on this, so pick something you find interesting and already have some knowledge of.
Take a risk on life.
Being an Entrepreneur is about taking a risk; you will need to leave a well-paying job to pursue your passion. That passion may take a while to start paying you or may never pay you at all.
A good thing to remember, as an employee, the business always needs to make a profit off of you, so you will always be underpaid. Becoming an Entrepreneur is the only way to make what you are worth.
Understand your true abilities
Understand what you are good at, then hire people that can help you where you are not. For me, this includes accounting, book-keeping, taxes.
I hire the best accountants, then learn from them. Hiring a specialist teaches me the knowledge I need to become more successful. You can’t be an expert in everything, so you will need to acknowledge that and hire accordingly.
Mitigate fear by planning for it
Save, Save, Save! You will have high times where your company is bringing in lots of revenue. But there will always be low times where you will need to pinch pennies. Market fluctuations are the cycle of a business. Reduce your stress and fear by planning and saving enough money to weather the storms.
Precisely set your goals.
Be meticulous about your goals. If it’s not written down, it’s an idea, not a goal. Know exactly where you want to go, then map that goal out at every step. Then plan for that goal, not going accordingly to plan.
Develop a strong support group
We want to think we can do it all on our own, but if we don’t have a strong support group of friends and family, our lows will be lower. Solid friends and family help with ideas, purchases, referrals, emotional + physical support.
Understand your business, niche. The world is a big place; the business market is even bigger. You need to know what will help you stand out from the rest.
E.g., If you are entering the world of SEO (Search Engine Optimization), don’t start by doing web design, SEO, PPC, ORM… across North America. Become the best SEO in Ottawa, ON, Canada that focuses on Healthcare search engine optimization.
Focus on what matters
Having a great website is nice; a fancy office is even better. But those things don’t matter if that’s not where you get the majority of your sales. Carefully look at where you get most of your revenue, and focus on that.
I remember reading about MrBeast; one of YouTube‘s top earners. He started making films on his iPhone; eventually, he started buying better gear after turning a profit. The lesson to be learned, don’t get caught up in the hype. During the gold rush, the wealthiest people were the people selling the shovels. Remember that.
Save money, lots of it.
You are going to need a lot of money. If you borrow money, those borrowers are going to be breathing down your back. If it’s your own money, you will be pushing yourself even harder to succeed.
The best way to start your own business is by working nights and weekends while you still have a full-time job. This step will give you the income to successfully start your own business.
Understand your business model
If you don’t watch Shark Tank / Dragons Den (TV shows), start watching them now! These TV celebrities / Millionaires understand business and teach you the secrets to entrepreneurial success.
Focus On Profits. “Follow the green, not the dream.” — Mark Cuban.
During your rise to the top, customers are not always going to be happy. It’s vital that you listen to them. Sometimes it will be irrational complaints; other times, it will be an insight into how your business can become better. Set your ego aside and listen to them. Without customers, you can’t have a successful business.
Become 10x better
10x advantage is to aim ten times higher when you set your goals in business. This goal means that if you come up short, you’ll still find yourself further along than if you had maintained your life’s current plans.
It also means you will need to work 10x harder to achieve your goal and stand out from the rest. This theory applies to small businesses and large alike.
Deliver, don’t sell
Say what you are going to do, then do it. That’s it, that’s the secret to success. Sounds easy enough, but you’d be surprised at how many people don’t follow that mantra.
It would be best if you put yourself in your customer’s shoes. They need you to do something; most of the time, they don’t care as long as it gets done as promised.
Stay on track (focused)
Build a Business Plan and stick to it. It’s easy to get distracted by new ideas or ways to make money. If your niche or business model isn’t working, then you will need to pivot. But be mindful of why you are shifting. Is it to make more money? Or is it to help save your struggling business succeed?
Remember to rest
One of the most challenging steps to listen to is to rest, spend time with friends and family. You need time for yourself.
Best to remember Parkinson’s law which is the adage that “work expands so as to fill the time available for its completion.”
So be careful you aren’t filling your time with useless tasks and to-dos to fuel your ego. Become laser-focused on what hard work you should be doing to achieve results.
Learn from failure
You are going to mistakes; everyone does; that is what it is to be human. The road to success is to learn from those mistakes. If you don’t readjust, that can kill your business; adapting and growing is key to a solid business model.
Please let me know if I’ve missed any topics I should add to have long-term success.