Succeeding as an entrepreneur takes hard work and persistence
because, unfortunately, there is no business-startup fairy who magically
bestows success on small businesses and their owners.
Most successful entrepreneurs follow comparable patterns and share similar basic characteristics.
Hundreds of online articles and published books claim to know the
secret of success in business, but for the most part, they boil down to
the same major points.
Passion, perseverance and a positive
attitude tend to set successful entrepreneurs apart. Cultivating these
attributes requires an innate skill set and some tips to get started.
So
here are the main items to take into consideration if you’re trying to
develop a business platform. These elements constitute will support a
smart strategy for any new enterprise:
1. Love what you do.
Passion
is key to keeping a business strategy moving. Half-heartedness in an
entrepreneurial endeavor will chip away at your drive to succeed.
Perseverance is the one thing that’s guaranteed to move anything over
time, whether it’s a person, a job or an entire company. Abraham Lincoln
failed at most of his efforts until late in his life, but he never gave
up.
2. Take baby steps.
Jumping all in is rarely ever
successful. There are success stories about people who invested
everything once and came out winners after six months or a couple years,
but those are rare. Risk management is an essential factor in any
startup, and balance is vital. You can absorb losses more easily if you
take smaller risks in the beginning. Those will provide essential and
productive lessons.
3. Learn from others.
Successful
entrepreneurs often worked for others in their field of choice before
striking out on their own. Spending a few years in the industry under an
excellent mentor will provide a good launching pad. Learn from your
predecessors’ mistakes and brainstorm about how to improve upon their
model. Find someone willing to teach, and think about starting your
business elsewhere when you leave.
4. Learn how to self-promote.
Confidence
and a good elevator speech can take any pitch to the next level. The
first marketing any company experiences comes from its founder. Spend
time learning how to share your vision without coming across as
“salesy.” Don’t be afraid to ask for the sale, but remember: the client
is always the focus.
5. Constantly take action.
Entrepreneurs
are movers and shakers. They can’t afford to analyze every detail or
they’d never get anywhere. There is no place for procrastination in a
startup. It’s a 24/7, no-vacation-or-sick-days kind of job that demands
constant forward momentum. Make a brief assessment at every step and
move on it. Trust your instincts.
6. Make a plan.
Read
about successful businesses. Take in the wealth of knowledge that’s
been provided by successful entrepreneurs such as Steve Jobs and the
personalities from
Shark Tank. A successful business plan does
not have to be a book. A 10-page plan is digestible yet long enough to
include everything you need to start.
7. Keeping the Right Friends
What's the point of doing anything if you
don't have special people in your life to share it with. No one wants to
be the Bruce Wayne of their city, the quack who owns the huge dining room table with no one to dine with.
People are social by nature, and it's
important to have a life outside of those you work with. Your friends
are people to share your experiences with, who will be there to
high-five you with every victory and also pick you up after every
failure. Make sure they are also the ones who have the same attitude,
give back gratitude, and remain a positive force in your life. Those who
feed off of negative energy are the ones you can bring the whole house
crashing down around you.
8. It’s never too late to start.
Many successful entrepreneurs
started later in life. J. K. Rowling (Harry Potter author), Julia Child
(chef), and Sam Walton (Wal-Mart) all started their wildly successful
brands after they were comfortably along in their lives. Having the
experience that comes with age can give you a unique outlook on your
business. Life experiences bring depth that the most educated young
adult, by his or her nature, is less able to foresee.
9. Build your "A team".
Finding
the skill sets and attitudes that support the culture of the brand you
want to promote will foster innovation and enhance your reputation.
Include folks from outside the company for the people you rely on.
That will start a free marketing chain reaction that can build
confidence and revenue.
10. Be mindful of your attitude.
The
attitude of the founder will set the tone for the business. Negativity,
laziness and entitlement waste time and money while they tarnish your
reputation. Success largely depends on making mistakes and accepting
blame in stride. Owning up to and facing challenges head-on is what
makes a mere business owner a leader.
Starting a business can
wreak havoc on the owner’s personal life. While all the above tips are
necessary for success, taking care of yourself mentally and physically
is also imperative. Exercise, sleep and diet play a central role in
ensuring you implement these policies successfully. All of them drive
attitude, motivation and relationships.
Successful CEOs tend to
follow a structured, daily schedule of rising early, exercising, having
snacks on hand for fuel and socializing many evenings of the week.
Striking
a balance may take a while, but working toward this list as a goal for
starting your company will make the difference.
