Entrepreneurship is not a bed of roses as most of us consider it. Success doesn’t come overnight and there is no shortcut to success. It is a long hard journey to the top of the tree and only those can make it to the finish who have the determination and never say die attitude. We all might have heard success stories of entrepreneurs but what we do not hear is the hardships entrepreneurs have to go through before eating the ripe fruit. In this article, you will learn about effective tips how to become a successful entrepreneur.
1. Have a Plan
“Every minute you spend in planning saves 10 minutes in execution; this gives
you a 1,000 percent Return on Energy!”—Brian Tracy
Starting a new business without a business plan is a recipe for disaster. You need to be very clear about the mission, vision, and objective you want to achieve with your business. Set specific goals and create a plan that takes all the factors into account. Identify the challenges you will face and have an effective strategy ready for overcoming those challenges.
2. Start Small and Then Go Big
Did you know 50% of startup fails to survive for five years? The reason is that most emerging startups try to grow quickly within the first couple of years. Instead, you should look to start small and take it from there. Remember the common adage “Slow and steady wins the race.” The best example is Dubai Monsters, a digital marketing and digital design that had humble beginnings but is now offering a full range of services including mobile app development in Dubai. In short, if you want to achieve entrepreneurial success, you must take baby steps and slowly climb the ladder of success, one small step at a time.
3. Love What You Do
“Choose a job you love, and you will never have to work a day in your life.”—Confucious
Whether it is entrepreneurship or life, there would be good times and there would be tough times. If you are not passionate about what you do, you will not be able to survive the tough times. It is the emotional attachment you have for your work that counts as it will be the driving force to take you through difficult circumstances. You need to own and be proud of your work.
4. Learn From Others Mistakes
Entrepreneurship is not for everyone. If you have the fear of failure then, you need to look elsewhere because you need a big heart to become a successful entrepreneur. Come out of your comfort zone and don’t afraid to experiment. Learn from others mistakes and also from your own. Consider mistakes as a learning opportunity and ensure that the same mistakes are not repeated. Success will surely come your way if you keep learning from your mistake and start improving.
5. Build a Reputation and Network
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”—Warren Buffet
Reputation is everything for a budding entrepreneur and a new startup. You can only build a good reputation by fostering trust and delivering on your promises consistently. Once you satisfy your customers, they will not only become your loyal customers but also promote your products and services to others. Build a community of you loyal customers and expand your network by mingling with other businesses operating in your niche. The bigger your network is the better your brand will become over time.
6. Surround Yourself with the Right People
You might have heard the common adage, “A man is known by the company he keeps” Similarly, a company is identified by its employees. They are the people that make or break it for your business. Remember one thing, if you surround yourself with mediocrity, that is what you will become yourself. Hire the right people that can handle things that you can not and have a diverse skillset. Evaluate each candidate thoroughly and make sure that he or she is the right fit for your business.
7. Innovate, Innovate, Innovate
“Innovation distinguishes between a leader and a follower.”—Steve Jobs
In a highly saturated and competitive business world where hundreds and thousands of businesses enter the foray each month, you will have to innovate and continuously keeps innovating in order to stand out from the crowd. Think out of the box and challenge traditional approaches in order to come up with unique ideas. If you stop innovating, you will slowly but surely become a part of history. Go crazy with your creativity and think how innovatively you can present your current products and services to win the hearts of your target audience.
What do you think is important to become a successful entrepreneur? Feel free to share it with us in the comments section below.