Entrepreneurship requires more than starting a business because there’s a difference between an entrepreneur and a successful entrepreneur.
What is the difference?
Successful entrepreneurs prepare for turbulent times when the business is not performing well and deal with internal disputes with the right attitude. On the other hand, entrepreneurs are simply content with running a business.
It does not mean that successful entrepreneurs don’t fail at times. In fact, failure is part of success, but it does happen; successful business persons take ownership of their mistakes.
Another thing that sets successful entrepreneurs apart is that they care more about their business growth and service to customers than the money they make.
In this piece, I will not discuss the qualities of a successful entrepreneur. Instead, I will show you things that great business leaders should possess. If you do these things, you will build a profitable business empire.
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Top 9 Things You Must Do To Succeed As an Entrepreneur
Becoming an entrepreneur is not for everyone but with the right mindset, strategies, and work ethic, you can increase your chances of success. There is no one step-by-step guide to follow to become a successful entrepreneur.
However, as an entrepreneur, you need to be prepared for failure and criticism, and you should constantly be learning and improving yourself. Here are the top 9 tips to help you on your entrepreneurial journey
1- Place Yourself on Death Ground Constantly
You are probably wondering what death ground is. It is a military term, and I’ll use an example to explain it to you.
If the army faces a formidable enemy from the front, but on their back is a deeply dangerous sea or a wall, where do you think they will go? They will face the enemy head-on with all their might to survive. This situation is called Death Ground.
If you want to be a great business person, you have to get out of your comfort zone and put your back against the wall, as it were. You cannot afford to procrastinate.
Successful entrepreneurs are disciplined and willing to do the things that regular business persons are unwilling to do.
Prompt actions will make it easy to meet deadlines. The ability to meet challenging deadlines can differentiate you from your competitors in the industry.
2- Build an Audience
Building an audience is key in this digital era if you want to succeed in entrepreneurship. Fortunately, technology and social media platforms have enabled entrepreneurs to expand their influence.
I recommend that you take to create social media accounts for your business if you don’t have one yet. You can link your business accounts to your social media accounts; however, it will be better to maintain a separate business social media account.
If you can leverage social media, you will expose your business to a larger audience. Your fan and customer base will likely grow, thus improving your bottom line.
What if you are not tech-savvy or social media is not your cup of tea?
- You can hire a social media enthusiast to help create an audience by publishing relevant content that resonates with your target audience.
- Your social media manager will use your business account to follow others on Facebook, Instagram, and LinkedIn. As you regularly post relevant industry content, you will gain a community of followers that will likely become customers.
3- Learning And Improving
Many entrepreneurs crumble like a piece of dry bread because of pride or ego. They refuse to recognize their mistakes and learn from them.
As an entrepreneur, learning and improving should be part of your DNA. Real success involves bringing oneself down to learn from others and rise.
Successful entrepreneurs recognize that they are fallible humans and can never know everything. The one constant thing for entrepreneurs is their quest for knowledge.
So, how can you continue learning as an entrepreneur?
Your mistakes and failures in life are a book to learn from, so don’t frown at failures; let them teach you. Of course, you can also learn from other entrepreneurs’ mistakes and successes.
A successful entrepreneur is not an island. They spend time with other great entrepreneurs to tap into their wisdom and experience. True, building relationships takes time and sacrifices, but that is what success is all about.
As an entrepreneur, you want to adapt to changes and be ready to improve. Like a shapeless amoeba and a chameleon that can adapt to its environment, successful entrepreneurs are willing to adapt to keep improving.
4- Challenging The Usual
Have you ever wondered why controversial posts are often the most shared content online? It is because people love progress.
Some entrepreneurs have attained great success in their businesses by doing things unconventionally. I heard one financial speaker say that if you want to succeed in life, you must be willing to go against the 95%.
Your customers are tired of you giving them the obvious; they need more than normal. It takes unpredictability to succeed as an entrepreneur; however, many people are unwilling to embrace it.
So how do you challenge the usual?
- Practice doing what everyone else is not doing. It involves doing what must be done, not what people want you to do.
- What do people WANT you to do? Here is an idea: They want you to spend hours in the classroom, attain the best grades, get a better job, and work your life out for a monthly paycheck.
- But is that the life of a successful entrepreneur? If you want to succeed in entrepreneurship, your focus should be on job creation, not employment.
- I am not saying you shouldn’t spend time with your book or be enemies of the people. People are important to your business, but you must be willing to follow your path to success.
- If 95% of people are unsuccessful, following the crowd cannot give you freedom. As an entrepreneur, I have the grit to go against conventional ways of doing things. This takes courage and gut.
5- Live By The Records
Record keeping will help you keep your life orderly and spend money wisely. While a successful business person can afford the comfort of the finest things in the world, real success comes from differentiating wants from needs.
One friend once told me that there is no fortune one can’t outspend. It is easy to fall from glory to grass if you fail to live by the records.
Therefore, ensure your records show the amount of money you make and how you spend it. I know it is strenuous to track and calculate your expenses vs. your earnings, but the time and discipline are worth it.
6- Build And Motivate a Team
You can agree with this long-standing truth: no one is good at everything. Successful entrepreneurs have learned the art of building a motivated team with complementary skill sets.
Although you may be optimistic, it takes self-examination to determine your core skill and strengths and hire a team that complements your skills.
So, what is involved in building a team?
- As an entrepreneur, you will need to cultivate several qualities.
- For instance, you should have excellent communication skills, be approachable, be patient, and be a leader.
- You also need to be self-motivated and passionate about your dreams to motivate your employees.
7- Network And Build Relationships
Have you ever heard a common adage, “your network determines your net worth?” If you want to be a successful entrepreneur, you should build healthy business relationships with business colleagues.
How do you build valuable networks and relationships?
- Attend various seminars to meet like-minded individuals. Consider everyone you meet as important; you never know if they will be your loyal customer or business partner.
- Build contacts with investors and partners to push your business to the next level.
- As you network, there is a caveat: choose only quality and enthusiastic friends who can inspire you to greatness. Successful entrepreneurs deliberately avoid pessimistic people.
- You need gusty friends who see opportunities in risky ventures. Your association determines whether you become successful in your business or not.
- Therefore, make it your aim to attend relevant workshops and seminars to build your contact list. You can ask for the telephone number, email address, or social media pages of the people you meet to talk to them later.
8- Learn Execution
I heard a story about a successful entrepreneur who overheard a fellow businessman’s idea on a plane. The entrepreneur stole the idea and immediately sent an email to his manager to execute it.
I am not saying your idea will be stolen before you execute it; however, what guarantee do you have that somebody else is not thinking of the same idea? So prompt execution can make a huge difference.
It can allow you to hit the market with your goods and services before others. The advantage of first arriving in the market is that you get loyal customers and spend less on advertising.
So, instead of trying to perfect the plan or hypothesizing your idea, execute it and see how the market reacts to it. If you believe your product will address a particular target market’s need, run with speed and provide solutions.
9- Learn How to Sell
The most beneficial asset for any successful entrepreneur is cultivating the art of selling or persuading potential clients to engage in business with you.
Do you love sales, or do you cringe at it? The effectiveness of your sales team determines your bottom line.
But how can you motivate the sales team if you don’t know the art of selling?
If convincing people is not your thing, I recommend becoming good at it. You run a business to earn money from your customers’ pockets. So, endeavor to build a relationship with prospective customers, ask questions and listen to their pain points.
See also: 11 Proven Ways To Make Money as a Teenager.
Do you long to succeed as an entrepreneur and build a household name for yourself? Are you willing to pay the price to become a successful entrepreneur? If the answer to these questions is Yes, practice the things discussed before your venture into business.
Like any game that depends on certain rules, successful entrepreneurship requires you to learn and apply the game’s rules.
The beauty is that there have been other successful entrepreneurs before you that can walk you through the journey. You can reap the fruits of entrepreneurship with persistence, hard work, and patience.
What other things do you think entrepreneurs must have to be successful?
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