You have a game-changing idea. You have done a thorough research on everything ranging from the market opportunities, competitors to the customers. You have the partners by your side and the right staff for your assistance. All this seems sufficient to you but still, you find yourself constantly thinking what it really takes to be a successful entrepreneur.
If this is your story then this information is for all you aspiring entrepreneurs
The internet world is today full of never-ending pieces of advice that only leads to more confusion than clarity. These further create a sense of fear of being not able to give what it takes to build an empire from a startup.
This post, therefore, highlights the simplest tips that most of the people don’t know or they unknowingly ignore it.
There is no substitute for hard work. At any stage, it is mandatory. It makes you familiar with lot many tactics that work well in the entrepreneurial world while smart work takes you much further and fetches your business the much-needed growth very quickly.
Perseverance and go-getter attitude is all that you need to reach the top. You can emerge as a victorious entrepreneur only if you go eagerly after your goals and have the attitude of not giving up when things become harder or spin out of control.
You will have to work day and night. The status of an entrepreneur is not for someone who is not willing to dedicate all of his time. And how will you do that if you are not passionate about your dream? You should be in love with your work to attain success.
4Develop the entrepreneurial spirit
There are some traits or characteristics that no one can teach you. You have got to develop them. People who have earned recognition as the most successful entrepreneurs possess all the entrepreneurial skills and lot many other attributes that cannot be found in other people.
One sure shot technique to increase your chances of success is being an avid learner and then take baby steps. Do not hurry. Most of the beginners are often so eager that they take actions, land themselves or their business in tricky situations, realize a mistake has been done and then regret losing the opportunity. It is, therefore, highly recommended that you watch out your process of running your business.
Devote your time to sufficient learning so that it minimizes your chances of taking wrong decisions. Even if you don’t take a wrong decision there is always something you can gain from adopting a better strategy. And In case you follow a wrong approach you might end up your business much before then you could ever imagine.
It is not that learning altogether reduces the chances of mistakes but that definitely reduces the number of mistakes you are likely to commit. Your knowledge that you will gain from learning will be your biggest resource.
The business world is associated with risk-taking. The more you are open to risk-taking approach, the higher you have the chances of making huge profits.
But mind it before taking a risk, you must always consider whether to take that risk or not. Merely taking every risky opportunity without assessing the probability of gains and losses properly might land you in a risky situation. Recognizing what risks to leave, which to accept and focusing on how much risk you can remove out of it is the one key to become a successful entrepreneur.
The other one is knowing when to take risks. Anyone desirous of becoming a successful entrepreneur should always look for the appropriate time to take the risk. This is called “Intelligent risk-taking”. Startups often make mistake when they just calculate the amount of loss that they would have to absorb in case they lose the opportunity. Entrepreneurs most often ignore to consider whether it is the right time or not. If you have more debs due, fewer cash inflows project not being operated at its optimum capacity for any reasons etc., taking an opportunity where you can equally loose and will have to absorb that loss also would not be a great idea.
Decide what you want your business to be known for. Keep that identity in your mind all the time and you will soon find yourself having developed that image before people.
Never leave that image unless there was something negative attached to it in the course of your business due to some fault at your end.
Goodwill is your one asset that will fetch you earnings sometimes when everybody around you will probably seem to offer better products or services. Maybe, at better prices also. The stronger you focus on the reputation of your business, the more you will be benefitted out of it.
8Corporate social responsibility
CSR might not be on your list if you are just starting a business. Enterprises often give low priority to this Concept and lay much focus on earning profits.
Every corporate has the social responsibility. Everything ranging from the customers to the employees, it takes from the society. Therefore, it is believed that Enterprises, as a moral duty, should give back to the society what it takes from it. Does not matter your business is running on the smaller scale or on the larger one, your activities should be in the interests of the community. Make yourself understand that you should give the best to the society you are working in. When you will take care of the interests of the public by giving them the best products or services and by resorting to ethical means, it will take your business to an elevated level.
Enterprises who ensure that their policies include the policies concerning the above point gain reputation earlier than others. It helps them to make them stand out in the crowd. Also, Customers adjust their buying habits from average companies to the ones that are socially responsible. This is one more point every startup should lay emphasis on from the very beginning as it comes with multiple benefits in terms of cost saving, building a reputation, and attracting customers.
It is important to trust yourself. When you trust yourself you trust your decision making power. You rely on your actions. It is also very important to stay confident all the time to attract the right people, the right investors, and the right customers to your business. This confidence will only come when you will trust yourself.
A person willing to come out as a winning entrepreneur must always block the fear out from the way. Fear results in anxiety and negativity. You start doubting your every single step and that stops you from taking the right actions sometimes. To be a successful businessman one should always bid goodbye to fear and be a courageous soul with positivity in mind.
11Setting clear goals
An entrepreneur is one who has a vision. A clear vision. His vision is the only driving force. But it is equally important to set specific as well as realistic goals apart from being visionary for an entrepreneur. He needs to focus on short-term goals to achieve long-term goals and make his vision true.
Read more: How to start a Startup?
12Right partners are vital to your business
Ever noticed how some firms lose everything from their global reputation to big chunks of profit? It is sometimes because of the flaws in the character of one or two partners who engage in some unethical activities that cost the entire firm.
You, therefore, need great partners for safe and excellent landing. Great in terms of skills, experience, knowledge and great in terms of values, ethics, and character.
If you will make a partnership with a person of doubtful character you will always find yourself doubting the intentions of the partner and you cannot guarantee the partnership for a long period.
A character is essential to build trust, goodwill and gain success. It will help you to perform your role better. Remember, you can always develop skills in someone but you can never alter someone’s character. Keeping this thing in mind, never commit the mistake of making a partnership with someone with not a strong character.
Execution of the planning and decision is the key. Your strategies, learning, knowledge will bring fruitful results only when you will act. All the information you are gaining a number of resources would be beneficial only when you will take action. Most of the people are excited in the initial stage only. They just get carried away with the concept of being the business owner. This all is not only about the excitement or planning. It is about acting the right way and leaving the procrastination behind. Without the necessary actions, you will be at your current position. Nothing will change. To bring change, you need to act.
14Close eye on finances
It is absolutely fine to generate capital from outside sources or not taking risk of generating more funds from outside. What is not fine when you invest your savings or raised capital into your business without proper planning. You should be aware of where you are utilizing your money. Keep a close eye on every single money going out. Your aim should be more of to grow money out of the money you invested by building assets. Develop a growth mindset. Decide what part of finance would be utilized in a year for any research or development. Keep an equivalent sum apart, in advance and do not use more of money for that purpose unless very much required.
Pay the expenses on time to avoid extra charges. Know the sources of your cash inflows. Do not underestimate any source where the money is coming from. Even a small amount of money monthly may come handy to pay off your bills in times of need.
Read more: How to get funding for your Startup?
15Either look for opportunities or create them
Do not get scared of problems. Try to look for opportunities in them. The most successful entrepreneurs try to find the solutions when faced with challenges and problems. They never limit their capabilities and thus their business. They rather, look for alternatives.
When you get convinced that there is no solution to the problem, and you have exhausted all the possibilities, know that YOU HAVE NOT.
When you believe there are no opportunities then get one step ahead and create them. There are only two ways to succeed. Either by finding opportunities or by creating them.
16Timing is all that matters
Time is Money! You know that!
But do you know timing is all that makes the time “money” for you?
Give Timing the due importance all the time. When launching the business or a product, making additions to the existing services or when intending to take up a challenging opportunity, always make sure you are doing it at the right time.
If you will not take care of your targeted customers then your competitors will.
Your customers are your business. Your focus must be nothing short of pleasing and satisfying your customers. Know your targeted customers. Find out their needs, problem, and demands. Listen and aim to meet their needs. Give them the uniqueness they are longing for. Solve their problems and deliver your promises better. Sometimes even the right product fails to attract the right customers for it does not solve the problems they are facing or meet their needs fully and effectively.
18Take feedback seriously
When you take care of your customers, your clients or third parties, they take care of your business.
Most often startups take the feedback from their customers and clients but fail to take them seriously. Work on what is expected or needed by your customers and clients. Fulfill what you are lacking.
If you feel your suppliers, manufacturers or any service providers want to continue dealing with you with few changes in the conditions already decided then try to consider the terms instead of postponing it for some future time. Thinking why? Because keeping them happy will make your business flourish.
If you feel your customers are demanding some changes in your product even if it is a minor change in the aesthetics of the product or improvement in your service, bring that change to make your customers feel special and valuable.
19Aim to exceed than meet expectations
Planning to meet the expectations of your customers fully? What different are you doing than others companies already in the race? Aim to exceed their expectation. Promise less and deliver much more than they were expecting. Surprise not only your customers but everyone your company comes in contact with. This includes all the parties contracting with you.
20Read stories of life of successful entrepreneurs
Who would be better guide or mentor than the entrepreneurs themselves who made a remarkable success in the entrepreneurial world with their dedication, perseverance, and a right vision?
Read as many biographies of these successful entrepreneurs as you can. There is nothing you cannot learn from reading their stories of success as well as from the moments of failure. You will know what they did to rectify when they did something wrong. These stories of their past will prove to be one of your best guide throughout your journey.
Networking is crucial in every aspect of today’s life. Networking will never be more than enough for anyone in this world. We seek the help of relatives to find a life partner, friend to help during an exam, colleagues to solve queries at the workplace and you can think endless examples here.
What is being implied here is “build relationships”. Meet people. Connect more with others and listen what they have to say. Attend networking events and talk to others. Again, introduce yourself (that includes your business) and then listen to the other people, their ideas, thoughts, and business.
Networking will always come to your help in a number of situations like entering into new relationships with other parties or business, acquisition, diversification, a decision of change in services, expanding marketing or distribution channel etc.
You also need to maintain good relations with good accountant and lawyers. Startups often underestimate the importance of these people whose services every business requires in running its day to day activities.
22Failure means you are closer
Learn to be realistic and don’t be afraid of failing. You will fail at some point. You will greatly benefit if you develop the habit of viewing failure as an opportunity for learning new things. Learn from Competitors success. They sometimes teach you a very good lesson.
If you want to be your own boss then you must develop an entrepreneurial mindset. Have a passion for learning, stay focused, stay fit and make your big dreams true.