Complete Guide on How to Become a Successful Entrepreneur
Date : May 26, 2020
Author : DR Armed Zayed
Setting up a thriving business is not just about coming up with a groundbreaking idea. It’s about being an owner who can bring that idea to life. To learn how to become a successful entrepreneur, you need to take your time.
Build your skills, improve, invest, stay on track, and, most importantly, be patient.
This is not something you should take lightly. In fact, out of 582 million people on the globe who have invested in opening up a business, 22.5% fail in the first year, statistics show.
If you want to figure out how to shape your career as a successful entrepreneur, you have to get prepared for the long haul. Here, we will show you exactly how to make that happen. We’ve prepared a 5-step guide, basic entrepreneurship knowledge, and a few success stories to get you started.
Why Should You Thrive to Be a Successful Entrepreneur?
Before you can figure out how to become a successful entrepreneur, you need to know why it matters. Potential founders are considered a valuable asset to every country. They have to be inspired and compensated for their efforts.
The reason for that is relatively simple. Successful entrepreneurs contribute to the economy by opening up more jobs, providing new innovations, and improving living standards. The more founders are willing to open up a business, the more the economy will grow.
In other words, they can spur an economic boom, bring social changes, develop the community, and more.
Who Managed to Earn Big Time as a New Entrepreneur?
If you doubt your capabilities, it might be a good idea to take a look at some entrepreneur success stories. They can give you the inspiration you need, and might even help you shake that insecurity.
Take Howard Schultz, for example. He was a junior marketer that managed to make millions. A single trip to Italy gave him a business idea of a lifetime.
He came up with a way to crank up espresso cafés like the ones they have all around Italy. He tried to take his idea with his employer, who owned coffee bean roasters in Seattle. The employer wasn’t interested in having a coffee shop, but he wanted to finance Howard’s idea anyway. These were the early beginnings of Starbucks.
Another one you should know is Pierre Omidyar’s success story. In the mid-90s, the programmer started selling some random things on a website he made. The idea was to make it a personal site. But, eventually, it got so much attention; he had to make a business account. This is how eBay started.
5 Step Guide on How to Become a Successful Entrepreneur
There is no “one-size-fits-all” approach that will make you a rich entrepreneur overnight. It takes plenty of time and effort to overcome all the boundaries in a competitive market. But, there are a couple of steps you can follow that will make the journey a lot easier.
1. Work More Efficiently
According to Forbes, most people picture a founder as a workaholic. Someone who would dedicate more than 18 hours every day to get the work done. Even though you will need the grit to succeed, it doesn’t mean you should be spending every single day on your projects.
As unlikely as it may sound, working yourself to the bone won’t necessarily bring you success. On the contrary, it will exhaust you and make you more prone to errors.
To succeed as a founder, you need a completely different mindset. No, we are not talking about working 24/7; we are talking about working smarter. For that, you will need to learn to manage your time and slowly get used to your business. The less you are pushing yourself, the better.
2. Let Someone Else Handle It
You can’t possibly be great at everything. If there is a skill you lack for a certain job, assign that position to someone else.
One of the most well-known characteristics of successful entrepreneurs is learning to value delegation. They consider it a fundamental component for any business.
Besides, if someone is too overwhelmed by doing too many things, they have higher odds of failing. That’s exactly where a team comes into play. You need employees who would handle the extra work and take the load off your shoulders.
3. Opt for Cheaper Services
Every start-up will begin with a limited budget. To get the business up and running, you will need an option that will not break the bank.
Luckily, with the current online tech, this is more than possible. You have the option to hire contractors or freelancers for cheaper services. For a business in its early stages, this will help you keep up with the small demand and keep the money rolling.
In a nutshell, you are creating a dynamic. This is a typical approach most successful entrepreneurs would take. You are relying on more affordable options and are still selling the product. Basically, any cost-effective method of managing the income will be a useful stepping stone for a young business.
4. Keep Reinventing
According to reports, as a founder, you will need to continue learning and reinventing. You will need to check podcasts, courses, books, and even talk to mentors to stay up to date. But, not many entrepreneurs are doing it.
Most people believe once you build a company, your work is done. But, there is more to a business than building it from the ground up. If you don’t get educated or inspired, your work will stagnate. You will remove every possible opportunity for growth and lose your footing.
To avoid that, you can consult with other founders and organize meetings. Also, try to read as much as you can. That way, you will have a much easier time figuring out what and where you need to implement changes to remain relevant.
5. Be Open to Challenges
Always find a market that will keep you inspired. But, most importantly, try to take as many challenges as you possibly can. While it is true that once a business is secure, you may like to stay safe. However, if you run away from challenges, you will have zero possibility for improvement.
Remember, there are countless other entrepreneurs like you trying to achieve the exact same thing – success. If you want to stay noticed, you have to put your back into it. So, take challenges, talk with inspiring people, and hire smart and daring personnel.
Despite sticking to all the steps listed above, nothing can guarantee you a successful outcome. But, these steps can help you set the odds to your advantage. Besides, no matter how hard it gets, there will always be a way to solve the problem. Focus on the things you can achieve and leave the rest of the work in someone else’s hands. As long as you work smart, you will always be on the right track.