Entrepreneurship is the buzz town of the word. Seldom you would find any youth not talking about it these days. Some aspire to become an entrepreneur while others are already trying to sooth their itch of entrepreneurship. But, one constantly raised question raised over the past decade is, what are those traits which make up for a successful entrepreneur?
And to answer that, here are 51 ways to become a successful entrepreneur :
The number one factor is that an entrepreneur should be willing to take risks. As the old age notion says, higher the risk higher the reward. The same applies to entrepreneurs, if they are reluctant in taking risks, they might not able to make it big in this competitive world.
An entrepreneur should have an intention to solve a bigger problem rather than just creating something for self-gratification. Bigger the problem, larger would be the prospects of growth.
An essential trait of all successful entrepreneurs is that they devote themselves to life long learning. They read books,articles, blogs, listen to podcasts,enroll into various courses etc. If your intention is also to be successful in long run, devote yourself to life long learning.
This is an essential trait which all entrepreneurs must possess. If you can’t remain positive in most occasions , then you need to reconsider taking up on this mission for the life of an entrepreneur is filled with hurdles and circumstances which can drain a lot of your energy.
Have faith in your own capabilities. A person who has an unwavering belief on his capabilities and strengths is an ideal fit to start something new.
21st-century society is filled with a lot of people who would come up to you only to tell that you are bound to fail. You need to completely shun staying in the company of such people.
Be it Steve Jobs or Bill Gates, all these people had a great vision prior to their start. Until and unless you don’t have a big vision, chances are less that you will be able to become a successful entrepreneur.
If you don’t surround yourself with good people to work with, you risk your mind getting contaminated. You need to have people around you who are ambitious, share common vision and are always motivating you.
Fear is considered as the number one factor by most behavioral scientists to be the inhabiting progress. You need to face your own fear by practicing meditation and watching motivational videos.
A lot of people spend so much time on planning but hardly 5 % efforts when it comes to execution. Its necessary for people to understand that until and unless you don’t take the first step, you won’t have any chance of winning the marathon.
11. Always have a blueprint
Actions without direction would lead you to failure. It’s important to first get the roadmap and then walk towards the destination. Have a blueprint of all the resources you would need, manpower, the location , product etc before you jump into the start up world.
12. Always have Adequate sleep
Yes, I am not asking you people to sleep for 8-9 hours but, the point I want to make is sleep at least for 6 hours but that should be quality sleep. If you miss out your sleep, you may become less productive as several researches have proved.
13. Eat healthy
The field of entrepreneurship often leads to fatigue and stress and the only ways to recharge are food and sleep. So, to be working with full potential, you need to mae sure that you are always eating well balanced diet.
In order to accomplish multiple tasks, an entrepreneur need to set deadlines for both his staff and himself. Science has proven that keeping a clock ticking and setting deadlines, improves the efficiency of an organization by 3 times.
15. Don’t waste time and energy on non productive stuffs
If you are wasting more time on facebook simply browsing your friend’s photos or on youtube watching the latest Hollywood trailers, then it will be a hard time for you to make it big. Start using your energy on productive stuffs as time is limited.
Warren Buffet says that he reads almost 500-1000 pages a day. Bill Gates completes one book per week. I hope you are getting what I mean to say.
Writing articles and blogs not only enhances your creative potential but also makes you more refractive and intelligent as per latest studies. Being entrepreneurs, you can’t miss out on the benefits of writing.
Alcohol and smoking are stimulants which of course ease your nervous system but in long run not only affect your health but also an addiction to these stuffs can ruin your chances of becoming successful. Do it moderately but don’t get addicted to it.
Try to through out the weeds if you want a great harvest. You need to have a team which is not just efficient but also stands by the canons of morality.
These days, this has become an indispensable character of every entrepreneur. If one needs to succeed, one needs to meet more and number of people. As a result the social circle increases, opportunities increase and also knowledge.
Investors these days are clever and are not going to invest if they don’t see scalability and good return on investment (ROI). Hence, it is essential for entrepreneurs to devote substantial amount of time understanding, how they are going to raise capital.
Indecision leads to ambiguity and confusion, hence it is important to stick to your decisions and keep working on it rather than changing it again and again. An entrepreneur needs to stick to the plan of action unless there is no emergency.
Amazon’t Jeff Bezos does it and so should you. Customers are kings and if they aren’t satisfied, your products or services may not survive in the long run. Better take their feedbacks seriously.
Almost all fortune 500 companies had their share of debacle in their histories. Some wrong product lines being launched, some negative publicity and so on. But, one thing which is common in all of them is that they learned from their mistakes and rectified those. The same has to be done by most entrepreneurs.
Problems don’t arrive after informing, hence one needs to be prepared with contingency plans in case of emergencies. This will ensure that the normal course of business is not affected much.
If you spread your goals into fractions and focus accordingly, then you stand fair chances of achieving them. In order to be a successful entrepreneur, you need to have your goals set and work accordingly.
Nokia didn’t upgrade to Android on time, as a results sales took a hit. Orkut didn’t upgrade on time, as a result Facebook ate its share and Orkut collapsed. Hence, it is important for entrepreneurs that change is inevitable so, its better not to fight against it, rather accept it and adapt accordingly.
As a great person said once- “you either innovate or suffocate” in the field of business also, you need to innovate regularly to make sure that you don’t get crushed by your competition.
In order to taste the sweetness of success, an entrepreneur needs to make his own niche. Instead of competing, dominating a sector seems to be a better option. So, start defining your niche market.
In today’s times, if you keep on working hard, you may not get the desired results. But, if you mix hard work with smart work, the chances of you succeeding are more. Start using your laptops, cellphones and even social media profiles to do smart work.
With the advent of Internet, it is not difficult to find advises of renowned businessmen like Elon Musk, Warren Buffet or Steve Jobs. But, its also necessary to seek advises from other serial entrepreneurs whom you can find in networking events or can be introduced to by some friends. They often provide nuggets of wisdom.
A successful entrepreneur never settle in his/her life nor he/she retires. He keeps on working consistently to accomplish one after other thing. Look at Bill Gates or Elon Musk, they are never contented and keep on striving hard for achieving more.
Being an entrepreneur if you are not able to take care of your budget, you might be at a huge danger. An entrepreneur needs to know how to budget well for expenses and spend frugally in starting days.
In this competitive landscape, it is necessary for you to know your competition well. It’s important to know what they are offering, their pricing and marketing tactics in order to build your plans efficiently.
Always keep in mind that successful entrepreneurs always offer more value to their customers than the price which they charge for their product/ service. It is important to give more value to the customers if one needs to prosper in the long run.
It’s important for entrepreneurs to keep a diary where they could write down every little idea which pops in their minds. This is followed by great entrepreneurs like Richard Branson.
There could be nothing worst than borrowing so much that you can’t pay at the end. Being into business, one needs to realize about the uncertainties which might arise. If one keeps borrowing at the forefront, one may get stuck in the cobwebs of payments, eventually causing psychological unrest.
If you are into a business and are thinking of outsourcing the selling part, then you might you need to re-evaluate the possibilities. Any successful entrepreneur can be seen demonstrating one common quality and that is of selling. If you are not good at it, it is better to attend some training sessions or watch some videos to learn the same.
If you want to search something on net, people say – “Google it” or if you have to send a text message to someone on their phones, people say-“Whatsapp it” . This is the power of branding. You need to create a brand which people would remember for ages.
Cellphones or televisions are considered to be the biggest productivity blocker while working. In order to increase your focus and productivity, it is necessary to kill these productivity blockers.
Patience is a commodity which is rarely available days. But, in order to be a successful entrepreneur, you need to nurture patience and make it a part of your day lifestyle. For doing so, you can start with meditating.
I do realize that being an entrepreneur is not an easy job. You have to juggle around so many things yet stay focused on the part and hence, occasional recreation becomes of utmost importance for rejuvenation. One can listen to music, read something interesting or simply breathe to relieve from stress.
This is a trait of all successful entrepreneurs. They regularly speak to their employees, taking feedback, understanding their problems and in turn creating a win-win situation. This helps them to establish a conductive culture as well.
Its certain that after certain stage of time, you might hire someone to look for your finances, but being the leader of the organization, it still remains your responsibility to learn basics of finance like understanding balance sheets, profit and loss accounts and ledger.
One big mistake which most entrepreneurs do is that the moment, business starts generating revenues, they start paying themselves. It’s important to understand that in order to attain success, you need to first pay your company bills, employees, keep aside cash for expansion and at the end pay yourself.
One needs to understand that if you want to achieve great scales of success, then you need to stop procrastinating . Start prioritizing your work and save yourself from big failure.
Even if your profit reach new heights, its important for entrepreneurs to stay humble. This gives you more attention from employees and customers, eventually helping the business to grow multi fold.
Successful entrepreneurs always seek for referrals. If your existing clients are happy with you , they are bound to give you quality referrals which in turn is going to help build a better business.
Employees don’t wish to always remain under strict surveillance . It’s important to not just delegate but also give them certain amount of flexibility to take their own decisions.
This might sound as a strange suggestion but, it’s interesting to note that most successful entrepreneurs, be it Warren Buffet, Andrew Carnegie . all after attaining reaching a certain benchmark have indulged into some sort of charity. Basically most spiritual books consider the art of giving as one of the best ways to be successful in the long run.
You must have heard several thousand times from so many people, but at the end this is the stuff which clearly differentiates between the successful and not so successful once. Passion and love is what it takes to reach your fullest potential.
DON’T TAKE FREE ADVICEs.
As Tom Peter Says-
Business is about people. It’s about passion. It’s about bold ideas, bold small ideas or bold large ideas.