Ultimate Guide To Successful Entrepreneurship7 mins - Introduction
You watch The Apprentice regularly and place Alan Sugar, Richard Branson and Donald Trump (before he became President) at the top of your heroes list. Hours are spent thinking of ingenious ways to make the Forbes 500 list, and you’re the type to take a chance on that direct-selling opportunity because it might change your life. If this sounds like you, then you’re an aspiring entrepreneur.
Aspirations are great, but there comes the point when you wonder why you can’t make anything work. Guess what? Anyone can be a successful entrepreneur if they know what they’re doing.
What’s Entrepreneurship All About?
An entrepreneur is an individual that sets up their own business, based on a gap in the market. By identifying a need, they can create a service or product to solve the problem. Most entrepreneurs manage their business and are liable for the financial implications.
Entrepreneurs differ from business developers because they are willing to take risks. Think of it this way; business developers consider the small details, but entrepreneurs are all about the big picture. In a way, entrepreneurship is similar to gambling. People take the risk because the rewards could be substantial, but don’t think about the odds and the money they’ll lose.
Business developers are pragmatists, but entrepreneurs are dreamers. However, entrepreneurs work anywhere from 40 hours a week to 60 to make their vision a profitable reality.
The Reality of Entrepreneurship
Crowdspring recently published statistics on their website, that show the reality of entrepreneurship. There are around 400 million entrepreneurs around the world, each with an idea of how to fill a gap in the market. The competition is fierce, and everyone thinks theirs is the best.
The statistics show that in their first year of operation, 20% of new businesses will fail and only 50% make it past five years. Most entrepreneurs fund their business from their savings, instead of getting bank loans, and some rely on their families for financial support.
Not only do entrepreneurs have to work really hard to set-up their business, but 15% also work a second job. However, it’s not all bad! Entrepreneurs come from a multitude of backgrounds, and it’s more about how good your idea is, and how much time you commit to your business succeeding.
Don’t feel too disheartened because there are plenty of entrepreneurs that have beaten the odds! So, what traits do you need to be a successful entrepreneur?
Have you ever seen a job advert that states the candidate must have an entrepreneurial spirit? The problem is, few people actually understand what entrepreneurial spirit means. We can break it down into a set of character traits.
1) Hard Worker
Entrepreneurs work hard. Really hard. Sometimes there aren’t enough hours in the day, but a successful entrepreneur always puts their business first. Sacrifices are inevitable, including less time with friends, family, and giving up some of the things you enjoy.
Passion fuels us to do something. It’s an intense feeling that’s essential to being a successful entrepreneur. If you don’t believe in your project or feel strongly about the business, then you won’t fully commit yourself to it.
Spending hours each day on your business can be tiring, especially when you’re not achieving results. Success takes time, and there will be a lot of rejection on the way, which is why it’s crucial to put yourself out there! Don’t see rejection as a negative thing but instead use it as a lesson to improve.
4) People Person
Entrepreneurs have to be able to sell, and not that’s not easy for everybody. If you struggle with public speaking, cold calling and motivating others, then failure is imminent. Your team depends on you to lead them, and if you lack confidence, they won’t believe in you.
Were you the kid in school that took part in every sports day race? Did you make a point of answering every question the teacher asked? If so, then you have the competitive drive of an entrepreneur. When it comes to competition, some people are laid back. For most people it’s not about winning, it’s the taking part that counts. For entrepreneurs, it’s all about first place.
The most successful entrepreneurs find a gap in the market and create solutions to problems. Not everyone can be creative, but entrepreneurs make their money based on an original idea.
Technology is changing at rapid rates, and people who aren’t open-minded enough to embrace new software and ways of working will be left behind. Blockbuster didn’t think they needed to team up with Netflix and believed their business model was perfect. Had they been more flexible, they might not be bankrupt!
There are leaders, followers, and then there are self-starters. If you wait for others to give you clarification, or wait for guidance, then you won’t succeed as an entrepreneur. You need to make things happen, and you have to drive the business forward.
It’s Friday night, and you want to go out with friends. However, you also have a pile of work to do. An individual with an entrepreneurial spirit will choose to stay at home and work because they know the end rewards are worth it.
The First Steps to Entrepreneurial Success
You’re ready to take the plunge, and you know that idea is going to make you a lot of money. Slow down, breathe, and break your idea into pieces. You may have a brilliant concept, but have you thought about how or who will build it? Do you have a proper plan in place? These are questions you must ask yourself.
It’s also essential to define whether you want a growth or lifestyle business. Growth businesses have big ambitions, but lifestyle businesses are about achieving financial freedom and a work-life balance.
With drive, determination, and a lot of hard work, success as an entrepreneur can happen!