Success takes hard work. It is true that in our dispensation, people believe in working smarter not harder. But in the case of an entrepreneur, working smart is not just what he needs because success requires special kind of inner strength and mental ability to suppress failure.
There are hundreds of articles and books published online which the authors claim to know the secret of success in business, but for the most part, it boils down to the same major points.
Passion, perseverance and a positive attitude are characteristics that distinguish successful entrepreneurs from their counterparts. Cultivating these attributes requires an innate skill set and some tips to get started.
Therefore to every intending entrepreneur, the following under listed principles must be put into consideration:
- YOU MUST LOVE WHAT YOU DO.
When you do not have passion for what you’re doing you will not last long in it because the gut and passion to face challenging moments will not be there when they occurs. Perseverance is the one thing that is guaranteed to move anything over time, whether it’s a person, a job or an entire company. Abraham Lincoln failed at most of his efforts until late in his life, but he never gave up. Even president Buhari contested thrice before he becomes Nigeria president irrespective of his age and what people said about him. That is Passion.
- TAKE A CALCULATED RISK
It will not be advisable to jump into business opportunity at once with all you have unless if it is what you’re 99.9% sure of success. There are success stories about people who invested everything once and came out winners after six months or a couple years, but those are rare. Risk management is an essential factor in any startup, and balancing it is vital. However, you can absorb losses more easily if you take smaller risks in the beginning. Those will provide essential and productive lessons.
- LEARN FROM OTHERS
Successful entrepreneurs often worked for others in their field of choice before striking out on their own. Spending a few years in the industry under an excellent mentor will provide a good launching pad. Learn from your predecessors’ mistakes and brainstorm about how to improve upon their model. Find someone willing to teach, and think about starting your business elsewhere when you leave.
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- MASTER MARKETING SKILL.
Confidence and a good elevator speech can take any pitch to the next level. The first marketing any company experiences comes from its founder. You must spend time to learn how to convey your vision to your clients without muttering and logging issues. This is very paramount to every entrepreneur.
- TAKE ACTION.
Entrepreneurs are movers and shakers. They can’t afford to analyze every detail or they’d never get anywhere. There is no place for procrastination in a startup. It’s a 24/7, no-vacation-or-sick-days kind of job that demands constant forward momentum. Make a brief assessment at every step and move on it. Trust your instincts.
- HAVE A PLAN.
Read about successful businesses. Digest properly the wealth of knowledge that’s been provided by successful entrepreneurs such as Steve Jobs and the personalities from Shark Tank. A successful business plan does not have to be a book. A 10-page plan is digestible yet long enough to include everything you need to start.
- BUILD A REPUTATION.
As an entrepreneur, ensure that your priority is Quality, it must be sacrificed for anything, for in the long run, it will speak for itself. Trust is built on reputation earned over time and this is achieved when you provide quality goods/services to your target customers. Using your time, skills and expertise to deliver excellent and exceptional services always lead to repeat business.
- BUILD YOUR TEAM
Finding the skill sets and attitudes that support the culture of the brand you want to promote will foster innovation and enhance your reputation. Build a team whose individual goals aligns with the vision, mission and objectives of your organisation. Your team is a valuable asset that can make you stand out among your peers.
- PAY ATTENTION TO YOUR ATTITUDE.
The attitude and behavior of the founder will set the tone on how the business will operate. Negativity, laziness and procrastination will not help your business. Success largely depends on making mistakes and accepting blame in stride. Owning up to and facing challenges head-on is what makes a mere business owner a leader.
Starting a business can wreak havoc on the owner’s personal life. While all the above tips are necessary for success, taking care of yourself mentally and physically and spiritually is also imperative. Exercise, sleep and diet play a central role in ensuring you implement these policies successfully. All of them drive attitude, motivation and relationships.
Successful CEOs tend to follow a structured, daily schedule of rising early, exercising, having a to-do list of daily activities and following up with it.
Striking a balance may take a while, but working toward this list as a goal for starting your company will make the difference. How an owner feels about progress and how quickly a business can be up and running and feeding that bottom line will swiftly feel the impact.
