There is a high mortality rate among startups in virtually every industry. This could be daunting if you’re a young entrepreneur looking to start your own business. To be a successful entrepreneur, one needs to have the correct character and a favorable personality disposition. He/she must also understand the business completely. Most successful entrepreneurs started off on their own, and so needed to be able to manage the different spheres of their business effectively, such as: administration, logistics, sales, accounting, client relationship management, etc. This could be overwhelming, especially if you have no prior experience as a business owner.
If you must be a successful entrepreneur, there are some dos and don’ts you must abide by.
Be confident and positive
A successful entrepreneur needs to have a ‘never say die attitude’ if he must succeed, even though the odds are stacked against him. Managing a business – even an established one brings with it a feeling of insecurity. You should however be prepared to live with this insecurity: in business, the life of an entrepreneur is guaranteed only one thing – ups and downs. The most important thing any successful entrepreneur can do is remain confident while doing his/her work. Have a positive outlook – even in the face of obstacles – and it will reflect in the growth of your business.
Choose the right business
In order to become a successful entrepreneur, you have to choose the right business for you. Businesses generally fall into three primary categories:
- Service business – businesses that provide intangible products (products with no physical form). Service firms offer professional skills, expertise, advice, and other similar products.
- Merchandising business: this type of business buys products at wholesale price and sells the same at retail price. They make profit by selling the products at prices higher than their purchase costs.
- Manufacturing business: unlike merchandising, a manufacturing business buys products with the intention of using them as materials in making a new product. Thus, there is a transformation of the products purchased.
If you are to become a successful entrepreneur, take time to do a self-assessment of your own interests and skills to see what might work best for you, and where you’re most likely to find customers.
Get on top of your financial life
To become a successful entrepreneur, reviewing your finances is important. Take note of any weak spots. A successful entrepreneur gets his finances in order which makes it easier to focus and build his business. When you start earning money from your venture, be sure to track your income, savings and expenses closely to make sure they tally.
Promote your business by advertising, blogging ad through other online efforts
In this information and communication technology era, a successful entrepreneur exploits the opportunities that give him a favorable social media presence that ultimately advances the business interests. Dedicate five to ten minutes a day to send relevant messages via social media describing your business and what you are offering. Advertise your business to help spread the word about what you’re offering: your clients are likely to be friends and acquaintances you reach out to in this way.
Certain behaviors can hinder entrepreneurial success and these actions should be avoided.
Let the first failure stop you
Every successful entrepreneur we know today faced setbacks: a pitch got rejected, a client gave negative feedback or a new product flopped… But they kept going, because they understand that one rejection does not amount to a final verdict of condemnation and doesn’t mean their contributions are worthless. Instead, a successful entrepreneur takes it as proof that they are trying something new and taking risks – some of which are bound to fail.
It’s easy to put all your life savings into a new business before it’s even launched. But before investing money in a business, successful entrepreneurs often first look for ways to bring in revenue to offset those costs, while simultaneously testing the market. Don’t be in a hurry to make poorly considered investments, or throw all your resources into an idea at once.
Work too hard for too little
When entrepreneurs are first starting out, they sometimes make the mistake of undercharging for their services. Testing the market to see what it can bear and checking out competitors’ prices can help entrepreneurs avoid starting low.
Nurture negativity and narrow-mindedness.
A successful entrepreneur should desist from nurturing a negative attitude, as this will permeate throughout the business and can cause failure. Besides, he should never think he knows everything, because no one does. If you are not receptive to new ideas and have a closed mind, it will hinder the growth of your business or cause it to fail altogether.
Be close-minded to mistakes
‘The most valuable thing you can make is a mistake – you can’t learn anything from being perfect.’ – Adam Osborne.
As the wise saying goes: our glories lie not in our never-falling, but in our ability to rise any time we fall. When we take risks in business, mistakes are almost always part of the inevitable realities. If you are to be a successful entrepreneur, one of the most important things is being open-minded enough to learn lessons. In addition one can learn from the mistakes of others, taking good advice.
These tips are invaluable to anyone looking for success in business. To be a successful entrepreneur, living by the do’s and don’ts listed will ensure your success in business.