An entrepreneur is the one who creates a new business, bearing the risks and enjoying the rewards. The entrepreneur is commonly considered as a source of new ideas, goods, services, procedures. An entrepreneur plays an important role in any economy and brings new ideas to market. Entrepreneurs who become successful managing the risks of a startup are awarded with profits, fame and more growth opportunities.
Entrepreneurship and Characteristics of an Entrepreneur
Entrepreneurship is a concept of developing and managing a new business in order to make profit by taking financial risks.
The common characteristics of a successful entrepreneur are as follows
- Self-Motivation: Most important trait of an entrepreneur is self-Motivation.
- Understanding Market Requirement: An entrepreneur should be aware of what to offer and how it fits into the market.
- Ready to Take Risks
- Possess Basic Money Management Skills
5 Rules to become a Successful Entrepreneur
If you are planning to become an entrepreneur, here are five must follow rules. They are
- Work smarter, not harder
- Hire people to perform tasks which you are not good at
- Get more done and spend less
- Don’t be scared of failure
- Wake up with purpose daily and be relentless.
Work smarter, not harder
Many people visualize an entrepreneur as a person who works 18 hours a day, doing nothing but completely involved in business. Of course, hard work is a key to success, but successful entrepreneurs suggest to work smarter rather than working hard. Because in reality working every minute of the day isn’t helping you to be a successful entrepreneur. This means that the entrepreneur is responsible for everything.
working restlessly for long intervals may make you tiered, which leads to mistakes. Not many of the people are skilled to do everything, so make sure to get the work done by skilled people. You have to get used to work smart, not hard.
Hire people to perform tasks which you are not good at
This is simple, Hire people to do the work which you are not good at. This reduces a part of work and helps you to focus on the areas of your business which are most important, while you have more people to focus their attention on the areas that they bring the most value to.
Adding additional members and employees may be difficult, as it costs much to build a large staff. But in the present economy, you can find the help or get the work done by freelancers and contractors. Websites like Freelancer.com and Upwork.com helps you to find experts in graphic design, web development, financial analysis, multimedia production and sales prospecting etc.
Get more done and spend less
Hiring full time employees might be a risk factor for a startup as the cost is high. Using freelancers in the initial stages of a startup is highly effective and extremely affordable. The freelancers are paid only for the work they’ve completed and hence this approach is more cost-friendly when compared to full time staff.
Don’t be scared of failure
The most important keys to be a successful entrepreneur are working smart, get the work done by the right people and doing more with less expenses. Sometimes these keys may not work out properly as expected, to be frank-not all the business succeeds. Because in some cases there might be more competition than expected, be prepared to accept failures. Don’t be afraid of it.
Wake up with purpose daily and be relentless
The largest responsibility for the success of an entrepreneur is themselves. Being an entrepreneur is not an easy task, they should work hard until they succeed.
The famous industrial designer Steve Jobs said that, “Life can be much broader, once you discover one simple fact, and that is that everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use. Once you learn that, you’ll never be the same again.”
Best Tips to become more Successful Entrepreneur
Having a own business gives a sense of freedom and empowerment. You can build things by yourself and see them grow. Entrepreneurs take their own decisions, realize creative visions and develop good relationships with other entrepreneurs, clients and vendors. Here are some of the best tips which helps to become more successful.
1. Get gritty
Grit is stout-hearted. It is the bold attitude entrepreneurs must have. Grit is the perseverance or it is the capacity to keep working when others insist you to give up. It is most important to be gritty, if you want to achieve success. Without hard work, you will not be able to become successful. The key factors to succeed in business are Passion, Perseverance, Resilence, Proactiveness and Right Attitude.
2. Challenge Yourself
If you are planning to become a successful entrepreneur, challenge yourself. Nobody is going to push you, push yourself to achieve success. Challenges keep you work hard and prepares you to get ready for the upcoming challenge, always be prepared for what happens your way. Challenge yourself with new and difficult tasks, so that your other tasks will be simpler.
Be passionate about what you are doing, love what you do and do what you love. You have to spend long hours and make sacrifices to achieve success. When you are passionate about your work, putting long hours won’t be difficult for you. If you don’t love what you do, You will not have the motivation to keep going when stressed or tired. Most of the entrepreneurs start their business when they have an opportunity to create something great. Love your work and being an entrepreneur becomes a little bit easier.
4. Trust Yourself
Learn to listen to your intuition and depend on your wisdom when taking decisions. Your confidence is the ability to trust and believe in yourself. People trust and follow confident leaders. Trusting your skills is also important, remember most of the entrepreneurs start their business after many years of experience working somewhere else. There is nothing wrong in seeking someone’s advice when you need, but also you should trust yourself and learn to judge by your own.
5. Reduce Fear
Entrepreneurs must be able to quickly take action when there is an opportunity or a mistake is recognized. If you are afraid of failure, you’ll not be able to take decisions, accept challenges and your judgement will be clouded by emotion. Look for the best ways to eliminate fear and reduce your fear of changing your perspective. Every day take some time to think about the decisions, actions you made that day which are beneficial to your business, that will help you to build confidence level.
6. Visualize Goals
Before starting a business, have a perfect goal. Plan what you are going to do and think of the market for your product. Rather than thinking to become successful, plan perfectly to become successful by starting a business which solves a problem for a specific niche of audience.
7. Hire Great Partners
Successful entrepreneurs are not successful alone by themselves, they have a great team and supporting network behind. When hiring partners, make sure you hire the right person for a right job. Fill your team with people who have good character, which helps you to work with your team for a long time. Before choosing your partners or team members, one thing you should keep in mind is you can teach skills, but not character.
8. Act Quickly
Instead of talking, take action. The talk always delays action. It is always easy to talk about the potential failures, issues, problems and discussing funding in meetings with board members. If all you do is talk, nothing will be done. At some point of time, stop talking and act as if required.
9. Spend Time
People who achieved success, really worked hard and overnight. You can’t rush when you are planning to be successful. Because it takes lots of hard work and time, all successful entrepreneurs would have spent hours, days and years. If you think that it is taking too long to find success, take yourself a break and keep plugging along, putting in the hours and before long you will be a successful entrepreneur.
10. Plan Your Finances
Startups need money for initial setup and maintenance. Many startups spend too much time looking for money and not enough acting. Most of the entrepreneurs are using their own savings to start their business, but it’s risky. Plan your financial requirements in the beginning itself and try to stick to it.
11. Manage Risks
Being an entrepreneur, you should be ready to take risks, but keep in mind you shouldn’t take every risk that presents itself, instead learn to manage risks. Recognize which risks to take and which you should walk away from. It’s not only about which risk to take, also think of when to take it. Be sure to recognize where you are in the entrepreneurial cycle when calculating which risks to take.
12. Read Case Studies
Being an entrepreneur is not an easy task, you should develop a habit of reading success stories of different entrepreneurs instead of entertainment. There is always something to learn from people who are already doing it. And more than that it is important to learn from the mistakes of others. If you learn from their mistakes, you won’t make those mistakes. The more you learn, the faster you can grow and become successful.
Many people are afraid of talking about their own business. But if you don’t promote your business, who else will do it? Know about your business and key features, when someone asks you about your business, You can promote it quickly. Another way to promote your business is listening to customer feedback, when someone asks you how your business is, you can tell them about customer feedback.
14. Set Company Culture
There was a time when company culture was not important, but with social media and the news cycle, Your company and employees are under scrutiny. Your attitude and morals set the tone for the rest of your company. Always set a positive culture from day one and you will be more likely to work with people who attract your customers as well.
15. Learn and Create
As a successful businessman you should always be eager to learn and create. You always want to be taking in new information and make use of it in your business ideas when required. This might be draining and tiring, but without it, you are not growing. To have a learner and creator mindset, stay away from entertainment media, which cause us to be passive. Limit your entertainment time, instead read case studies, take care of your mind and body in healing ways. Find more relaxing activities that help to restore your learner mindset.
16. Baby Steps
Building a business from the beginning is a massive undertaking. But you can have a foolproof tactic, break it down into baby steps. Once broken down into baby steps, take one at a time. Instead of doing all things together, just divide the work and do it step by step. These steps will get you far toward becoming a successful entrepreneur.
17. Note Everything on Your Calendar
Have a habit of putting everything on your calendar. Put your meetings, work periods, workouts, meal times and anything else that you do with your calendar. Once something is on your calendar, then everyone who needs to meet you knows your time schedule. And moreover, is is useful for yourself as once everything is on the calendar, there are no excuses for not getting them done.
While following all of the above mentioned rules and tips, you can’t guarantee success, they can help stack the odds in your favor. But having these in your business will help you to reach your goal. If you fail this time, You will have a better opportunity. Remember, every problem has a solution. Concentrate on what you are good at, and hire people to do the rest. Make a habit to do more with less effort and focus on working smarter.