How to Become a Successful Entrepreneur
In one way or another, everyone has an entrepreneurial vision. And despite the recent challenges faced by the economy, now is an excellent time to act on that.
According to Oberlo, in 2021, the number of small businesses in the US grew to 32.5 million. This figure represents a 9.8 percent increase in four years. Small businesses now make up 99.9 percent of all American enterprises.
But starting a business is only half the battle. Becoming a successful entrepreneur is the real test.
This article will explore the things you need to do and the qualities you need to cultivate to give yourself the best chance of succeeding in your chosen business.
Right off the bat, one of the most important qualities you need to possess as an entrepreneur is perseverance.
Despite all your careful planning, contingencies, and research, you will inevitably encounter a challenge that will be too much to handle. Failure is a natural part of running a business. Having the ability to soldier on will separate the successful ones. Bill Gates, Steve Jobs, and even Thomas Edison have all had their brushes with failure, but they bounced back and eventually thrived.
Do not be disheartened by less-than-ideal results. Instead, look at each failure as an opportunity to improve. If your product fails, find out why. If a competitor outperforms you, find out what they are doing differently. Sometimes, even small changes can mean the difference between success and failure, and you will only learn about them if you persevere.
I have had several disappointments throughout my career, too. In retrospect, all my experiences, good and bad, have only made me stronger.
While running a business, it can be easy to fall into the trap of overthinking things and end up distrusting your people, your products, and even yourself. This is especially common when the business is facing difficulties. However, distrust can only breed negativity, which will eventually reflect on your bottom line.
Does this mean that you should not doubt? Of course not. Doubt is also useful in any enterprise. It’s just a matter of when to wield it. Follow the adage ‘measure twice and cut once.’
Do your market research thoroughly. Test your products carefully. Make sure the candidates you hire are a good fit for your team. Once you’ve considered everything, trust in your decisions. Remember, nobody knows your business better than you.
Just because you trust your business plan, it doesn’t mean there is no room to grow. The ability to recognize opportunity is one of the most useful qualities for entrepreneurs. This has been exhibited time and time again throughout the pandemic when entrepreneurs adapt their business models to cater to the changing landscape.
According to Forbes, companies have been forced to go digital, explore crowdfunding, and recognize the consumer economy, all to adapt to the new norm.
But evolution is more than adaptation. Instead of just ‘going with the flow,’ find ways to improve your chances. If you’ve switched from local retail to e-commerce, for example, you can take it a step further by investing in digital marketing to better target and attract your audience.
The ability to recognize opportunity and evolve led to the success of Bright International – a company I founded using a £2,000 loan. In less than two years, the company’s value grew to £11 million.
Feedback, especially negative feedback, can only be as painful or as constructive as you will it to be. Listening to your shareholders, team members, and customers will give you priceless insights that will help you grow your business, only if you can find it.
When you’re doing something wrong, and you will, it’s important to be able to filter through the comments, even when they can be harsh. Just remember there is a reason behind every rejection and dissatisfied review. Your job is to move past the negativity and treat feedback as fuel for your growth.
It takes a special kind of patience to listen sometimes, but I assure you it can be worth it.
While nothing trumps hard work when running your business, you also need to persevere, listen, trust, and evolve to succeed as an entrepreneur. I, too, have been where you are now, and these are the things that I depended on to get me where I am.
Thank you for taking the time to read my post. If you want more tips on how to become a successful entrepreneur, feel free to explore the other resources on this website. You can also send me a personal query at [email protected]. I can’t wait to hear from you!