A guide to becoming a successful entrepreneur

Being your own boss and in control of your destiny is one of the few allures of being an entrepreneur.  Many people are attracted to the idea of running their own business and removing the limitations that may come from being an employee.  So, they venture out into the big, bold world of becoming an entrepreneur and with high aspirations venture out into the unknown.

There are many of those who succeed and manage to achieve great rewards, perhaps with a bit of luck thrown in.  However, there are also those that fail.

So, what is it that makes a “successful” entrepreneur vs an entrepreneur that ends up discouraged or defeated?  Are there specific attributes of a successful entrepreneur? Fortunately, there are recognisable traits that we can learn from those who have become successful.

Passion

Passion is the primary motivation for people who set out on the entrepreneurship path.  If you are passionate about solving a problem or serving others, then you’re starting on the right foot.  After all, being in business is all about helping others or solving problems and meeting needs.  If you genuinely enjoy what you do, then it might not feel like work! (or a burden).  It will also equip you to go through some hard times if you’re motivated.

Perseverance

There is something about great entrepreneurs you can learn from; they are persistent.   Usually, when pushing into a market niche or specific market territory, it really is about the hustle and not giving up!  Many times, we can be so close to a breakthrough if we persevere.  

Networking

If you want to make an impact, you’re going to have to get used to networking.  Being in business is all about networking and relationships.  Successful entrepreneurs know how to partner with the right people, companies and 3rd party service providers.  Finding the right business advisers or accounting or bookkeeping firms will help you potentially save money and time in the long run.

Take risks

This is probably quite obvious because almost all entrepreneurs have taken a chance by venturing out into the unknown, but the temptation may arise overtime to play things safe and get comfortable.  It’s the big rewards that come to the significant risk-takers, so remember to stay on that edge so you can step up to the next level of your business.

Play to your strengths

Sometimes when running your own business, you can quickly become aware that you have weaknesses.  There will be many other skills you need to learn, and the temptation may be there to do everything yourself… consider carefully, because it is vital for you to keep a bird’s eye view on your company so that you work “on” your business, more than “in” your business.  What this means, is being wise about hiring or contracting others to do some of the tedious or even the heavy lifting.  This does not mean you do nothing at all, and this approach is helpful because it will free you up so that you can focus on your strengths.  Some say, focus on your weaknesses, but the better suggestion is to focus on your strengths and work on those until you become the best at what you do.

Stay focused

As long as you are in this continually changing world filled with unforeseen events and circumstances, you cannot escape distractions. So, alongside your determination to become an expert in your chosen field, you’re going to have to behold the power of focus.  No doubt, certain days will surprise you with urgent requests and emergencies,  but you need to hold the course and stay focused.  It really is a matter of knowing what you want to achieve and doing what you can to stay focused and not get distracted.

Get a good mentor

All the successful entrepreneurs and business owners have a mentor (or two).  Mentorship is crucial because mentors share vital information and resources that could be helpful. What’s more, is that they foster connections and help grow essential relationships in your chosen field.  If you are able to find one, do it!  It will be worth the effort.

Just remember; choose a mentor you are already familiar with. The mentor must be the kind of person you are aspiring to be.

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