Here’s What it Takes to be a Successful Entrepreneur

Do you dream of becoming your own boss one day? In a world where technology has made it possible for the “average Joe” to launch a startup, you would think it’d be easy to accomplish. In fact, there are more than half a million businesses started every month in the United States. Unfortunately, however, only half of those startups will remain intact for the first year. Though there are a lot of contributing factors that can play a role in the destruction of a new business, one of the most important is leadership.

More than a Vision

What many individuals end up finding out the hard way is that being an entrepreneur is more than just having a big idea. It is having the skills, ability, support, and network to take that idea and develop from it a vision to a profitable opportunity. When you think of some of the most prolific entrepreneurs today like Mark Zuckerberg, Richard Branson, and Shailesh Dash, their road to success required passion, hard work, risk-taking, and a slew of other steps, resources, and support to get to the top.

To fulfill your dreams of becoming a small business owner, it is recommended that you take heed of the advice listed below:

  • Passion for What You Do – Are you starting a business because you want to make a lot of money? If money is your only motivator, it won’t take you very far up the ladder of success. As you’ll soon discover, most new businesses don’t start off generating a ton of profits. Passion, on the other hand, will push you to keep going through the long hours, failed attempts, setbacks, and a shortage of cash. So, whatever idea you have, make sure it is something you’re passionate about.
  • Step Outside Your Comfort Zone – There isn’t one successful entrepreneur today who succeeded by only doing what they’re comfortable with. In order to achieve greatness, you must be willing to seek new experiences. Through these experiences, you expose yourself to new skills, people, and information that can help you to grow as a professional.
  • Be Fearless – If there’s one thing you should know about starting a business is that there are going to be a lot of roadblocks and failures along the way. Fear of failure or taking risks will only lead to your demise. The best at what they do create a plan, take calculated steps towards reaching their goals and bounce back from setbacks. They realize that mistakes will be made and that failure is a part of the learning process and as such, use those errors and setbacks to make a more efficient plan for the future.
  • Constantly Learn – The world of business is constantly evolving, and if you’re going to keep up, you must be willing to constant invest in learning opportunities. Successful entrepreneurs understand the significance of not only partaking in training, reading current trends, and evolving on their own, but they understand the importance of learning from others before them. In surrounding themselves with other accomplished business owners, hopeful entrepreneurs are able to learn a great deal from their experiences. The best realize that the more they invest in their growth and development as a professional, the better equipped they are to take their company to new heights.
  • Be Aware of Weaknesses (and Be Unafraid to Get Help) – You don’t have to be the best or even knowledgeable about everything to run a business. Those who have been successful are fully aware of this. When you’re not well-versed in an area that is necessary to run your business, a true leader must be willing to accept this and hire or outsource those efforts to someone who is more experienced in the field. They realize that to make it to the top, they cannot rely on their skill set alone, but must be willing to work with others to reach their goals and objectives.
  • Be an Effective Leader – Entrepreneurs must also be effective leaders. As they work with others to reach their goals, it is imperative that they develop the necessary skills to accurately lead their team to the top. Leaders must be effective communicators, know how to delegate tasks according to their team’s strengths, encourage and motivate others, possess honesty and integrity, and have the ability to guide others with charisma, compassion, and understanding.
  • Be Willing to Put in Work – If you thought that being the boss meant kicking your feet up while your team does all the work, you may want to reconsider this as a career option. In fact, being an entrepreneur means a lot of sacrifices and hard work. It means working more than 10 hours a day, 7 days a week. For some, like Shailesh Dash who spent several years working in the financial industry for other companies and then branching off to chase his own dream.  Being an entrepreneur is all work and very little play, particularly in the beginning stages, and requires continual effort to remain successful.
  • Be Resilient – Those who truly make it in any business are those who hold on to their visions, goals, and dreams and remain steadfast in seeing them come to fruition. Despite the blood, sweat, tears, sacrifice, long hours, roadblocks, mistakes, setbacks, failures, financial issues, and industry complications that may be thrown in their path, they remain resilient through it all. Never backing down the most prolific entrepreneurs are optimistic about the future and reaching their goals.

The journey to becoming a successful entrepreneur and running a profitable company isn’t one to be taken lightly. As easy as it may seem to start a business, the truth is, being the boss isn’t the correct role for everyone. It takes a special set of skills that go beyond any formal schooling and education. A true entrepreneur has a vision, is passionate about that vision, and allows that passion to act as a motivator to get them on top. With practice, patience, and the support of others, you too can become the mogul you’ve always dreamed of.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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