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November 10, 2010

Top Tips for Becoming a Successful Entrepreneur

Working online at a home business to earn a full=time living can not only relieve the stress and strain of working at a 9-5 job but it has obvious advantages such as freedom to be creative and be your own boss.

It takes a lot of courage, patience, and persistence to have a business up and running. Without the security of the corporate world where paychecks come regularly, having a business is indeed a challenging and risky endeavor.

There is really no formula for success, but there are some qualities you should be developing if you want to become successful as an entrepreneur and these are listed below:

1. Have The Right Mindset.

Dreaming big isn’t necessarily a bad thing. In fact, a lot of success stories start with dreaming big. You have to have a clear image of how successful you want to be so that you can work towards this dream. Your success must feel very real to you when you start thinking about it. Once you have your idea firmly visualized, take every opportunity you can to recreate this image in your mind. This may sound weird at first, but a lot of personal coaches stand by this visualization exercise.

2. Have Passion for Your Business.

If you don’t love what you do, you won’t get anywhere with it. Therefore, it is necessary that you find what you are passionate about and work with it. Think of all the people who hate their jobs now, do you think they will climb ranks if they are not dedicated to their jobs? No.

As an entrepreneur, you will have to put in a lot of hours to make your business grow. If you love your business, then you won’t mind putting in 15 hours per day to it. Overnight success is not something that can be experienced in a business setting. It takes hard work and patience to grow a successful business.

3. You should always been keenly aware of your own strengths and focus on those.

No matter how good you are, there will always be something you will be weak at. Instead of focusing on being a jack-of-all trades, you need to hone

the skills you are really good at. You will be more successful if you put your efforts to the stuff that you do best and ask other people to join you and make up for the areas you are weak at.

4. Don’t Think of Failing.

One quality of an entrepreneur is having the ultimate belief in his goals. If you have a great business idea, for sure, you will be able to make it a reality. With your capabilities and extreme faith in the idea you have, you’ll have an easier time attaining any goal you set for your business. Just see to it though that you carefully balance your confidence and the risk your idea brings to your business.

5. Plan, plan, plan.

Having a vision is not enough. Sure, you see what you want to have in the next 5 years, but do you know how you will get to that vision? Similar to architects and engineers who want to build the tallest building in the world, you need to have a set of plans to work on. Concrete goals as stepping stones will bring success to you faster than you think. Make sure you write these goals so that it doesn’t end up as wishful thinking. Without a plan in place, failure will be waiting for you.

6. Work!

Just because you don’t work a 9-5 job doesn’t mean you won’t work if you want to be an entrepreneur. No one achieves success by sitting around all day. A lot of successful entrepreneurs will tell you that they have had to put in a lot of hours at the beginning of any business endeavor. Unlike being an employee where you can relax after a day’s work, expect to think business every hour of the day when you become an entrepreneur. If you enjoy what you are working at…it will not seem so much like work.

7. Network.

Networking is utterly important in the business world more than anywhere else. Especially for small businesses, you’ll need all the help you need. So don’t immediately disregard the woman sitting next to you at a conference or the gentleman you’ve met at a trade fair, because you’ll never know how these people can help you or vice versa. Having a good network is necessary in business because a lot of opportunities will come knocking from your contacts.

8. Keep an Open Mind.

Sure, an MBA from Harvard is ideal, but you won’t need it to succeed in your own business. Think of all the successful entrepreneurs who weren’t able to complete their education. How did they manage to be successful in their chosen businesses? Simple. They kept an open mind and were willing to learn every aspect that can bring good to their business.

Don’t stop asking questions and be open to new knowledge as they come. With the fast changing world of today, you’ll get very far if you keep an open-mind.

9. Have Faith and Perseverance.

Nothing in this world comes easy. This is most especially true for those who want to chase success. Despite all your hard work and dedication, there will always be times when you won’t get the success that you need. For an entrepreneur, this means setbacks, problems, or worse bankruptcy. But successful entrepreneurs don’t treat this as a major thing. In fact, they are the very first ones to get back on their feet and start anew.

Persistence is an equally vital quality for any budding entrepreneur today. All disappointments are temporary so you must learn to bounce back from it as soon as you can. Perseverance will bring you success.

10. Be Disciplined.

One of the most important traits in order to be successful this way is self-discipline. Yes, there are times when you don’t want to do work, but you must get up and get to it whether you like it or not, because everything that will bring good to your business is important. Remember, the price of success is expensive and it’s in doing what others don’t like to do and going an extra mile to fight a winning battle on your own.

Admittedly, being a successful entrepreneur isn’t easy. It takes all of hard work, patience, and persistence to be one. With these ten tips, you’ll have a clearer idea on how to be a successful entrepreneur.

Now, there is no reason for you not to apply these tips and start your journey to success.

Kathy Dobson is a free spirited business owner and entrepreneur dedicated to helping others achieve financial and personal freedom. Learn to leverage your time while exploding your business. Grab this free report: