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January 24, 2017

How to Become a Successful Entrepreneur

In life, we all want to be successful in whatever field we are in. Some people will succeed due to the pressure they may have been exposed to while others will succeed because they want to; because they have a dream that they want to turn into a reality. It is crucial to have that drive from within in everything that you set out to do.

You may have asked yourself this question “How can I be a successful entrepreneur?” a couple of times but may not have the answers that you were looking for. Well, the truth is, it all starts from the inside. You need to be sure that you have the drive and the urge to start something up and actually see it through to completion and, eventually, to success.

Entrepreneurship is not one of your ordinary topics that you can get through in just a couple of days and be done with it. It requires more than just that. Successful entrepreneurs did not just wake up one morning to a bank account full of billions. It took them time and effort to get there. Some of them might have been risk takers who actually exploited their potential to get to where they are today.

Research has shown that most of the entrepreneurs that started out small had absolutely no idea how big their businesses would grow but took the risk. This is what it takes to be an entrepreneur among many other things. You cannot just sit around waiting to be employed and expect to succeed. Here are a few tips that you need to know to become a successful entrepreneur:

• Identify your niche

First, it is important to know exactly what motivates you; what you love to do and what you are most interested in. This is because whatever business idea you have, it will become a part of your life. This is why you need to be passionate about what you do.

You will notice that successful entrepreneurs will always have a motivation. That is, something that actually propelled them toward being who they currently are. It could be a negative happening in their life or better still a positive one.

When looking at which business idea to bring into reality, be sure to choose one that goes hand-in-hand with your interests and likings.

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• Go slow on your expenses

It takes sacrifice and hard work to become the best. Some of that sacrifice will include your finances as you try to save up for a certain cause — in this case your business idea. To start up a business, you realize that you may need capital to start off, which you may not have at the moment. You will, therefore, need to go for a loan.

As an aspiring successful business owner, you will need to ensure that you pay off that debt first before anything else. Some of that money will go into securing your business with, say, an emergency fund among much other insurance.

• Take advantage of the social media and social sites

In this era, where nearly everyone’s life revolves around the social media, it would be wise if you took advantage of that so you can share your ideas and get insights from and with people whose agenda is nearly if not the same as yours.

The secret here is that you should not see other people in the same line of business as yours as competitors rather as tutors and mentors. You will realize that you have a lot to learn from them in the long run. Avoid negative thoughts.

While using your social media to connect with like-minded people as you, be sure to engage with your clients as well. Go ahead and advertise your products or services online and see the kind of response that you will get. This is actually one way of getting yourself or rather your brand known to the users out there.

While you are at this, be sure not to tint your image by replying negatively to potential clients because everyone will see that and it may just be the beginning of your fall.

• Be ready for losses

Research has shown that one out of three businesses that an entrepreneur starts will experience losses within the first few months of business running. According to the SBA, only 50  and more than 28 million small businesses in the US will survive. This should make you ask yourself what makes you so different.

Losses will come and go, but you need to be sure to handle them correctly. In the event that your business gets into multiple debts, then you will need to consider debt consolidation planning as your way out. This will be the best plan for you to settle all your debts within the agreed period with your lender.

You need to bear in mind also that a loss should never be the reason for you to lose hope or rather shut your dreams down.

• Master the art of time management

As the old saying goes, time waits for no man. This is still applicable even today. To become a successful entrepreneur, you will need to master the art of time management. This is more so if you have a main job but are still working on getting your business to be stable. It may not be easy to work your way between a full-time job and your business but it is actually possible.

Most entrepreneurs started out as lone employeees then got their businesses steady before quitting.

• Love your business

If you love it, you will do anything to protect it.


Isabella Rossellini is a finance consultant at a private firm that seeks to provide assistance to startups and small businesses in getting funding, navigating debt, budgeting, cash flow, and other hurdles. She also enjoys sharing articles and referrals of good resources like on her blog.