Do you want to become an entrepreneur and take control of your own destiny? If yes, one thing you must keep in mind- the road is going to be anything but smooth, but more like a jagged graph.
There will be days when you’ll lose hope and feel frustrated. But there will also be days when you’ll see a glimpse of success that’ll give you that extra zest to keep moving forward.
Now the question is, what is that magic formula that can help you to become a successful entrepreneur?
Today we shall learn about that from seven very successful entrepreneurs.
1. Never Back Down Because You Think You have a Lot to Lose
All entrepreneurs have to make tough choices at different stages of their lives. Sometimes things don’t go according to plan. And this is when young entrepreneurs fear to lose.
They fear to lose their investments, diluting their morals in the process. At one point, they even begin to question their decision of starting a new venture.
Well, the co-founder and CEO of ViSalus thinks he has the best answer for you. Even if you have everything to lose, act as if there is nothing to lose. Think that you have every reason to pursue your dream.
There is no gain until and unless you are taking some risks. So keep your eyes on the prize and you will get the courage to keep moving forward.
If you are too afraid to lose, you will never be able to see the other side of the line.
2. Don’t Think Too Much About Success
This may sound a little weird. To many, entrepreneurship and success go hand in hand. But CorpNet CEO, Nellie Aklap, advises us to work hard towards significance, not success.
If you are doing what you love, this will help you to leave a significant impact on your career and even society.
If your passion is what your entrepreneurship is all about, success will eventually knock on your door.
3. Search for Answers and You Shall Find Them
Trey Smith successfully established Kayabit Games, a company that has made millions over the years. He advises entrepreneurs to seek answers and apparently, this will eventually lead you to your objectives.
Do you have a particular business plan in mind but someone else is already doing it and have established themselves in the market? Run a thorough analysis of their business activities.
Trey believes in reverse engineering to help understand the complete mechanism of a business. Study the products and services of a particular company and their customers.
This will lead you to the root of their success. Now combine that understanding with your ideas. Do some experiments to improve that business model.
4. Pursue Your Venture by Doing What You Love
HomeAway co-founder Brian Sharples strongly believes that no one can stop you from winning as long as you are doing something that you truly enjoy.
If you love to write, maybe becoming a professional blogger and starting your own content development firm will be a great business idea.
If you are in love with cars and love exploring the way they work, maybe your destiny lies with your very own auto repair workshop. So the bottom line is- do something that you really enjoy.
Also, never get too worried about failures. There are endless stories of legends that made history by rising from the ashes of failures. Take valuable lessons from failures so that you don’t repeat those mistakes in the future.
You can’t go a long way all by yourself. Down the line, you will need more people in your boat. Brian advises hiring the best people who can serve you well throughout your journey towards success.
On top of that, having direct interaction with customers is important. This gives you the opportunity to deliver your sales pitch and understand what your target market really needs.
Understanding customers and serving them accordingly is the most important step towards success for any entrepreneur.
5. Don’t Give in to Negativity
There will always be those people who will spread negativity all around you. They’ll tell you to quit because they think your idea isn’t proactive.
Well, Amber Schaub, the founder of RuffleButts.com never paid any attention to these kinds of people. She kept on going even when people told her that she wouldn’t succeed. Today her company is worth millions.
Amber believes that hard work and honesty always pays off. Work really, really hard and be ethical throughout your business practices. Success eventually will come to you.
6. Ensure Quality and Proper Execution
In order to be a successful entrepreneur, make sure that you are hiring the best people to help you stand out. Focus on alignment and energy.
Also, focus on small improvements that you can secure every single day.
There is no need to be too hard on yourself. Keep climbing one stair at a time and you will eventually reach the top.
Always try to expand. Focus on those outcomes that are positive, significant and measurable.
Don’t get too occupied with the idea of consistent growth. Keep your eyes on quality and proper execution of your business plans. Growth will follow.
All these tips came from Chad and Troy McWhinney, two brothers who made a fortune through their real estate and development company- McWhinney.
7. Transform Yourself into a Thoughtful Leader
Byrnes Consulting, LLC is a multi-million dollar company formed by Mike Byrnes. According to him, to become a successful entrepreneur, you need to be a thoughtful leader.
Byrnes gives importance to exposure from the conventional media to make voices heard. Share your expertise with others to add value to their lives so that they continue following you.
Pursue what you are truly passionate about and be consistent. Your business will succeed in no time.
So here goes the formulae towards glory prescribed by successful entrepreneurs. Do what you truly love to do, be a hard worker, ensure consistency, integrity and, of course, quality.
Eventually, you will succeed as a successful entrepreneur.