Building Success: Ten Things Entrepreneurs Need To KnowReading Time: 5 minutes
Being an entrepreneur is not an easy task. We love to read and listen to rags to riches stories because they give us hope we can do something great too. But, when it comes to the actual work, somehow most of us fall on the first bump that arises. So what makes a successful entrepreneur stand out from the crowd? And what are the things entrepreneurs need to know to make their business a success? We tried to answer that question in this article, so just keep on reading.
How many entrepreneurs are out there?
Seems like the modern era took a toll on us, making us prone to the entrepreneurship more than ever before. In the US alone, researches have shown, that the rate of entrepreneurship has increased by (surprising) 15% since 2014. And it’s no wonder this tempo is in its rise – stables of the economy and its growth are in the US small businesses.
Seeing all this data makes us wonder what has changed over the years making us eager to own a business, rather than working for somebody else? Is it the lifestyle, has our mindset changed, or do we love to see only its benefits making us completely overlook its downsides?
If you’re eager to bring your idea to life, it’s time to find out what entrepreneurs need to know before starting a business, and about the “ugly” truth behind the scenes.
The first thing entrepreneurs need to know is they will most definitely have to forget what words vacation, weekend and work hours mean.
Yup, that’s right. And that’s the first truth you need to learn if you’re planning to start your own business.
A good thing about regular 9 to 5 jobs is that they don’t require the same level of responsibility and dedication, as opposed to having your own business. We don’t want to say that those jobs are without any responsibility or that they cannot be intense. However, when the clock ticks the end of the working hours you are able to trade your suit for a pair of comfy trousers.
That just doesn’t happen when you’re an entrepreneur. When you have a business, you need to live and breathe it. And you just cannot run away from it. One big truth to have in mind is that you will most probably cross the line between professional and personal and a line between the home environment and work will become blurred. Inevitably, your work will invade your home life, and it can seriously endanger relationships if you don’t take it seriously.
Entrepreneurs need to know how to say hello to failure.
Nobody likes to lose. However, failures are inventable part of success and whoever tells you differently – lies. That’s why it is so devastating to watch so many people quit after their very first failure. What you should know if you are planning to start your own business is that business failure rates are in decline, and since 1977 business failure rate is better by 30 percent.
Free yourself from fears you might have – if you want to succeed you will have to believe in yourself and make it a priority. Remember, you might fail, but with a strong will, you will overcome any obstacle you find in the way.
An essential thing entrepreneurs need to do is keep track of their numbers.
Before you even start with an entrepreneurial adventure you need to know where you’re headed and when you want to get there. Keeping track of your sales, margins, profit, and cash flow is an excellent way to do it. Brace yourself, because you will master excel pretty fast.
An essential thing for any entrepreneur out there is to be in a company full of successful people. You shouldn’t satisfy with mediocre. If you want mediocre, then you should still be working that 9 to 5 type of job, waiting for it to end so you can go home.
The key to success is in surrounding yourself with the right people. They will push you in the right direction because you will look up to them and given that they have more experience and that they have achieved more, you will give your best to meet their criteria. Another good tip to follow is finding a mentor who will be with you along the way.
Building strong relationships is yet another crucial skill entrepreneurs need to master in order to achieve success.
No matter how passionate you are about your idea and how much you’re willing to do to make it happen, it’s bound to fail if you are not investing in relationships. A one-man show works well only when it comes to stand-up comedy. Business is a different story.
Be able to trust people around you. Give them the freedom to independently do their own tasks, and you will be rewarded. Also, make networking a part of your growth hacking strategy. Try to meet as many people as you can, get them interested in what you have to offer. Make connections, even when you don’t see an immediate relationship between you and your counterparts. Sometimes the best opportunities happen where they are least expected.
Stress management is one of the most important things entrepreneurs need to know to achieve success.
Owning a business is, as we already know, not an easy thing to do. And to do it successfully and stay healthy you need to find a way to deal with all those stressful situations that come with owning a business. Some people enjoy running, others like to spend time with friends and family. Listen to your body and follow the signs it gives you. Channel your anxiety and stress on time.
It can be odd to some people, but showing gratitude will make you feel better. You will grow as a person and make you healthier. By showing appreciation, our body gets a dose of dopamine which makes us more relaxed and happier. Practicing gratitude on a regular basis makes our hypothalamus work better, meaning our body receives a strength shot! Who would tell, right?
Always remember. Entrepreneurs are born leaders.
As a business owner, you are the head of the team. You are the one who makes the most important decisions and the basis of all action. Your energy moves everyone in your team, and you are expected to push when everyone is at the verge of collapsing. Nourish every team member, give them an opportunity to grow, and you will be rewarded without exception.
One more thing to remember is to not be afraid of experimenting. Great things are reserved for the ones who dare to try and push beyond their limits
Remember, your success starts with the hiring process.
We have already said it’s impossible to do things solo. You will need help and hiring will be an inventible part of your journey. Choosing the right hire is a crucial thing for any business, and you shouldn’t make any rushed decisions. Keep in mind that losing an employee can cost your company a lot of money. That’s why you should definitely take your time when choosing teammates. Choose people that share your passion and who will easily fit into your team.
Every entrepreneur should focus on the design thinking process.
Design thinking is the ability to assert problems and find solutions that correctly address issues you might be facing. By developing design thinking, you will be able to create original products and achieve business success much faster.
If you have decided to start your own business, don’t expect things will always go smoothly. In fact, you will be able to run things smoothly after a decade into business. And even then you will be faced with some hiccups. Luckily there is a solution for every problem out there. You just have to have a strong sense of belief to keep things going. Be brave, and listen to your heart.