Entrepreneurship is transforming lives as we speak. There are thousands of people mustering the courage to follow their dreams by becoming entrepreneurs – not all of them excel though.

The key to entrepreneurial success is more complicated than most people think. There are a lot of factors aiming to block an entrepreneur’s journey towards growth and success. It’s important that every entrepreneur follows a set of rules that help transform the way they do business.

Here are 8 cardinal rules to become a standout entrepreneur:

Rule #1 – Enjoy yourself and never lose interest in what you do

Most entrepreneurs are fueled by a passion to achieve the impossible. This passion keeps them going from one challenge to another, ensuring they achieve success in whatever they do. Passion for a venture begins to die down when you get bored of what you are doing. It’s important that you keep the passion burning inside you. So go ahead and enjoy entrepreneurship and the challenges it offers you!

Certain unavoidable circumstances may see you losing all interest in your venture. In this scenario, it’s advisable to sell the company or hand over reins to somebody who can bring a fresh perspective to the venture.

“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — everyday I’m learning something new.” – Richard Branson

Rule #2 – Be humble and willing to listen to what others have to say

Arrogant leaders haven’t gone too far in the business world. Don’t make the same mistake!

Humility is a trait well-appreciated in leaders. A humble entrepreneur will give a patient ear to insights from peers and employees. These insights carry hidden gems that can be put to use at work.

Rule #3 – Love clients and employees as you would love yourself

A lot of entrepreneurs focus on keeping clients happy. They do everything at their disposal to make clients feel like kings. There is nothing wrong with this approach except for the fact that employees may end up feeling neglected.

You should maintain a delicate balance between employees and clients, keeping staff happy while retaining them for the long run.

Rule #4 – Take the right risks at the right time

An entrepreneur cannot survive without taking risks. The most successful entrepreneurs are those who take bold risks that helped them create a revolutionary space for themselves in their industry. Bill Gates, Richard Branson and Steve Jobs come to mind.

A risk-taker can be successful only if he weighs pros and cons in an efficient manner. Quality attention to detail must be given in a quick manner to ensure that only the right risks are taken.

Rule #5 – Never let failure cloud your thinking

Entrepreneurs launch their ventures hoping to excel in quick time. They never anticipate failure! This is a grossly wrong move. Have a backup plan and anticipate failure in a big way.

Remember this – it’s difficult to have things go our way all the time. A failure isn’t the end of the world. Bounce back doubly hard to take your business to unchartered territory!

Rule #6 – Be visible and constantly showcase your potential as an expert in your domain

Embrace social media and other knowledge platforms where you can highlight your credentials as an industry expert. This will help increase your standing in the business community while gaining the trust of employees.

“Social media is not about the exploitation of technology, but service to community.” – Simon Mainwaring

Rule #7 – Never under-estimate competition

Be wary of competition. Always.

A lot of business owners tend to get complacent after achieving success. This is a wrong move. Keep a steady momentum towards your business goals and keep an eagle’s eye on how competitors are performing.

Get inspired if they are ahead of you and work towards staying ahead if they are behind.

Rule #8 – Become an expert organizer

It’s important to have organizing skills that help to rally your troops around you in times of adversity. Apart from employees, you should also be adept at organizing funds and other resources necessary for the daily affairs of your company.

Do you have any entrepreneurship rules that you successfully follow? How different are they from the ones mentioned in this article? Share your insights with me in the comment box below.