Connect with us

Entrepreneurs

If You Want to Become a Successful Entrepreneur, Keep These 7 Things in Mind

Published

on

how to become a successful entrepreneur

Everything starts from your mind. Your thinking will determine your decision and your decision will determine your action. And your action will get you the result, whether you want it or not.

Therefore, if you want to be a successful entrepreneur, first you have to adopt the right mindset. When you have the right mindset, you will make the right decision, which will lead you to take the right action. And if you take the right action, you will be able to produce the right result.

Here are 7 actions that will help you become a successful entrepreneur:

1. Be proactive

A successful entrepreneur is someone who is proactive and gets things done rather than someone who waits for things to happen and then respond. Your reactive mindset is not going to help you in your business.

This is exactly how Richard Branson started his Virgin Airline business. Instead of being stranded in the airport due to flight cancellation, he leveraged on his proactive mindset and solved the problem. He chartered an airplane and sold tickets to the stranded passengers. And the rest is history.

Everyone has dreams. Are you going to act on your dreams or are you just going to let it be a dream?

 

2. Be innovative

Just like Apple’s tagline, you need to “Think Different” to create outstanding success as an entrepreneur. This world is full of ordinary people who take orders, work without thinking and never question anything. That is why they are just ordinary.

Being an entrepreneur is different. You have to think differently than ordinary people and be innovative. Look at how Steve Jobs transformed the personal computer industry with Mac. He did it again with iPod in the music industry and then conquered the mobile phone industry with iPhone.

You have to think into the future and dream big enough to create change to the industry.

“Innovation is taking two things that already exist and putting them together in a new way.” – Tom Freston

3. Trust yourself

Trust your ability, trust that you can do it and believe in your dreams. You have to be the first person to believe in yourself. There will be a lot of rejections, a lot of setbacks and a lot of mistakes waiting for you to get through.

Every successful entrepreneur trusts himself or herself that he or she can build something extraordinary. This is what allows ordinary people to tap into their maximum potential and create amazing results in life.

If you don’t trust yourself and your dreams, you would give up sooner than you think. People can produce outstanding success in their lives because they believe and persist with their dreams.

 

4. Never give up

The world as you know it would be very different if Henry Ford gave up his dream to mass produce cars. And can you imagine, there will be no Disneyland if Walt Disney gives up as well?

All the great successes are a result of someone’s tenacity and their mindset of never quitting. If you quit, you lose. As long as you did not quit, you stand a chance to win the game. So never give up.

 

5. Have fun

As an entrepreneur, you need to have fun as well. Regardless of whether it is in your life or business, you need to have fun to create great work.

Richard Branson said, “A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” If it is not fun, you’d rather look for something else to do.

Having fun is one of the most underrated things in business that most people don’t take into consideration. Remember, your work is going to fill up a large part of your life. You want to have fun and have the passion when doing it.

 

6. Dare to take risk

Are you a risk taker? When I mention taking a risk, I don’t refer to taking a risk like gambling. I’m talking about taking calculated risk. Successful entrepreneurs study the situation, do the research and calculate the risk before they jump in.

There’s no point going into the game if you know you are going to lose. You go into the game because you know that you have a higher percentage to win the game. The same goes in business. Don’t jump into a business opportunity blindly. Study the situation and do the research.

Understand that you will go in only when you have a higher chance of winning. If you don’t have that competitive advantage of winning, it is not taking the risk; it is gambling.

“The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg

7. Be extraordinary

Dare to be different. If you cannot differentiate your business from others, you are in trouble. Everyone else has been taken; you just need to be yourself. It is the time when you stay true to your authentic self; you will be able to create the breakthrough because you are shining as yourself, and not others.

Another thing about being extraordinary is that you need to do the additional and go the extra mile. The difference between ordinary and extraordinary is the little extra that you put in.

Every successful entrepreneur goes the extra mile, does something more, puts in more time, pour in more effort and take more action than ordinary people. That is why they are successful.

Some of these may not be your strength but you have to adopt them, practice them and live them. It may not be easy, and it will be challenging to practice them, but the reward will be well worth it. Keep these seven things in mind when becoming and entrepreneur.

How many of these do you use in your entrepreneurial journey? Please leave your thoughts in the comment section below!

Want to discover the secrets to unleashing your potential and live a great and successful life? Follow Shawn Lim on his blog, StunningMotivation.com. You can download his guidebook, Active Goal Setting and make your dreams a reality. You can also follow him on Facebook.

Advertisement
4 Comments

4 Comments

  1. Raymona Brown

    Jul 1, 2016 at 8:43 pm

    Waw, This is a true eye opener, i found number 4 never: give up and number 5: have fun to be especially true. In my years as a young entrepreneur I realized that the way i did anything was the way i did everything, i gave up on many of my attempted investments and it was not until i decided to stick with the investment i choose and never give up on it that i was able to find the success that i had been seeking. Another thing i had to learn was that success is not a destination it is a journey so it is important that you do not wait until you are successful to have fun, but instead you have fun on your way there.

    • Shawn

      Aug 6, 2016 at 10:07 am

      Hi Raymona, you are right. We do not have to wait until we’re successful only to enjoy the journey. We can enjoy the journey while on our way to success. 🙂

  2. Tim Denning

    May 25, 2016 at 6:29 pm

    Shawn I believe number seven is the most important point for an entrepreneur. The amount of times I hear business people say “we can’t compete” or “competition is affecting our margins,” is way more than necessary.

    Many of these entrepreneurs don’t have a product or service that is extraordinary and I believe they lack the passion. o one wants to buy from another copycat; you have t stand out in business to be noticed and to be able to charge high margins.

    • Shawn Lim

      May 29, 2016 at 4:59 am

      Hey Tim, you are right. I think to build a great business is all about being ‘remarkable’ and ‘exceptional’ in our own ways. There’s no need to copy what others are doing. Cheers

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

What if Elon Musk Ran Your Business? 4 Lessons From the Real Life Iron Man

Published

on

elon musk advice
Image Credit: The Times

The story of Iron man and Elon Musk starts when Robert Downey Jr. visited SpaceX headquarters miles away from the setting of the first Iron Man movie back in 2007. The actor was inspired to base his character on Elon Musk’s personality. Ashlee Vance writes in Elon’s biographyboth Musk and Stark were the type of men, according to Downey, who ‘had seized an idea to live by and something to dedicate themselves to’ and were not going to waste a moment.” (more…)

Continue Reading

Entrepreneurs

5 Ways to Prepare for Your Entrepreneurial Journey

Published

on

entrepreneur tips
Image Credit: Unsplash

There are many ways to get ready for entrepreneurship regardless of whether you’re ready or not. The migration to the unknown will take you through many places, emotions, and people. Your journey will be both easy and difficult, but hopefully in between, you prepare yourself with an expectation of helping people by solving problems. The quest that you are about to enter will be one to remember if you are willing to adapt quickly and not give up.

Arranging for this huge change in your life should be one of the most memorable expeditions that you will ever experience. Looking into the future and being able to lay out a road map for your entrepreneurial journey will definitely be beneficial. Though there will be challenges every step of the way, being prepared will help you achieve your goals more efficiently.

To help you get started, here are 5 ways to plan an entrepreneurial expedition:

1. Form Ideas By Visualizing And Writing Them Down

Before beginning your entrepreneurial quest, brainstorm to come up with many amazing ideas even if you never act upon each of them. It’s always a good thing to write them down on paper, computer or via a mobile device app such as Google Docs. An abundance of suggestions about your processes is better than none or even a few objectives that can possibly help in some way.

The key is to breakdown those ideas to come up with better solutions to move forward in your voyage. See what’s more in line with your mission and values to be effective for your core audience, products or services that you may want to create. Whether you categorize those ideas or check them off one by one, coming up with different concepts will be a great start to your journey.

“Creativity is contagious – pass it on.” – Albert Einstein

2. Begin A Pattern Of Consistency By Quitting Bad Habits

Repetitive actions can present their challenges but if there’s a way to make progress and eliminate bad habits that aren’t hindering your itinerary then keep doing them. Have you ever noticed that negative thoughts, lack of confidence, and no exercise regimen could negate persistence of not only your entrepreneurial journey but other goals as well?

Get your mojo or swagger back by committing to a life of constant and everlasting consistency by stopping eating bad foods, wasting your time with hours of playing video games, watching television and other things that will stall your progress. When you get rid of actions that are slowing down aspects of your life, you’ll begin to pursuing things to help you lay the groundwork for success.

3. Be Disciplined While Listening More

Another way to prepare for your entrepreneurial journey is by being in control of yourself while paying more attention to everything else. It’s quite common to focus on things outside of your realm and instantly become something other than what you see fit. Difficulties can arise if your focal point isn’t there and somehow an opportunity pass right by you.

Mentorship even from a distance from someone that you don’t know can be a key element as you learn the importance of your mission. Listening to podcasts and watching YouTube videos of someone that has validated your idea is a great starting point as well. Mimicking them on some level can help you understand different phases that are ahead and how to deal with them.

“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” – Henry Ford

4. Work Effortlessly And Prioritize Your Time

You will have to work extremely hard with an emphasis on actual time value before pursuing your pilgrimage. We often hear about the results of hard work and it sounds cliche but when many other things are happening outside of your control, finding a way to manage your time can become difficult.

Most people will start off alone with zero help in terms of having a partner and putting in 100% effort. You will likely wear multiple hats as the visionary, programmer, marketer, content creator and so on. You may have to function with only 3 or 4 hours of sleep or even none at times while being respectful and cognitive of the time of others as well.

5. Persist Like There’s No Tomorrow While Planning For The Future

What’s in you? Nobody knows the answer to that question but you and the determination for reaching your destination as an entrepreneur. Whatever the answer is, you should be driven with an undaunted passion to pursue your expedition. Go after your dreams with a tenacity that you didn’t know was within your soul and keep pushing no matter what.

Be mindful that your strong pursuit can be done all while determining the proper destination of where you want to eventually end up. Never lose your focus admist numerous distractions that will happen. The emphasis comes from experience along with talking to other entrepreneurs who had similar occurrences at multiple stages of the process.

Put in the work early with the mindset of expecting obstacles and pushing forward pass them.  It will be tedious and preparing for a grind will make your entrepreneurial journey more understandable through tough times. You will be a lot wiser and better after all of the hard work whether it’s considered a failure or success.

Which one of the above 5 ways to prepare for your entrepreneurial journey resonated most with you and why? Share your thoughts below!

Continue Reading

Entrepreneurs

7 Things You Need to Do to Grow as an Entrepreneur

Published

on

entrepreneur growth
Image Credit: Unsplash

Startups are on the rise and youngsters are keen to launch their own business instead of a nine-to-five job. As simple as it sounds, opening a business needs patience and the right planning. Moreover, the profits gained can help you meet your financial obligations and realize other dreams.

Young entrepreneurs must learn the skills of investing money within the right channels as most startups fail because of a shortage of funds. Every entrepreneur has a chance to innovate, create new jobs and have an influence on society. It’s our responsibility to continually grow and push forward, usually beyond our comfort zones.

Here are the seven must-learn tips to grow as an entrepreneur:

1. Read Books and Articles

For many new entrepreneurs, your first mentors are usually found in the pages of books and blogs. Much often learned from the writings of others, and fortunately these days, people are sharing their experiences. A survey found that 88% of the world’s wealthiest people read for a minimum of 30 minutes daily. By comparison, only 2% of the overall population reads this much daily.

Read chapters in books, and articles to get new ideas and skills. Some ideas might not be directly relevant to what you’re doing these days however, it could come helpful a year or so down the road.

My advice is to search out those leaders and writers who resonate with you. You’ll understand when you’ve hit on something when you find yourself returning to a book for answers and inspiration time and time again.

“Books give a soul to the universe, wings to the mind, flight to the imagination, and life to everything.” – Plato

2. Perform SWOT Analysis

Business students and old-school marketers should be very aware of mapping out SWOT Analysis charts (Strengths, Weaknesses, Opportunities, Threats). If you’ve never made a SWOT chart, write out the strengths, weaknesses, opportunities, and threats in four quadrants on a piece of paper.

In reality, you’ll jot down a couple of notes on the back of a cocktail napkin, however despite the simplicity, if done right, a SWOT will shed light on crucial areas that require improvement. Most significantly, don’t shy away from the truth. Dissecting your weaknesses isn’t fun however, no good comes from avoiding the fact.

3. Be Willing to Take Risks

It’s impossible to become an entrepreneur if you don’t take risks. Doesn’t matter how many times you’ve fallen. See how many times you stand-up. Being an Entrepreneur isn’t that easy; it’s an up-and-down game like a business. Be willing to come up with new plans even when old strategies are working. It’s through such risks that your business will grow. You’ll learn and meet new partners or investors. Even so, the risks must be calculated. Doing the analysis and making consultations is vital in this case.

4. Open Your Eyes Wide

Many opportunities are arising in the business world every day. For instance, many companies are willing to come up with a mobile solution for a startup without charging immoderate prices. This info can only be discovered if you’re keen.

Before dismissing adverts from websites and mainstream media, conclude if they’re relevant to your business. Also, follow the events happening in the stock market and international business summits. You’ll find the opportunities which will take your business to a new level.

Becoming successful as an entrepreneur is possible if you learn, take risks, evolve, innovate, and stay motivated. You must be realistic regarding your abilities and watch the events that unfold in your world.

5. Lead the Way for Your Team

Young entrepreneurs need to encourage employees and provide help at every juncture. For any young entrepreneur who aspires to be a leader it’s necessary to be:

  • Honest
  • Ambitious
  • Courage and Risk Taking
  • Dedicated
  • A Team-player
  • An effective listener
  • An effective communicator
  • Able to inspire confidence
  • Positive

An entrepreneur who has all the attributes of a leader leads the employees to productivity. It’s essential that the team respects a leader. The hunger and aspirations of the leader to strive for success inspire the employees to put in that extra effort to be successful.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

6. Learn How to Keep Initial Success at Bay

Do not enjoy the shrubs of initial success for too long. Return to the drawing board and draw the future course of action. To move on to the next phase:

  • Utilize local and online channels to make hype for the services
  • Start expanding by hiring employees to enhance productivity
  • Cater to a good segment of the audience by providing various services
  • Re-invest the profitable revenue into new business efforts

Never let the initial success get to your head. The online platform is an ever-changing arena. Analyze what’s working and what new tactics can be utilized to strengthen the market base.

7. Find and Keep Business Partners

You will always go far if you have people to carry your hand during hardship in business. They’ll share ideas that have made them successful and provides you funds whenever necessary. Demonstrating that you are organized, capable, and serious is vital when nurturing such relationships. Keeping records, creating financial contributions to society, and attending forums are some of the choices worth trying.

Being an entrepreneur isn’t as easy as it looks. You’ll face many up-and-downs, risks, financial crisis, and many more. Be ready to face these problems if you want to be an entrepreneur. Entrepreneurship isn’t about making money, it’s about innovating new things and represent new concepts and ideas to the world.

Continue Reading

Entrepreneurs

Transitioning From Employee to Entrepreneur? Try Intrapreneurship First

Published

on

how to transition from employee to entrepreneur
Image Credit: Unsplash

Studies show that 15 million Americans are self-employed full-time and that an estimated 27 million Americans will transition from the traditional workforce to full-time entrepreneurship by 2020. Additionally, it is asserted that entrepreneurs are 125% more successful if they have previously been employed in the industry in which they presently do business. This is all great news on many levels.

Chances are, if you are reading this article, you are considering transitioning from employee to entrepreneur, or perhaps you have already made the shift. I get it. I am one of the millions who has made the switch – trading stability and comfort for passion and freedom. However, if you are a potential full-time entrepreneur, there are many things to consider before making the leap.

How will I support myself and my family in the initial stages of development? What do I do if I fail? How do I maintain the drive needed to make a business successful? How will my business harness the creativity and innovation required to thrive in the marketplace? These are all valid questions and should be considered deeply.

If only there were a training ground to test your management capabilities, gain knowledge, think innovatively and be solution-focused. But, wait, there is. Your current employment can offer these opportunities and more – through intrapreneurship.

By definition, an intrapreneur is an employee of a company who has adopted an entrepreneurial mindset. Intrapreneurs are highly motivated self-starters and innovative, solution-driven thought leaders, who work within an organization. Because of this definition, acting in an intrapreneurial capacity in your current place of employment makes a great deal of sense when considering the move to self-employment. You can use your current employment status as a testing ground for where you want to be.

Here are four reasons why intrapreneurship can work for you:

1. See a problem. Solve a problem

All businesses should be designed to fulfill a need. Just as your own business should be able to justify its existence in the marketplace, initiatives within an organization should do the same. Closely examine processes and products in your place of employment. Determine what could be executed more productively. Alternatively, design a new initiative to creatively meet and exceed customer expectations. Acting in this manner will prepare you for building the structure and mission of your own business.

2. Creatively capitalize on skills and talents gained outside your employer

In many instances, we separate business from personal, and there are many good reasons for this approach. However, there are notable skills and talents used in your personal life that are transferable to the workplace. For example, if you engage in team sports, use your team building skills and charisma to involve your colleagues in projects.

If you love to read fiction books, integrate the creativity of the stories to bend the thinking of traditional methods of operation. The possibilities are many. Business owners rely on all life experiences, directly or tangentially related, for the benefit of their enterprises.

3. Intrapreneurship is for all employment levels

If you think intrapreneurship is only for c-suite executives, think again. Intrapreneurship is for the mailroom to the boardroom. As noted in the definition, intrapreneurship is about being a self-starter. You do not need permission from anyone to be highly motivated. Just as all parts of our bodies have a function, so do all positions in an organization. Even if you feel your position has no purpose in your organization, make one. We all have to start somewhere in our entrepreneurial journeys, so start right now, where you are.

4. Experiencing failure is inevitable. Move forward anyway.

All of us will experience failure at some point and multiple times as well. Failure will happen regardless if you remain employed or set out on our own. Be bold enough to move forward with establishing your voice and your place anyway. Business and life are about forward movement. Decide now what next step you will take if you fail. There is always a path forward. Get used to the possibility of your ideas being rejected and your designs being flawed now, so when you are a full-time entrepreneur, you will know how to advance.

Whether you are at the infancy stages of developing your own business, currently self-employed or even wish to remain an employee, establishing yourself as an initiator and innovator can reap many benefits for you and your company. That is the beauty of it.

Continue Reading

Trending