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10 Ways to Become a Successful Entrepreneur

become a successful entrepreneur
10 ways to become a successful entrepreneur
GODSTIME NWANOSIKE GABRIEL

Who doesn’t want to become a successful entrepreneur? Of cause, everyone does want to become successful. So, whether you’re just starting out or you are an old pro, becoming successful as an entrepreneur is a priority.

Owning your own business gives you a sense of freedom, empowerment and fulfillment. Definitely, you want to be successful in anytime you do. Nobody ever wants to be associated with failure. To build a business and watch it grow is your chief aim. And to achieve this, you make decisions to inspire your creative visions and to develop lasting relationships with other entrepreneurs, customers and vendors.

Below are the ways to become a successful entrepreneur.

10 Ways To Become A Successful Entrepreneur

1. Challenge Yourself

To become a successful entrepreneur, you have to challenge yourself. No one else is going to give you that push. So it’s up to you to do it.

Challenges keep entrepreneurs nimble and on their toes. If you’re constantly looking for the next challenge, you’ll always be prepared for what comes your way. Set big targets and goals; concentrate on the set goals, with laid down precepts towards achieving them. As an entrepreneur, you always have to be looking for the next big challenge.

2. Be Passionate about your business.

If you don’t love what you do, don’t do it. “Do what you love and love what you do” a popular adage quip. I truly believe it’s as simple as that. To become a successful entrepreneur, you are going to have to put in long hours and make sacrifices for your business. This is because only those who love what they do and do what they love put in all the hard work and sacrifices to get better results. If you’re not passionate about what you do, you’re not going to have the motivation to keep going when you’re stressed and tired. The entrepreneurial journey can be daunting and bustling at times.

Have you ever noticed those entrepreneurs who never seem to get tired? Those entrepreneurs who get that gleam in their eye when they talk about what they do? Yeah, that’s passion.

Forty-four percent of entrepreneurs started their business because they saw an opportunity to create something great. Just like an imitative entrepreneur.

Generally, entrepreneurs are passionate about their business. Are you?

Being passionate about what you do as an entrepreneur makes the whole process much easier.

3. Take risks

Ever heard of the saying that “The greatest risk in Life is never to take a risk”? Right! No wonder Jeff Bezo, the richest man on the planet said that “I know that if I failed I wouldn’t regret that but I know the one thing I might regret is not trying”.

We Humans are generally risk-averse, but part of being an entrepreneur is recognizing the risks that you should take.

Indeed, to become a successful entrepreneur you have to take risk. In fact, it’s part of the job. On the other hand, successful entrepreneurs also know which risks to take and which they shouldn’t involve in. Learn to recognize the risks that will benefit your business and take them. Don’t be among the congregation that says life is all about risk. But rather, be a calculative risk taker.

Taking risks has a dangerous side, but the opportunities they present often far outweigh the potential dangers.

Learn how to identify which risks are worth taking and you’ll learn how to be a successful entrepreneur but not taking risks at all is far from being a successful entrepreneur.

4. Trust Yourself

Trust is one of the traits of successful entrepreneurs. If you don’t believe in yourself, who will? Thus, you have to believe in yourself.

Being a successful entrepreneur means that you’ve learned to listen to your intuition and rely on your wisdom when making decisions. Your ability to trust and believe in yourself will demonstrate your confidence. It has been proved that people are more likely to follow and trust leaders who are confident of themselves.

Trusting in your own skills will also take some of the pain of uncertainty out of being an entrepreneur. When you feel uncertain, remember how much experience and knowledge you have. Most entrepreneurs start their business after years of experience working for someone else. That’s quite fine.

There’s nothing wrong with asking for help when you need it or turning to a mentor for advice, but you also have to learn to trust yourself and your own judgment without input from others. Not only does it show how prepared you’re for your business but always depict your confidence in your ability.

Further, learning to trust in yourself is a step closer to the path of entrepreneurial success.

5. Visualise Goals

This tip is less abstract than you might think so bear with me. However, to become a successful entrepreneur, it’s necessary to visualise those goals.

When I talk about visualising your goals, I don’t mean you should close your eyes and see those goals in front of you. That’s not it. Rather, what I want you to do by visualising your goal is to define it so clearly that it’s real and tangible even to your subconscious mind.

For example, consider the following goals and see which is specific likely to be attained.

  1. I want to become a successful entrepreneur.
  2. I want to become a successful entrepreneur by starting a business that inspires and solve the problems of the Nigerian entrepreneurs.

Drawing from the above goals, which can you say is definite and which is not? I guess the second goal. This is because when you can clearly articulate and visualize your goal, it becomes more achievable.

There are many ways to visualise your goal.

The first step is to pen down your goals. The other step is that you can tell someone, may be a friend, business partner or make a picture to represent your goal. Start with your strengths.

When you ask a successful entrepreneur what their goal is, they can tell you in great detail what it is that they’re working to achieve.

6. Hire A Great Team

I must admit that this one might be a little bit obvious. But to further stress it, no man is an Island and a tree cannot make a forest.

Successful entrepreneurs aren’t successful within a vacuum. To become a successful entrepreneur, you need a great team and support network behind you. Remember that!

And when I talk about hiring great team, I don’t just mean someone who can do the job you’re hiring them for. I want you to hire partners who have great character and whom you like and respect; those who you can align with your company’s vision.

You and your team will be working long hours together and making stressful decisions. If your team has a character that you don’t respect, your team won’t last long. Having a committed team around you contributes faster to your success. Therefore, you team should be of people of like manners.

Also, remember that there is no professional.  There is only past professionals. Have team members that are teachable.

7. Act

Yes you heard me right, Act. Talk only delays action. Successful entrepreneurs act, they don’t just only talk.

It’s easy to get wrapped up in planning, considering potential failures, discussing funding, and talking in meetings with board members. If all you do is talk, you’ll get nothing done. At some point, you have to halt the talking and make something happen.

Talks without actions will end in talks. Forget all the unnecessary talks that won’t lead to any progress.

8. Spend time building your business

Do you think that there’s such a thing as an overnight success? I want you to have a rethink.

Upon examination, those people and businesses that became overnight sensations and successes actually worked really hard and long for their achievements.

When you think you’ve found an overnight success, check again and examine closely the hours, days, and years that went into their success.

Take a look at their life, the things they learned, and how many times they failed.

25% of startup entrepreneurs fail within their first year, 36% within the second year, 44% in their third year and 50% won’t live to see the fourth year. Imagine that! Which year will your business fail? If you don’t want to be among this range, then, you need to have a rethink of your business now.

If you think it’s taking too long to find success, give yourself a break.

Keep plugging along, putting in the hours, and before long, you’ll be a successful entrepreneur.

Just imagine looking back at all the hard work and knowing it paid off. Keep that image in your head to motivate you forward through the long, slogging hours.

9. Plan your finances

Like the old saying which says “He that fails to plan, plans to fail”. Startups and entrepreneurial businesses need money. It’s just a part of the lifestyle. And you can always get finance.

However, many entrepreneurs spend too much time looking for money and not enough acting, but that doesn’t mean that you can leap into the abyss without a plan.

For most entrepreneurs, they’re using their own savings to start their business. That’s risky. Have a plan and you minimize your risk.

Research has it that 2% of entrepreneurs are funded by others, 16% by Banks and 82% by savings, family and friends.

Plan out your finances in the beginning and try to stick to it, but know that the plan will have to be adapted along the way.

10. Define Your Customer

One of the most common reasons that entrepreneurial businesses fail is that there isn’t a customer.

If you start a business or make a product but don’t know who will buy it, that business may not exist past it first year or live till the fourth year as research has shown.

Therefore, before you make a financial plan, raise capital, or even choose a name, make sure that there’s a customer who would buy your product or use your services.

Without a customer, you don’t have a business. How do you determine your customer base? Here is a comprehensive work on how to know your customers.

To become a successful entrepreneur you must know who your customers are.

In conclusion, nothing beat the feeling of being called a CEO. Well, except for few things. Not only does owning your own business gives you a sense of freedom but also fulfillment. However, scaling the business to that height of driving fulfillment requires you more hours of work and the collaborative effort of other entrepreneurs.

Having come to the conclusion of this work, are there ways to become a successful entrepreneur that I missed? Please leave a comment below and I will be sure to respond to you.

Uchegbu Ifechukwu Princewill

Uchegbu Ifechukwu Princewill

I am an avid reader with the notion that every knowledge acquired is essential to human existence. I'm a budding writer, passionate about research to the extend that if I am not surfing the internet, I would be doing something else to gather more information.

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