Do you know that success can be mirrored? Success leaves track so does failure. Thus to succeed in business, it’s pertinent that you study those that have succeeded. As Isaac Newton would quip, to succeed, we should be ready to lean on the shoulders of those that have gone far ahead of us.
It is not new or surprising that highly successful people have similar traits which led to their successes. In like manner, highly successful entrepreneurs have common plus factors and traits that led to their success as entrepreneurs when studied.
Without further ado, let me take you down the 5 key factors that can make you succeed in business.
5 Key Factors To Succeed In Business As An Entrepreneur
1. Have Passion
To succeed in business, passion is pivotal. Passion is essential attribute of entrepreneurial venture success. It is required to convince a team to devote themselves to the business, investors to back the startup and customers to pay for the product or service. Passion can therefore be a differentiating factor between success and failure for an entrepreneur.
Entrepreneurs who convey passion are more persuasive, motivated, have larger social networks and more growth in sales and earnings compared with entrepreneurs who are less passionate. Passion is therefore critical to an entrepreneur’s success.
Aside from the foregoing, the entrepreneurial journey is daunting. Only those who are passionate about what they do may withstand the test of time.
Entrepreneurship is not the glamorous career path it’s been made out to be. It’s not a get rich quick scheme. It’s not about big ideals, it’s not about hopes and dreams, it’s not about gut and glory, it’s not even about invention and innovations, and it’s certainly not about a search for fame and fortune, but it’s about not giving up and being the last man or woman standing when everyone else had fallen by the wayside. It’s about striving even in the face of difficulty and failure and it’s certainly about still trying when you feel like quitting. Entrepreneurship is about never giving up.
Having the vision to see what others don’t, the passion to motivate yourself and others, to build and grow a business, etc are all part of the mix. But what binds those ingredients together is the tenacity to stick with it, day in, day out, and year after years.
Make no mistake, successful companies and businesses have no endpoint. The goal is to keep overcoming obstacles, growing sales and making money.
Steve jobs of Apple once said that “perseverance distinguishes successful entrepreneurs”. I absolutely agree with him on that. Building a successful business is certainly not an easy task, not especially as the years go by. No wonder VC Fred Wilson of Twitter said “It gets harder, not easier, as the year pile up. That is where tenacity and believing in yourself and your team and you business is required”
Indeed. Just as with life, successful businesses are marathons, not sprints, in exception that there is no finish line. It’s just a way of life, so live it up if you must succeed in business.
To be an entrepreneur requires a special combination of boldness and humility. To get there, though requires the humility to confront a hundred small errors every week the path to success is forged via a thousand small adjustment, each one possible only because the entrepreneurs has their eyes and ears wide open and is able to adjust time after time to all the failure before them.
Resilience is the virtue that enables you to move through hardship and become better. No one escapes pain, fear and suffering. Yet from pain comes wisdom, from fear comes courage, from suffering comes strength, if you have the virtue of resilience.
To be both happy and successful and bold and humble requires the development of one virtue above all, and that’s resilience.
4. Be Proactive
When I talk about being proactive, I simple mean that you should be down to business. Proactive means the ability to control a situation by causing something to happen rather than waiting to respond to the situation after it occurs. According to Bate and Crant, a proactive person is someone who takes action to influence environmental changes.
A proactive entrepreneur will first identify the opportunities follow by showing initiative to make changes before taking action and persevere until they have reached a closure by bringing about meaningful change, but if you as an entrepreneur don’t have this proactive personality you will fail to identify opportunities and lose the chance to make changes.
Individuals who tend to be proactive have a disposition geared towards taking intentional actions, helping them create their own environment, future and fate. They don’t wait for others to make decisions or decide their future for them.
Studies show that having a proactive personality can be an indicator of entrepreneurial aspirations and success. When you think about it, this makes sense. The main findings of this research stems from the idea that you can increase your likelihood of success by taking initiative more often.
5. Have The Right Attitude
To succeed in business you should cultivate the right attitude. Are there factors that are important to the success of entrepreneurs? Your Knowledge, skill and talent.
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However, many competitors have the same traits but the key to beating the competition and achieving success is mental, reflected in one’s attitude totally controlled by the individual and requires no cash. This holds true in most human endeavors besides business, in sports, the arts and politics. Like the saying that “your attitude determines your Altitude” likewise, your attitude towards your business will determine how for your business can go. Success begins with cultivating the right attitude, Right attitude creates positive impressions. You never get a second chance to make a first impression. When you have a good attitude you’re more likely to present yourself to others in a positive Light.
Right attitude is the gateway to developing deeper personal and professional connections, make you more productive, help you gain confidence, help you stay committed to your dreams and make you a happier person.
Imagine every customer or client that buys a product from you leaves your business premises smiling. Imagine the effect.
Thus, you should device a unique value proposition for your business. Your attitude should become you differentiating factor.
Having these 5 keys factors will definitely help and make you succeed in business as an entrepreneur. Spend time going through them often and checkmate yourself if you’re on the right track. And don’t forget that your attitude goes a long way in determining your altitude.