So not many startups survive to enable their founders retire at a young age. Only entrepreneurs who play by the rules win. But what are these rules? Are there things that guarantee success in the world of entrepreneurship? You can bet there are.
Successful entrepreneurs have different traits and routines that keep them away from the crowd. Want to know what these traits are? Let’s get to them.
When you hear Elon Musk talk about rockets and spaceships and all that kind of stuff, you know this guy loves this thing. You know he loves using science to bring changes in the world. Passion is one trait that successful entrepreneurs use to achieve their goals.
Passionate founders will only hire people who are also passionate about the business. So at the end of the day, it’s one big team that doesn’t get bored because everyone is working towards a particular goal and loving the “work” aspect of things.
To know if you’re passionate about your business, ask yourself if this is something you can sacrifice sleep for. If it’s something that gets you satisfied after small wins, then you’re not passionate about it. You need to have that drive to always improve upon previous successes.
And remember this is something you may possibly be doing for the rest of your life, if you’re going to get bored just starting, then you might as well start looking at your other options.
And I don’t mean investing all your cash in some white elephant project to see if it works. Successful entrepreneurs take calculated risks. So if you implement that new policy you may alienate a tenth of your customer base but that’s just you guessing, what if you instead double revenue after implement the new rule.
Yeah, you may lose 10% of your existing customers but you won’t feel it since the double charge you’re getting from the rest would make up for that and even surpass it.
Most top tech companies you know today, Google, Facebook and even Snapchat were all offered money to sell in their early days, but they didn’t. Now that’s smart risk taking. They kept on working on their ideas and over the years, it’s paid off.
3. Hard Work
I don’t think we’ll ever be able to say everything on this topic. That’s because the entrepreneurs who win, put in the work, period. The world doesn’t place opportunities at your feet, it places it a few inches close and lets you do the hard work and grab it.
You can read all the books on entrepreneurship in the world but if you aren’t going to show up and actually do the work then you’re not getting anything.
And remember the world doesn’t owe you anything, you’ve got to fight your way to success, that fight is in doing the dirty jobs, the hard work.
There’s one reason this is important, when you’re new to an industry, you’re going to make mistakes at the beginning, that push of hard work will drive you to correcting those mistakes and that’s why you need it.
For more on hard work and perseverance, you can look at Napoleon Hill’s The Law of Success: In Sixteen Lessons (Golden Deer Classics) on Amazon. It goes into the very tough routines of men like Henry Ford and how that contributed to his success.
How current are you on the new technology and needs in your industry? Successful entrepreneurs move with the times. They observe how the market reacts to certain trends and innovations and adjusts to suit that view.
You’re in business because you want to satisfy your customers, right? Well, that’s why you need to be able to adapt to the changes, the needs of customers will continue to change, there’s nothing you can do about that.
So you can either admit defeat and lose customers to your competition or you adapt to the current needs in your market and deliver on your promises.
5. Money Management
So you can’t handle money? Then entrepreneurship isn’t something you want to try. That’s because you’ll be in control of money, I mean lots of it and if you don’t know how to invest so you can multiply your earnings, then you’ll end up losing your money to unplanned running costs.
Every smart entrepreneur knows she needs to keep some money aside as emergency funding. The business climate isn’t always fair and there are some times you need to invest a lot of money into your business before you even see any signs of profitability, the early days of your business are those times.
So go learn how to be in control of money, you can start by getting The Strangest Secret on Amazon. It helps you fine tune your thinking to that of a millionaire or even a billionaire. Then write down the things you can spend on and the ones you shouldn’t be caught wasting money on.
Who do you know in your industry? Nobody? Then it’s time you get on the radar of some of the names in your industry. Networking with other entrepreneurs in your space gives you a tinge of credibility and establishes you also as an authority in your niche.
And you don’t need to go for the top dogs at first, it’s difficult to get attention from them when you’re just starting out. So you should aim for the mid-level influencers, your success rates at networking is usually higher with this group.
And not having the required networking skills shouldn’t be an excuse for you not to do anything, you can hire someone who has these skills so they’ll do the job on your behalf.
7. Effective Planning
To achieve any goal you set in your business, you need to plan till the very end. You can’t skip the planning part, that’s why entrepreneurs who have this trait win.
Your plan should encourage you into taking action. Don’t draft a plan that talks you out of taking a major business decision ‘cause that’s not the purpose of a plan.
Florence Shinn touches on this in her book The Game of Life and How to Play it on Amazon. Get it because it helps awaken that power of positive thinking in you so your plans won’t have that negative feel that you don’t want.
And remember things may not always go according to plan, so when you plan, plan to handle the alternative outcomes also.
Successful entrepreneurs have traits that help them go the extra mile. Now it’s up to you to develop those traits and apply them to your business so you’d see success. And about the traits, there are seven of them in this post.