By Adnan from Blogtrepreneur
When Yaro asked for readers’ contributions for July, I decided that I should really dig deep into my entrepreneurial spirit to ask myself How Do You Become A Successful Entrepreneur? Now this article definitely is not the be all and end all of ways to become a winner in business online or offline, but some of the points I will make should help you to firmly establish yourself in the world of entrepreneurship, and should hopefully distinguish you from the huge crowd of money-making hopefuls.
Successful entrepreneurs need to see success. Many of the top businessmen around have seen a product and the associated success that could possibly come with it. Take Michael Dell for example. He believed in the potential of computers way ahead of his time, and built a business from his dorm room. Once you have managed to visualize your success, planning the road to this achievement is a must.
If you don’t plan extensively about your new idea or concept, without thinking ahead, you might encounter unforeseen difficulties with management or cashflow. I recommend using a business plan which incorporates:
- What your product/idea is.
- How does it differ from other products and how will it make you become successful.
- Who your audience is.
- What money you need to spend in terms of product cost, advertising, shipping, staff, and so on.
- What profits you are hoping to make.
Perseverance is also key in becoming a full-time entrepreneur. For me, this is essential especially in the blogging field, as in order to maintain a good readership and a good income if you are using ads on your site, you need to post regularly and with quality content. Bloggers in particular are more likely to experience burn-out if they work too hard, and can also experience a drought in terms of traffic if they slacken the pace. A true entrepreneur will be able to prevent the feeling of being burnt out, if they know what their goals are, and if they love the task of always having to meet deadlines. Discipline is also the key in this field, as an entrepreneur must work hard in order to achieve. We often see “Get Rich Quick Schemes” and let me tell you that in 99.9% of these cases, obtaining money quickly is just not possible. I have finally learnt (through many financial losses) that only discipline and hard work can result in rewards.
Tied in with this is the recognition that you, as an entrepreneur, never consider failure as an option. Too often these days, have I seen businesses or individuals deem themselves failed if they have not achieved a set of targets. Failure simply is not a word in the dictionary of an entrepreneur, as even if a project is not going well, an entrepreneur will find new ways of coping with the situation and will adjust his aims to fit in with the task in hand.
Entrepreneurs also need to manage their time properly. There’s no point in spending a whole day over a task, when in reality it will be cheaper and more effective to hire someone to help you with a certain task, thus enabling you to produce more profit. Delegating jobs and staff and being able to manage as well as bringing in the bucks is a true mark of an entrepreneur and one who knows what he is doing.
A successful entrepreneur must have an air or a grace about him that will demand respect from other individuals. I would like to say that I am a very friendly person, always looking for new contacts and always trying to network with others who share similar skills and attributes. At the same time, you must also conduct business in a very formal way, being punctual, polite and remaining cool under pressure.
Even with all these points, I feel that I have only scratched the surface on the make-up of a true entrepreneur. You may have other qualities which you might deem important, so please let me know if you think I have missed any out. Successful entrepreneurs are never secure in their field, although this may be the same with other bog-standard jobs, however the rewards that can be obtained from having the mentioned attributes can be really substantial. By working hard and never giving up, you are bound to become a successful entrepreneur, all you have to do is believe.