Boss Lady

Entrepreneur success can be improved with these 5 tactics

on


We outline the five keys to achieving and improving entrepreneur success in any field.

Entrepreneurs are celebrated throughout the world for their world changing ideas. However, the vast majority of people who start businesses never become famous and rarely achieve entrepreneur success. Owning and running a business is notoriously challenging, partly because you’re in a constant battle against yourself, and also partly because there is a lot of competition.

Not every successful entrepreneur has had it easy during the course of their professional growth. Each has faced the dread of failure at the start of their career path. It is important that you are able to be inspired and motivated during the tough times. Read books and articles on purpose-driven entrepreneurs with a mission, as well as motivating podcasts and videos. Inspiration will assist you in focusing on your primary objectives.

To make matters worse, many business leaders never invest in entrepreneur success training for themselves. They believe that being an entrepreneur is something that people are born to do, not that they learnt throughout their lives. However, this isn’t true. The vast majority of business leaders become more competent as they learn their jobs and get used to being in senior positions.

5 keys to entrepreneur success

In this guide we take a look at how to become a better entrepreneur and the keys to entrepreneur success. We run through all of the key factors you need to succeed in business. It’s about both business acumen, and your personal attitude towards work.

Learn Grit

Grit is something that leadership magazines are talking about more and more. It’s an attitude that we expect in entrepreneur success, but when they are in the thick of it, many realize that they don’t have it. Grit is the ability to keep working when everyone, including your own mind, is telling you to stop. If you want to be successful, you need to persevere your goals relentlessly, regardless of the obstacles that the world puts in your way.

Challenge Yourself

If you want to be a successful entrepreneur, you also have to regularly challenge yourself. While difficult tasks often feel unpleasant, they are like exercise: the more you practise doing them, the more strength you gain.

There are all sorts of challenges that you will face when you are an entrepreneur. You will experience the stress of running a business, the difficulty in generating a successful business model, and problems relating to government regulation. You will also experience the challenges of building a sales team, marketing products, hiring good employees, and scaling and managing your infrastructure. 

Entrepreneurs become successful when they master their “inner game”. They spend a huge amount of time developing powerful psychological mechanisms that can deal with the challenges that they face on a daily basis. They begin, like most people, overwhelmed by the difficulties involved in their work.

However, over time they generate small psychological machines that become extremely efficient at dealing with difficult issues and build entrepreneur success. These machines then use less and less of their cognitive resources, leading to lower stress, lower perceived effort, and greater efficiency in dealing with the challenges of the day.

Be Passionate

Work, just like love, is a matter of the heart. If you are not passionate about what you do, then you will always struggle to be the entrepreneur you want to be. It’s as simple as that.

Think about it, as an entrepreneur, you have to put in long hours everyday, even at the weekend. If you are passionate about what you do, giving up all that time is easy. In fact, it is what you want to do. However, if you see entrepreneurship as just another job, then you will resent the time that you have to give up doing it. You will find yourself feeling stressed and tired and lacking the motivation to go on, and will not achieve entrepreneur success.

Avoid Fear Of Spending

Fear of spending money is a major reason why many entrepreneurs fail. They see their task as preserving capital, not building a business that achieves the necessary scale.

OnDeck, an experienced lender, recommends that companies invest in key areas, such as their staff, advertising, and equipment. Neglecting to plow money into any of these areas can result in lackluster performance and, over time, a lack of competitiveness.

Remember, most businesses spend the vast majority of their revenues supporting business operations. Net profits are rarely more than 5% of total business income. Therefore, it’s ok if you spend 95% of the money you get on building a better company that customers love. In fact, that’s the proven way and historical pattern.

Take Risks

We all know that entrepreneurs are people who take risks. However, when we personally get into leadership positions, it can be a hard thing to do. As a rule, humans are generally quite risk-averse, meaning that they don’t always want to take steps into the unknown.

The trick is to know which risks to take. Successful entrepreneurs aren’t necessarily risk loving people, but they have learnt over time to recognise which risks are worth taking, and which aren’t, for entrepreneur success. This lets them win more often than they lose, and move their enterprises forward.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

Recommended for you