The most successful entrepreneurs are driven, highly motivated and goal-oriented individuals. They always have a clear vision of what their end-goal is, whether it’s being the most dominant player in the industry or offering a unique service that others have shied away from. Merely starting a company is not enough to have a successful career. You need to be able to sustain it. Sadly, 90% of startups fail within the first 5 years, and only 10% are able to find success. At times, failure comes due to poor planning, at times due to sheer bad luck.
While the new government is said to be planning to change some rules regarding businesses, the basic formula for success remains the same. Without much ado, let’s have a look at what you need to find success in this the business world.
1. Clearly List Short and Long-term Goals
Setting goals is one thing, but do you plan to track them with the passage of time? Do you have any systems in place to keep you on track?
So you’ve listed down your goals. That’s great! You now need to break them up in increments, setting up short-term goals that will act as a platform for achieving long-term goals.
Write down what goals you’re accomplishing this year. Take a step back and think… is there anything in particular you should be doing this month in order to meet that goal? Think again – what should you be doing this week that will take you a step closer to your monthly goal?
A number of entrepreneurs tend to fail when it comes to achieving goals because their thought process or strategies are flawed. They may be setting goals, but it doesn’t quite inspire them to aim high or set unusually high expectations. Don’t fall for that. Be practical and set attainable goals, and continue to track those goals.
2. Set Deadline-oriented Milestones
So you have clearly articulated goals but it doesn’t end there – you’re not just in the business of setting goals but achieving major milestones. Pick a realistic timeframe and estimate by what date you’ll be achieving a particular milestone.
In addition, set intermediate milestone periods to act as reference points along your entrepreneurial journey. For example, if you plan to gain about 20% market share in the first quarter, the goals revolving around that will take you to your very first milestone. Done! Cross it off your list and move on to the next one. Keep your chief milestone in mind all the while.
Remember, there’s no such thing as unachievable goals, only unachievable deadlines. Give yourself time, stick to that timeframe and deliver the goods.
3. Don’t Run Away From Change
Every year holds promise – new technology and trends, legislation, ever-changing needs of consumer groups and industries, etc.
New innovations in the market might completely change consumer behavior.
If you’re far-sighted enough to realize that change is inevitable and you’ll need to embrace it, you are in the black. For example, what are your customers talking about? What do they desire the most? Are there any real benefits you can add to the marketplace?
Try to be on top of these things and you’ll achieve one of your greatest lifelong goals as an entrepreneur: continuing to generate revenues and having people approach you as “the go-to guy”.
4. Come to Terms With Your Purpose
It doesn’t matter if you’re a solo entrepreneur or an entire corporation – this one is absolutely critical for long-term success.
Aside from the generating revenue bit, you really need to know why you’re in this. And this sense of purpose and vision needs to be shared all across your team.
Sit down with a cup of coffee, find a nice view to gaze at and think about how you want to bring change into the world. How will your product change lives? Is your primary purpose just to educate and spread awareness or do you also want to add a touch of luxury and convenience to people’s lives?
You will probably not come across a single successful entrepreneur today who hasn’t made it big without a well-defined purpose. You see, when you define a purpose for doing business, you’re setting a standard for what direction you need to move in.
So once you have set clear and measurable goals, sync them with your purpose and then stick to your guns.
In the entrepreneurship game, you need to have a sense of purpose and fulfill that purpose through meaningful goals which will help you reach your end goal or grand finale, if you will. Embrace change when needed and honor your deadlines to achieve lifelong success as an entrepreneur.