Advertising
Advertising

Everything You Need To Know On Being A Successful Entrepreneur

Everything You Need To Know On Being A Successful Entrepreneur

The business world is a dynamic environment. Needs arise every day and with those needs comes an opportunity to meet them (and make a few bucks in the process). This desire to meet needs gives rise to a business idea. There are a lot of people out there with business ideas; all they need are the right tools and a strategy on how to go about the business. The combination of these two vital ingredients is what brings a business from paper to a full establishment. If you have a business idea in mind, but are confused about how to go about it (or where to even start from), pay attention; you’ll find these tips helpful.

1. Be passionate

This is very important in business development; a lot of businesses crash and burn due to lack of passion. In most cases, the passion only persists when the business is still new or when everything is going well and rosy.

6 months in, when the rigors of work and the realization of how much they have to do begins to dawn on them, the spark begins to fizzle out. It’s one case to have a passion for something, it’s entirely another case to maintain the passion for long.

Advertising

Being passionate means unconditionally loving what you do; it means being willing to sacrifice everything for that business regardless of the outcome or whether the business succeeds or not. If the passion for your job isn’t genuine, it’ll eventually show. Trust me. Perseverance is very vital in growing your business.

2. Be ready to learn

Teachability also won’t hurt. Being willing to learn covers a lot of aspects: having a mentor, being open to new business possibilities (especially if you’re involved in a one-man business), learning from mistakes, etc.

Mentoring is something I believe will be very advantageous. Having a mentor will provide a good foundation on which you can launch your business from. You can learn where they failed and work on how to avoid the traps they didn’t.

Advertising

3. Diversify

Like I said earlier, the business world is extremely dynamic. Trends may come, but they won’t last forever. Your business structure and operational model has to be framed in a way that it’s able to accommodate change so when a new trend arrives your business is able to adapt to it.

Monotony (which, in the long run, leads to predictability) is a really bad trait in a business and could cause your business to crumble very fast. Work on different ways to get the job done. It’s effective in that it gives you a world of options when considering a strategy to approach a problem.

4. Cultivate a good environment

“Environment” here is used not just to mean physical surroundings, but also your social atmosphere. The people you surround yourself with go a long way in determining how far you’ll eventually go.

Advertising

Having people around with a similar passion can be very helpful. They could bring new ideas and save you a world of stress by providing useful connections. Hire creative employees (if you must have employees in the first place) and monitor their work periodically. Whenever you single out any weak links, snuff them out quickly before their bad traits rub off on anyone else.

5. Be proactive

One of the qualities of a good entrepreneur is the ability to make fast decisions and act on them even faster. Understand that your job is your life and as such, there’s simply no time to dally. You can’t slack or procrastinate. Whenever you have an idea, act fast! Your idea might have occurred to a competitor and he absolutely must not beat you to the punch. The competition is stern and it’s survival of the fittest.

6. Build a respectable reputation

Your reputation is very important to your customer base. People talk. If you’re consistent and offer top notch services to your current customers they’ll advertise you to others and, as a result, your customers will surely increase. It’s one of the biological properties of business. You need to build a reputation that stands on the firm support of your existing customers. That’s a major way you grow your business.

Advertising

7. Set goals

Goals are also very important. They give your business a direction to follow. Without goals, you and your employees (if you have any) don’t look serious. Goals serve as a guideline for your business to follow and a yardstick to measure your business’ growth. Results serve as a means of comparing your business to others to see where you stand in relation to your competition and without pre-set goals your results and performances have little to no meaning.

More by this author

Rehan Hasan

Entrepreneur

Sugar Detox: How To Satisfy Your Sweet Tooth Without Getting Too Much Sugar Everything You Need To Know On Being A Successful Entrepreneur

Trending in Entrepreneur

1 Feel like Giving Up? 16 Way to Help Entrepreneurs Stay Motivated 2 15 Stellar Startup Business Ideas for the Burgeoning Entrepreneur 3 How to Be a Successful Entrepreneur (15 Powerful Actions to Take Today) 4 8 Life-Changing Skills You Can Learn in Less Than 6 Months 5 10 Websites To Learn Something New In 30 Minutes A Day

Read Next

Advertising
Advertising

Last Updated on October 16, 2018

How to Quit Your Job That You Hate and Start Doing What You Love

How to Quit Your Job That You Hate and Start Doing What You Love

Everyone of us has a plan in our head that was taken over by family responsibilities, social pressure or sheep mentality. This made us a slave to instant gratification and started killing our plan and dreams.

There is a way to revive your plans and dreams and live a happier life. No amount of salary can exceed your desire to do something that you are really passionate about.

If you hate your job and have thought about leaving your job, here’s how to quit your job and start doing what you love:

1. Identify if you really want to quit to follow your passion

There could be many possible reasons to figure out why you are discouraged to go to work and start thinking about how to quitting your job. Figure out the reasons or signs that make you feel that you should really quit your job.

If these reasons are not related to your office environment or your ultimate goal is to pay your bills from your job, you should consider getting a new job in the same field. It’s better to be an experienced receptionist than to live a dream that is not yours.

2. Start with the side hustle and keep it going

Work after you get back home and build up your product or service enough to gain confidence to quit your job.

Build the website, write down the business plan, design your product, make marketing collaterals or do whatever it takes for you to start working full time on your new venture before quitting your current job.

You could also consider part-time working opportunities if your current job sucks a lot of your energy. This way you could save your energy and dedicate more time to your side hustle.

Ensure that you don’t quit until your new venture really demands your full time dedication. You might lose interest in your new venture if you fall short of survival money.

3. Save enough to pay your bills

If you need to pursue your passion, you need your monthly bills to be taken care of, without any worries. You must cut down on unnecessary expenses and squeeze in those extra bucks on your savings while you are at your current job. You should forget those weekend parties and social outings unless they’re meant for networking.

It makes no sense to quit your job without having any savings. Your new venture will not start paying you immediately. Starting a recurring deposit account is a good idea to start off with. Put aside a considerable amount every month as soon as you get your paycheque and forget about that money until you quit your job.

4. Write down your goals

It is important to have visual proof and a daily reminder of why you quit your job and started a new hustle.

Advertising

Write down your goals and read them at least once a week. If you are a forgetful person, create cell phone or desktop wallpapers of your goals and set them until you achieve them. Visual proof keeps you on track.

These goals are the bigger picture of what you wish to achieve in your pursuit to doing what you love.

For example, if you are wish to design the best dresses in the whole state, write it down. If you wish to fly to Mars, write it down. If you really wish to give up your career for something, it better be worth remembering everyday. Show it to yourself daily.

5. Make a plan

Write down a plan of action for the next 12 months. It’s like writing down an elaborate execution plan in your calendar. This could be a daily, weekly or monthly to-do list of your tasks to achieve your goals.

Learn how to make a plan if that’s not your area of expertise. Ensure that you know what you’re going to do next and not run like a headless chicken after two months of working for yourself.

Review the plan time and again to track your progress. This will give you a clear picture of your performance and your shortcomings.

Also, have a backup plan. Even great planners and strategists fail before achieving success. Ensure that you have a second plan if your first one does not work out as you predicted.

6. Get professional advice

Talk to experienced people in the field you want to venture out. Go to networking events and connect with people in your industry. Most people will help you out with good advice and good contacts.

Get professional courses in part time colleges. It could be great to network and the teachers can be of great help to understand more about the industry. They will help you analyse your plan and connect you to influential people.

7. Prepare yourself to put a resignation

Prepare yourself mentally to quit your job after you’ve realized the potential and prepared yourself to take a deep dive into your new profession.

Leave on a friendly note. Don’t make enemies with your bosses. These connections could help you further in your profession.

Don’t burn the bridges. It’s better to have a face-to-face conversation with your boss or reporting manager than sending a surprise mail.

Advertising

Tell them sincerely about your new venture and why it is important for you. Serve the notice period completely and work till the last day. Complete all your tasks as you would on a regular day. This will maintain your respect and keep your relationships intact.

8. Be prepared to get your hands dirty

As an entrepreneur, you have to do everything that’s needed to keep your work going.

You have to perform all the tasks needed to keep your new venture going. You have to be a janitor, an administrator, an accountant, a designer or a salesperson all at once.

There would be a point of time where you will have to perform tasks that aren’t your favourite. Be ready to perform such tasks without cringing.

9. Have no baggage

Don’t have a debt! Clear all your loans, debts and pending commitments before starting off. You want to fully concentrate on your new activity and not be bent down by loading your shoulders with any burden.

You would want to enjoy your freedom to work incessantly. No distractions whatsoever are allowed to come close to you when you are fully involved in the rhythm of development. Shun away materialism!

10. Don’t be in two minds

It’s good to analyze the best and the worst possibilities in your head, but it’s not at all good to doubt yourself.

Move ahead with confidence. It’s your life, your plan and your rules. Nothing and nobody can stop you from doing what you wish to do.

The more you start getting noticed, the more people will point fingers at you. Don’t let them affect you and create doubts in your head. As William Shakespeare said,

“Our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt.”

11. Learn to handle failure

You are going to be a loser and it’s a good thing! If you fail and lose, you will learn to not repeat your mistakes and make yourself stronger with every punch you throw out.

It takes time till you start losing. The key is to not be demotivated by failure. The more the failure, the more closer you are to success.

Advertising

12. Try your hands at investing in stock market or cryptocurrency

It’s a good way to keep your side income rolling in. While you are busy building your dream project, you could invest your money in the stock market or cryptocurrency and let it grow while you sleep.

As Warren Buffet famously quoted,

“If you don’t find a way to make money while you sleep, you will work until you die.”

Find a good stock broker who has enough experience to not lose your money. Stop immediately if you are losing a lot of money. Don’t burn away your money.

13. Keep a healthy routine

It’s easy to forget about your health when you are working on something that you’re really passionate about. Set reminders about your health routine.

Exercise! Most successful people start their day early and take time out to exercise at least thrice a week. It helps you give more energy and time to your work.

Always remember that you started your new venture to be happier. Bad health will not let you enjoy your success.

Join yoga classes or learn meditation from youtube. Avoid sitting too long at one place for more than 15 minutes at a stretch, take breaks. take a walk, especially up-down the staircase as much as you can to skip age related joint pains and muscle atrophies.[1]

14. Enjoy your days off

Taking a break helps your creativity and clears your mind from clutter. You need your days off to come back afresh and take on your tasks. You can’t be working 24/7.

Remember that being able to take your days off is one of the beneficial quirks of an entrepreneurial journey. You can have a routine designed by yourself, for yourself.

Take your days off when you are too stressed and can’t think straight. Self-discipline might sound simple but practice takes ages. Schedule down time for yourself.

15. Take these steps to quit your job without burning bridges

Resume.io has this infographic about the steps you should take after you’ve decided to quit your job:[2]

Advertising

    16. Remember why you quit your job

    Lastly, remember why you quit your job and started doing what you love. There would be bad days that will make you regret your decision, but don’t let them dominate the reason why you took the plunge.

    Your soul wasn’t happy with what you were doing. Your new venture is what you always wanted to do.

    Never forget that.

    If nothing works out, you could still go back to any job you want, but at least, you’d be spared from regrets and constantly arriving “What if?” question in your head.

    So, start now and live without any regrets.

    Execution matters more than thought. Turn your dream into a reality starting today. Start small and grow big.

    Besides, it’s never too late to do what you want to do. Here’s the proof:

    How to Start Over and Reboot Your Life When It Seems Too Late

    Featured photo credit: Pexels via pexels.com

    Reference

    Read Next