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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.

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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.

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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.

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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.

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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.

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Rehan Hasan

Entrepreneur

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Last Updated on August 20, 2019

How to Find New Growth Opportunities at Work

How to Find New Growth Opportunities at Work

Career advancement is an enticement that today’s companies use to lure job candidates. But to truly uncover growth opportunities within a company, it’s up to you to take the initiative to move up.

You can’t rely on recruiter promises that your company will largely hire from within. Even assurances you heard from your direct supervisor during the interviewing process may not pan out. But if you begin a job knowing that you’re ultimately responsible for getting yourself noticed, you will be starting one step ahead.

Accomplished entrepreneur and LinkedIn Co-Founder Reid Hoffman said,

“If you’re not moving forward, you’re moving backward.”

It’s important to recognize that taking charge of your own career advancement, and then mapping out the steps you need to succeed, is key to moving forward on your trajectory.

Make a Point of Positioning Yourself as a Rising Star

As an employee looking for growth opportunities within your current company, you have many avenues to position yourself as a rising star.

As an insider, you’re able to glean insights on company strategies and apply your expertise where it’s most needed. Scout out any skills gaps, then make a point to acquire and apply them. And, when you have creative ideas to offer, make it your mission to gain the ear of those in the organization who can put your ideas to the test.

Valiant shows of commitment and enterprise make managers perk up and take notice, keeping you ahead of both internal and external competitors.

Employ these other useful tips to let your rising star qualities shine:

1. Promote Your Successes to Your Higher-Ups

When your boss casually asks how you’re doing, use this valuable moment to position yourself as indispensable: “I’m floating on clouds because three clients have already commented on how well they like my redesign of the company website.”

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Tell your supervisors about any and all successes. Securing a new contract or signing a new customer should be a cause for celebration. Be sure to let your bosses know.

2. Cultivate Excellent Listening Skills

Listen well, and ask great questions. Realize that people love to talk about themselves.

But if you’re a superb listener, others will confide in you, and you’ll learn from what they share. You may even find out something valuable about your own prospects in the company.

If others view you as even-minded and thoughtful, they’ll respect your ideas and, in turn, listen to what you have to say.

Check out these important listening skills: 13 Powerful Listening Skills to Improve Your Life at Work and at Home

3. Go to All Office Networking Events

Never skip the office Christmas party, your coworker’s retirement party, or any office birthday parties, wedding showers, or congratulatory parties for colleagues.

If others see you as a team player, it will help you rise in your company. These on-site parties will also help you mingle with co-workers whom you might not ordinarily have the chance to see. For special points, help organize one or two of these get-togethers.

Take the Extra Step to Show Your Value to the Company

Managers and HR staff know that it can be less risky – and a lot less costly — to promote from within. As internal staff, you likely have a good grasp of the authority structure and talent pool in the company, and know how to best navigate these networks in achieving both the company’s goals and your own.

The late Nobel-Prize winning economist, Gary Becker, coined the term “firm-specific,” which describes the unique skills required to excel in an individual organization. You, as a current employee, have likely tapped into these specific skills, while external hires may take a year or more to master their nuances.

Know that your experience within the company already provides value, then find ways to add even more value, using these tips:

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4. Show Initiative

Commit yourself to whatever task you’re given, and make a point of going above and beyond.

Position yourself so that you’re ready to take on any growth opportunities that present themselves. If you believe you have skills that have gone untapped, find a manager who will give you a chance to prove your worth.

Accept any stretch assignment that showcases your readiness for advancement. Stay late, and arrive early. Half of getting the best assignments is sticking around long enough to receive them.

5. Set Yourself Apart by Staying up on Everything There Is to Know About Your Company and Its Competitors

Subscribe to and read the online trade journals. Become an active member in your industry’s network of professionals. Go to industry conferences, and learn your competitors’ strategies.

Be the on-the-ground eyes and ears for your organization to stay on top of industry trends.

6. Go to Every Company Meeting Prepared and Ready to Learn

A lot of workers feel meetings are an utter waste of time. They’re not, though, because they provide face-time with higher-ups and those in a position to give you the growth opportunities you need.

Go with the intention of absorbing information and using it to your advantage — including the goals and work styles of your superiors. Respect the agenda, listen more than you speak, and never beleaguer a point.

Accelerate Your Career Growth Opportunities

A recent study found that the five predictors of employees with executive potential were: the right motivation, curiosity, insight, engagement, and determination. These qualities help you stand out, but it’s also important to establish a track record of success and to not appear to be over-reaching in your drive to move up in your company.

Try to see yourself from your boss’s position and evaluate your promote-ability.

Do you display a passion and commitment toward meeting the collective goals of the company? Do you have a motivating influence with team members and show insight and excellence in all your work?

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These qualities will place you front and center when growth opportunities arise.

Use these strategic tips to escalate your opportunities for growth:

7. Find a Mentor

With mentorship programs fast disappearing, this isn’t always easy. But you need to look for someone in the company who has been promoted several times and who also cares about your progress.

Maybe it’s the person who recommended you for the job. Or maybe it’s your direct supervisor. It could even be someone across the hall or in a completely different department.

Talk to her or him about growth opportunities within your company. Maybe she or he can recommend you for a promotion.

Not sure how to find the right mentor? Here’s How to Find a Mentor That Will Help You Succeed.

8. Map out Your Own Growth Opportunity Chart

After you’ve worked at the company for a few months, work out a realistic growth chart for your own development. This should be a reasonable, practical chart — not a pie-in-the-sky wish list of demands.

What’s reasonable? Do you think being promoted within two years is reasonable? What about raises? Try to inform your own growth chart with what you’ve heard about other workers’ raises and promotions.

Once you’ve rigorously charted a realistic path for your personal development within the company, try to talk to your mentor about it.

Keep refining your chart until it seems to work with your skills and proven talents. Then, arrange a time to discuss it with your boss.

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You may want to time the discussion around the time of your performance review. Then your boss can weigh in with what he feels is reasonable, too.

9. Set Your Professional Bar High

Research shows that more than two-thirds of workers are just putting in their time. But through your active engagement in the organization and commitment to giving your best, you can provide the contrast against others giving lackluster performances.

Cultivate the hard skills that keep you on the cutting edge of your profession, while also refining your soft skills. These are the attributes that make you better at embracing diverse perspectives, engendering trust, and harnessing the power of synergy.

Even if you have an unquestionably left-brain career — a financial analyst or biotechnical engineer, for example — you’re always better off when you can form kind, courteous, quality relationships with colleagues.

Let integrity be the cornerstone of all your interactions with clients and co-workers.

The Bottom Line

Growth opportunities are available for those willing to purposely and adeptly manage their own professional growth. As the old adage says,

“Half of life is showing up.”

The other half is sticking around so that when your boss is looking for someone to take on a more significant role, you are among the first who come to mind.

Remember, your career is your business!

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Featured photo credit: Zach Lucero via unsplash.com

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