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How to Be a Successful Entrepreneur (15 Powerful Actions to Take Today)

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How to Be a Successful Entrepreneur (15 Powerful Actions to Take Today)

The allure of being your own boss, along with the no-ceiling income that comes along with it is hard for most people to resist. However, more often than not, the odds will be stacked against you and that’s why 9 out of 10 startups fail, according to Fortune.[1]

But what about the 1 out of 10 that have succeeded? Although there’s no single foolproof way to become a successful entrepreneur, success still leaves patterns and clues. Here are 15 powerful actions you can take today to make your entrepreneurship dreams a successful reality:

1. Identify your goals

Goal-setting may not be the most sexy-sounding task, but it’s one that’s crucial to your success. Just think, if you don’t know where you’re going, how are you going to know when you get there?

Setting goals can take a few basic forms for aspiring entrepreneurs:

Income goals

Your income is one of the first few and most important considerations when it comes to running a business because more often than not, you’ll need to give up something else to find time to delve into entrepreneurship.

Are you looking to become a millionaire in a few short years? Or are you gunning for a spot next to billionaires like Mark Zuckerburg and Warren Buffett?

Knowing upfront what your income expectations are will keep you accountable to yourself and other stakeholders in your company or your family back home.

With that being said, however, being overly focused on revenue can affect the way you run your business in negative ways. Be sure to do regular reviews to see if you’re on track.

Lifestyle goals

Entrepreneurship is not a 9-5 job. In most cases, there aren’t any fixed hours and you’ll typically end up working harder than you have ever worked before. The faster you realize that the better, so you can evaluate whether this may or may not be the lifestyle you want to live in the long term.

Various entrepreneurs instead decide to run lifestyle businesses where they work remotely from any location and are selective with the work they decide to accept.

If you intend to work remotely with a four-hour work week, the business that you decide to do will have to enable you to do that. At the same time, by balancing out projections with your income goals, you’ll get a much better idea of whether your decision is a feasible one.

2. Outsource tedious tasks

As an entrepreneur, you’ll likely be starved for time on a regular basis. Dedicating your time solely to high value tasks and outsourcing the rest will help you reclaim your sanity and grow your business faster.

A good temporary option is to consider hiring interns. This can be very beneficial for startups that are strapped for cash.

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Typically, internships are meant to give interns real-world working experience at a more conservative allowance. This lets interns learn the ropes without long-term commitment whilst business owners get to save a little bit of cash at the start.

Otherwise, you can also try hiring freelancers from Fiverr to help you in the areas that you do not specialise in. This can mean writing, designing or even video editing.

Although it may not be tedious per say, it does help you manage your time more efficiently by letting you work on your strengths.

3. Automate processes with technology

We live in an age where we can automate most processes using software and algorithms. Not only that, automation is fundamental in scaling a company’s marketing and also drives revenue – 60% of which are B2B buying process done online according to Forbes.[2]

A low-hanging function for automation is marketing. Email marketing software like MailChimp lets you configure autoresponders to send sequences of mails without any additional involvement after the first setup.

Automating processes is also extremely efficient as it helps handle repetitive tasks that can be too time consuming. What you want is to let your staff maximise their time spent working on more useful things.

Another example is a software program called ‘Rosie the Robot’, developed by the West Monroe Partners (WMP).[3]

This software program takes on cumbersome and manual tasks off, including the hiring system – where it uploads names, addresses, dates of birth and other employee information into several systems such as travel and expense, payroll and insurance.

This cuts down the process time taken – whereby a person takes half an hour to settle this task, it takes only five minutes for the software to do so.

4. Invest in design sparingly

Investing in branding and design might seem like an action that is reserved for much bigger companies or more season entrepreneurs, but it can increase profits exponentially when done right – even for smaller businesses.

A professional visual identity not only helps you appear more professional, but in the long run, new customers will find you more trustworthy and at times premium.

Naturally, you don’t want to go all out on branding by spending thousands when you first start. Instead, try using free online tools like LogoJoy or developing a single-page brand guideline[4] for the time being.

If you need to develop collateral, try using some free icons available online for your projects instead of paying for expensive stock imagery.

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5. Get online, or be forgotten

In today’s digital market, if you’re not online, you don’t exist. Even traditional businesses can benefit greatly from leveraging digital marketing and developing a strong online presence.

Start by getting yourself a hosting account for your company’s website domain, register all the name-brand social handles before they get snapped up by others and begin to populate these platforms with content.

What made a real difference for me in the early stages of developing my business was purchasing my own domain from platforms like NameCheap or GoDaddy. This provided a contact point for interested customers or collaborators to reach out to me directly via a simple contact form.

If you’re not so much of a techie, consider using platforms like SquareSpace or Wix to get started quickly without any programming experience.

6.Use videos to market your business

Almost 5 billion Youtube videos are watched everyday. Aside from that, we’re seeing a rise in video productions used on a variet y of social platforms like Facebook, Instagram, Linkedin and more. Research has also shown that videos have been proven to increase retention by 80% when used correctly.[5]

If you aren’t yet leveraging on videos for your business, some ways you can consider are:

  1. Informational videos that educate your target audience to help them get what they want.
  2. Product-specific videos to expound on the benefits of your services or offerings.
  3. Timely statistical videos that piggyback on current news for relevance.

7. Conduct an Initial Coin Offering (ICO)

This might not apply to every business, but if you’re working with a strong technical team with blockchain ambitions, this could be a worthy consideration.

Initial Coin Offerings are quickly becoming one of the most popular ways to raise funding rivalling even venture capital. It’s quick, loosely regulated (as at 2018) and can potentially solve your cash problems.

The only drawback is that you’ll only be able to receive funds in cryptocurrency which you’ll then need to convert into fiat.

8. Write a blog

Starting and writing a blog is one of the easiest ways to get noticed online. Regularly sharing useful and valuable information to your prospective customers via your blog can potentially increase traffic to your site as well as aid in building authority for your brand.

A popular strategy that involves writing for blogs known as ‘guest posting’ is not only a great way to drive traffic to your blog from other platforms, it also helps you rank on Google’s search rankings. The only catch is that you’ll have to earn a spot by pitching your own stories.

At the same time, there are other platforms like Medium and Linkedin with their own pool of users where anyone can publish content. Consider syndicating content from your blog on these platforms in the early stages to build a following and take your content much further.

With the rising popularity and efficacy of content marketing as a strategy, its no wonder thousands of business owners have benefitted from it as a long-term strategy.

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9. Build an email list

Any seasoned business owner will tell you that your list or database of contacts is one of the most valuable assets you can have. It’s important that you store the contact information of qualified individuals that might be interested in your products and services.

This is so you can reach out to them consistently using email marketing software like MailChimp, which can keep your sales pipeline full and your income steady.

Developing a nurturing cycle – a series of emails for new subscribers that opt-in to your email list will increase your chances of converting them into paying customers by maintaining top-of-mind presence and developing deeper relationships.

10. Try networking

They say your network is your ‘net worth’. Networking is a give-and-take exercise that requires you to be authentic, sometimes daring but most importantly, always resourceful.

Getting connected to prolific individuals or magnates in adjacent industries can accelerate the growth of your business with opportunities that you may not have gotten, if you had not put yourself out there to meet new people.

Try heading to your local casual networking meetups or to a more formal conference with a purpose: meeting people that you can help and the ones that can help you.

11. Develop a personal brand

If you are the face of your business, you’ll do well by investing in developing a personal brand. This means that if people trust you, they’ll by association, trust the business.

A great example of someone who’s successfully done so is Neil Patel – someone who’s spent hundreds of thousands of dollars on growing his personal brand. He has built a strong audience, consistently writes contrarian thought pieces and has also delivered massive value to his followers.

Although it can be a daunting experience when it comes to building a personal brand starting from ground zero, here are some simple yet helpful tips to make your journey as seamless as possible:

  • Decide what you stand for as a brand.
  • Decide what you don’t stand for as a brand.
  • Develop content for your social channels that are helpful to your audience but also communicate your stance on topics related to your expertise.

12. Model after your competitors or differentiate

This might sound counterintuitive but your competitors with a longstanding business can be useful references for the way you run yours.

Take a leaf from their strategies to acquire more customers and grow your bottom-line. More often than not, you’ll find that they’ve made all the mistakes that you can avoid to get to their current method of operation. Consider:

  • How they do marketing – how do they gain awareness and more customers?
  • Their brand messaging and how they communicate to the public
  • The way they price their services

Naturally, there may also be a lot of things your competitors are doing wrong. Do well to avoid those pitfalls –with the benefit of hindsight– and you’ll get ahead of them one day.

13. Form strategic partnerships

Partnerships are one of the fastest ways to grow your business without using too much of your own resources. The best partnerships are ones where partners have similar target audiences but don’t directly compete with each other.

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These strategic partnerships could come in the form of co-marketing efforts where you organise campaigns together, ultimately sharing cost and contact database for promotion.

Another basic way to collaborate with partners is to develop referral programs – if your partner refers a successful sale, they’ll get a kickback commission and vice versa.

14. Improve your public speaking

Public Speaking is a skill that legendary investor Warren Buffett advocates for people to learn in order to boost their careers and success in life – and it is with good reason.

Being able to speak well and articulate confidently on stage can mean increased trust and visibility for your business on the right platforms.

Try offering an educational session at a local business association full of your target audiences. You’ll be surprised at how much traction you can get when attendees start to recognise you as a thought-leader on your subject.

You can also take a look at my detailed guide about public speaking to learn more tips:

The Ultimate Public Speaking Tips to Hook and Impress Any Audience

15. Manage your cash flow

One of the biggest killers of businesses is badly managed cash flow, where customers don’t pay on time coupled with high regular expenses in your business.

Work with an accountant to forecast spending and keep a close eye on your accounts receivables. That way, you’ll get to avoid a messy time where you’re short on cash not because you don’t have the business, but because you failed to collect payment on time.

The bottom line

These tips should be enough to get you started, but growing a company is a big undertaking not meant for the faint of heart.

Hunker down, apply what you learn and you can get that much closer to your own success as a new entrepreneur!

Featured photo credit: Unsplash via unsplash.com

Reference

More by this author

Eugene Cheng

Eugene is Lifehack's Entrepreneurship Expert. He is the co-founder and creative lead of HighSpark, offering presentation training for companies.

Why Leadership and Management Are Two Sides of a Coin How to Overcome the Fear of Public Speaking (A Step-by-Step Guide) How to Succeed in Business: 10 Skills Every Entrepreneur Needs How to Learn Business as an Aspiring Entrepreneur 10 Most Successful Entrepreneurs (And What to Learn from Them)

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Last Updated on August 25, 2021

Why Personal Branding Is Important to Your Career

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Why Personal Branding Is Important to Your Career

As a recruiter, I have met and interviewed hundreds of candidates who have no idea who they are.

Without a personal brand, candidates struggle to answer the question: “tell me about yourself—who are you?” They have no idea about who they are, what their strengths are, and how they can add value to the company. They present their CV’s believing that their CV is the key to their career success. In some ways, your CV still has its use. However, in today’s job market, you need more than a CV to stand out in a crowd.

According to Celinne Da Costa:[1]

“Personal brand is essentially your golden ticket to networking with the right people, getting hired for a dream job, or building an influential business.” She believes that “a strong personal brand allows you to stand out in an oversaturated marketplace by exposing desired audiences to your vision, skillset, and personality in a way that is strategically aligned with your career goals.”

A personal brand opens up your world to so many more career opportunities that you would never have been exposed to with just your CV.

What Is Your Personal Brand?

“Personal branding is how you distinctively market your uniqueness.” —Bernard Kelvin Clive

Today, the job market is very competitive and tough. Having a great CV will only let you go so far because everyone has a CV, but no one else has your distinct personal brand! It is your personal brand that differentiates you from everyone else and that is what people buy—you.

Your personal brand is your mark on the world. It is how people you interact with and the world see you. It is your legacy—it is more important than a business brand because your personal brand lasts forever.

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I have coached people who have very successful careers, and they come to me because they have suddenly found that they are not getting the opportunities or having the conversations that would them to their next role. They are having what I call a “career meltdown,” all because they have no personal brand.

A personal brand helps you become conscious of your differences and your uniqueness. It allows you to position yourself in a way that makes you stand out from the pack, especially among other potential job applicants.

Don’t get me wrong, having a great CV and a great LinkedIn profile is important. However, there are a few steps that you have to take to have a CV and LinkedIn profile that is aligned to who you are, the value you offer to the market, and the personal guarantee that you deliver results.

Building your personal brand is about strategically, creatively, and professionally presenting what makes you, you. Knowing who you are and the value you bring to the table enables you to be more informed, agile, and adaptable to the changing dynamic world of work. This is how you can avoid having a series of career meltdowns.

Your Personal Brand Is Essential for Your Career Success

In her article, Why Personal Branding Is More Important Than Ever, Caroline Castrillon outlines key reasons why a personal brand is essential for career success.

According to Castrillon,[2]

“One reason is that it is more popular for recruiters to use social media during the interview process. According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process, and 43% of employers use social media to check on current employees.”

The first thing I do as a recruiter when I want to check out a candidate or coaching client is to look them up on LinkedIn or other social media platforms, such as Facebook, Instagram, and Twitter. Your digital footprint is the window that highlights to the world who you are. When you have no control over how you want to be seen, you are making a big mistake because you are leaving it up to someone else to make a judgment for you as to who you are.

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As Jeff Bezos, the founder of Amazon, once said, “Your brand is what people say about you when you are not in the room.”

In her book, Becoming, Michelle Obama writes about the importance of having a personal brand and her journey to defining her personal brand. She wrote that:

“if you don’t get out there and define yourself, you’ll be quickly and inaccurately defined by others.”

When you have a personal brand, you are in control. You know exactly what people will say about you when you leave the room.

The magic of a personal brand is that gives you control over how you want to be seen in the world. Your confidence and self-belief enable you to leverage opportunities and make informed decisions about your career and your future. You no longer experience the frustrations of a career meltdown or being at a crossroads not knowing what to do next with your career or your life. With a personal brand, you have focus, clarity, and a strategy to move forward toward future success.

Creating your personal brand does not happen overnight. It takes a lot of work and self-reflection. You will be expected to step outside of your comfort zone not once, but many times.

The good news is that the more time you spend outside of your comfort zone, the more you will like being there. Being outside of your comfort zone is where you can test the viability of and fine-tune your personal brand.

5 Key Steps to Creating Your Personal Brand

These five steps will help you create a personal brand that will deliver you the results you desire with your career and in life.

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1. Set Your Personal Goals

What is it that you want to do in the next five years? What will your future self be doing in the next five to ten years? What is important to you? If you can answer these questions, then you are on the right path. If not, then you have to start thinking about them.

2. Create Your Unique Value Proposition

Create your unique value proposition by asking yourself these four questions:

  1. What are your personality features? What benefit do you offer people?
  2. Who are you and why do people enjoy working with you?
  3. What do you do and what do people want you to do for them? How do you solve their problems?
  4. What makes you different from others like you?

The answers to these questions will give you the information you need to create your professional story, which is the key step to creating your personal brand.

3. Write Your Professional Story

Knowing who you are, what you want, and the unique value you offer is essential to you creating your professional story. People remember stories. Your personal story incorporates your value proposition and tells people who you are and what makes you unique. This is what people will remember about you.

4. Determine Which Platforms Will Support Your Personal Brand

Decide which social media accounts and online platforms will best represent your brand and allow you to share your voice. In a professional capacity, having a LinkedIn profile and a CV that reflects your brand is key to your positioning in relation to role opportunities. People will be connecting with you because they will like the story you are telling.

5. Become Recognized for Sharing Your Knowledge and Expertise

A great way for you to promote yourself is by sharing knowledge and helping others. This is where you prove you know your stuff and you gain exposure for doing so. You can do this through social media, writing, commenting, video, joining professional groups, networking, etc. Find your own style and uniqueness and use it to attract clients, the opportunities, or the jobs you desire.

The importance of having a personal brand is not going to go away. In fact, it is the only way where you can stand out and be unique in a complex changing world of work. If you don’t have a personal brand, someone will do it for you. If you let this happen, you have no control and you may not like the story they create.

Standing out from others takes time and investment. Most people cannot make the change by themselves, and this is where engaging a personal brand coach is a viable option to consider.

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As a personal brand coach, working with my clients to create their personal brand is my passion. I love the fact that we can work together to create a personal story that defines exactly what people will say when you leave the room.

Other People’s Stories

Listening to other people’s stories is a great way to learn. In his article, 7 TED Talks About Personal Branding, Rafael Dos Santos presents the best Ted Talks where speakers share their stories about the “why,” “what,” and “how” of personal branding.((GuidedPR: 7 TED Talks About Personal Branding))

Take some time out to listen to these speakers sharing their stories and thoughts about personal branding. You will definitely learn so much about how you can start your journey of defining yourself and taking control of your professional and personal life.

Your personal brand, without a doubt, is your secret weapon to your career success. As Michelle Obama said,

“your story is what you have, what you will always have. It is something to own.”

So, go own your story. Go on the journey to create your personal brand that defines who you are, highlights your uniqueness, and the value you offer to the world.

Featured photo credit: Austin Distel via unsplash.com

Reference

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