If starting a business is easy, why is it that more than half of all established companies end up folding within the first five years? There are a lot of factors that come into play, however, the most important is how you perform as a leader. Taking a look at the personalities and work ethics of accomplished business professionals like Bill Gates, Mark Zuckerberg, and Shailesh Dash, here is a glimpse at what it takes to be a good entrepreneur.
Develop Thick Skin
Here’s what a lot of hopeful business owners find out early on in their quest to be successful – not everyone is going to believe in your dream. You seriously need to develop a thick skin as you will run into a lot of rejections, naysayers, and negativity. From clients turning down your proposals to customers writing negative reviews about your products or services, you need to hold steadfast to your dream and keep pushing forward.
The art of learning how to turn failures, rejections, or differences of opinions into lessons that help you to grow your business is challenging yet necessary to be a successful entrepreneur. When faced with what seems like an obstacle or roadblock you must learn how to bounce back effectively.
Work Hard Every Day
You may have heard of overnight sensations or entrepreneurs who seem to get rich quick, however, those circumstances (when real) don’t happen for everyone. Most entrepreneurs will start off working hard and then reach what they believe to be a level of success and reduce their efforts. Others, work so hard that their passion becomes a chore and they get discouraged.
Anything worth having is going to require hard work and a business is no different. Being an entrepreneur means working when everyone else seems to be having fun. It means making sacrifices and putting in the long hours. A truly successful entrepreneur is someone who can find joy and purpose in everything they do making their jobs more meaningful and less stressful.
Look for a Mentor
One thing you’ll find that most accomplished business owners have in common is that they have a mentor. It is important to realize that your own knowledge, opinions, talents, and skills will only take you so far. When you look to others who have paved the way ahead of you, they can offer you a “template” of sorts on how to master being in such a high-level position.
Try to find someone who has been successful in the industry you’re in. For example, one might look to Shailesh Dash if they were thinking of becoming a financial advisor or asset manager. He, in this instance, would be best equipped in guiding you through the process of getting started, providing you with advice, and giving you tips that can help you to improve as an entrepreneur. As personal experience can often be the best teacher, working with experienced professionals can give you insight that you won’t find in any book or online guide.
Be Frugal with Your Finances
Without money, making your business a success is nearly impossible. You need money to fund everything from your internet services and website fees to your inventory and staffing needs. Many people’s businesses fail simply because they didn’t adopt positive financial habits. It is crucial to the success of your brand to properly manage every penny you make. Creating a budget, finding multiple streams of income, and making informed purchasing decisions are all a part of this. If you’re not so good with money or simply need help getting started, it is wise to hire a financial advisor or accountant for assistance.
Hire the Best Team
No matter what kind of business you’ve started, there will come a point when you’ll need help getting to new levels of success. This often requires a team of professionals who are working towards the same goal. The best entrepreneurs realize this early on and invest wisely in their business by hiring only the best people for the job. Whether you’re hiring people to work in the office or you’re outsourcing certain tasks to a freelancer or company, it is imperative that you choose wisely. Use an array of screening methods, ask questions, and consider testing or reviewing portfolios to see if they’re really up to the task.
Work on Your Leadership Skills
One of the most important aspects of being a good entrepreneur is knowing how to be an effective leader. If you’re going to hire the best team to help you reach your goals, you have to learn how to lead them effectively. There are a lot of qualities of a great leader, however, some of the most important include great interpersonal skills, effective communication, the ability to delegate, charisma, and transparency.
Being a great leader or developing good leadership skills can take some time as you learn how to effectively work with professionals from varying backgrounds. If you find that this is a challenging role for you as an entrepreneur, there are leadership classes you can look into to help you improve.
From the outside looking in, it might seem that running your own business is a synch. You look at the perks of being your own boss and naturally want it for yourself. Though it is easier now than ever to start a business, it will only go far if you’re able to take it there. While some are born with the qualities necessary to be a great entrepreneur, others must work at it diligently. As you start to focus in on these areas of improvement, you’ll notice that the road to success is a lot easier to travel.