A successful entrepreneur’s journey: 14 important factors you need to remember
The feeling of freedom when you own a business and watch it grow yourself cannot be matched in a 9 – 5 corporate job.
It can only be experienced when you are a successful entrepreneur.
Entrepreneurs have the liberty to make their own decisions, follow their own vision, create the product or service they like, follow their passion and lead a better life.
So, is it necessary to have a bright ingenious mind like Einstein?
Possess an inherent talent to start with the entrepreneurial journey?
Well, you neither need to possess an inherent talent nor an ingenious mind like Einstein to achieve success in entrepreneurship.
But it is mandatory to have a combination of certain skills and methodologies to emerge as an innovative, and skillful entrepreneur.
Who is a successful entrepreneur?
Any individual who has the ability to determine the enhancements or changes that take place in the business domain, from both technological as well as cultural aspects, and also react with immediate action towards that change can be regarded as a successful entrepreneur.
It’s vital to learn about the key factors and skills of an entrepreneur required in the journey of entrepreneurial success.
Important factors necessary for transforming into a successful entrepreneur
- Expertise in the business domain
Before you put your first step towards the entrepreneurial journey, it’s necessary to have a complete knowledge on the niche of your business.
This step is important for laying down the structure towards achieving success in entrepreneurship by clearly defining your business goals and objectives.
According to a business survey,
Only 8% of the individuals have clear and accurate goals.
The reason behind most of the business failures is the above percentage.
A definite goal makes the path towards building a smoother business ecosystem effortless, and thereby helping your enterprise acquire higher efficiency as well as productivity in the workflow.
- Staying focussed and passionate 24×7
The success of the entrepreneur is highly dependent on how focussed and passionate he/she is throughout the journey of running a business.
An entrepreneur needs to take care of various things at a minimum time limit and sometimes this situation pushes the entrepreneur towards multi-tasking.
Multi-tasking instead of helping in completing the tasks makes every task partially complete and creates a whole lot of mess.
This situation makes you lose track of the changes done on each task and reduces the overall workflow efficiency rather than boosting it.
According to Prdaily reports,
98% of the individuals who try to multitask lower their productivity instead of helping it.
Accumulate your entire focus and invest it on a single task.
This will help you complete the task swiftly, resulting in higher efficiency and moving your business towards entrepreneurial success.
- Organize your tasks
Make a to-do-list of all your tasks in a systematic organized manner as per the priority from high to low and mark the task as you complete one.
This methodology gradually reduces the time invested on completing the tasks and also improves the quality of work done.
As per the business survey,
63% of the enterprises believe organizing tasks are directly related to the profit outcome from the business.
By organizing your tasks the monthly goals and objectives of the enterprise are achieved swiftly, paving the way for newer business opportunities.
You can further ease the procedure by using automation technology such as ChiefEx that streamlines all your tasks from a single software.
- Strategic thinking
An entrepreneur must develop a strategic and creative way of nurturing the thought process for bringing out effective ideas as well as solutions towards tackling the business critical problems.
It doesn’t matter if you have this ability inherently or not, you can always develop and make it stronger with enough efforts and practice.
Strategic thinking is one of the most critical skills of an entrepreneur that guides the path towards entrepreneurial success.
In fact, the value of strategic and creative thinking in business is more than the value of business communication itself.
As per the Harvard business review,
97% of the business leaders and entrepreneurs chose strategic thinking over the skills such as business communications and tactical behaviour.
- Initiating action with purpose
One thing that is common between every successful entrepreneur is that they take immediate action with purpose.
Discussing goals, objectives, talking about the finances is of no good until the strategies are implemented in place.
That’s why once the business planning and strategizing is over, the next step is to move on to the implementation part.
This will help you to initiate the workflow swiftly and also allow you to measure the implemented action profoundly for further enhancements.
Investing more time on finalizing the decision will only cause you to second guess your opinion and deteriorate the entire business process.
- Dynamic and profound Networking
Networking expands your scope for success in entrepreneurship or even if you are leading a mega enterprise.
As per the Business survey,
85% of the individuals are in their current position of the career because of networking.
Around 72% of the average companies would lose 17% of their profits if they eliminated networking out of the business process.
Also, for 78% of start-up owners, networking is the key to entrepreneurial success.
Networking for a business is like a tree growing its branches evolving leaves and fruits. Once the growth of the branch is shunted, there will be no leaves and fruits.
Thus to gain success in entrepreneurship, networking plays a vital role in garnishing the pathway and making it a smooth ride through the journey.
- Ability to work independently when required
The ability to work independently as well as in a team is vital for the growth of every entrepreneur.
Now working independently does not necessarily mean that you need to work alone, it simply means that you need to do whatever it takes to make your enterprise grow continuously and become a successful entrepreneur in the process.
Defining a clear and tangible goal for your business with a certain time frame attached to it, makes the entrepreneurial journey more focussed and directed.
Above all, It’s crucial that you have the same perseverance towards achieving your business goals and objectives when you work with the team or independently.
This way you become more stronger in managing every, and any critical situation that falls in the way.
- Hiring like-minded partners
A successful entrepreneur always moves forward with the profound and dynamic team. This team acts as support pillars of the business, helping your enterprise run every process seamlessly.
Thus it’s necessary that your business support team comprise like-minded individuals like yourself who have the ability to solve problems swiftly, possess the passion towards success and most importantly have a sublime character, that makes you like and respect them.
Keeping your enterprise surrounded by such vibrant and like-minded individuals gives a boost to the workflow of your business, pushing you towards becoming a successful company and a successful entrepreneur.
- Building a growth culture
In the competitive environment, businesses are expecting more from their employees than ever.
Such higher expectations is building a pressure gauge inside the employees, keeping their performance at stake.
Thus the main motive of your business mustn’t be the extraction of high-grade service from the employees but a continuous growth in the process that gradually leads to high performance.
As per a business survey,
82% of the businesses feel that implementing a growth culture is crucial for getting a competitive advantage in the market.
A well curated growth culture drives your team morale, boosts them to deliver high performance, keeps them motivated and thus provides a better service to the customers.
- Risk management skills (calculated risks)
Risk management is the mandatory skill that every entrepreneur must possess for effective decision making and a better approach towards the business complexities.
The risk doesn’t mean you move forward with every process that has the lesser success percentage. It’s important that you calculate your risks effectively and avoid the process from disruption.
Defining your goals and objectives clearly makes the risk management process much easier. Thus directing your business on the path for a better performance as well as high-grade service to the customers.
- Patience in the key to entrepreneurial success
To become a successful entrepreneur, patience is crucial as it helps the individual to avoid making hasty decisions and observe the situation with a clear vision and thought process.
In the starting phase of the entrepreneurial journey, failures can cause the individual to be a little impatient, if the risk management plan is not already in place.
Thus risk management is necessary for the businesses for evaluation of the calculated risks and grab the opportunity without being hesitant.
Related Topic: Risk management process – A structured and definite approach towards business uncertainty.
- Being open to every customer feedback
Collecting feedback from the customers is the best evaluation you will receive for the business.
According to a business survey,
89% of the businesses feel that receiving feedback from the customers helps them to take over the opportunities instantly and also swiftly solve the business complexities.
As the ultimate aim of any business is to provide an optimal service to the customers, taking feedback from them is crucial for the growth of the businesses and shaping the entrepreneurial skill sets required for attaining success.
- Self promoting your business
While starting the entrepreneurial journey, the funds are limited with the business and thus investing in mega marketing campaigns with agencies is not feasible.
The simple solution to this situation is self-promotion. Now, you don’t have to go on the road and carry a board with your business name but opting for affordable tactics that provide you with amazing results.
Email marketing is one of the affordable business promotion methods that entrepreneurs can opt for their business.
Also, posting engaging content on various social media platforms such as Facebook, Instagram and so on makes a wider reach of your business brand.
Use of an automated ERP software such as ChiefEx helps you to execute the marketing process seamlessly with better results.
- Setting a strong financial plan
A well structured business financial plan includes both the revenue outcome as well as the expenses incurred in the process.
A successful entrepreneur always maintains an upward trajectory of the cash flow. This also tells where the business is going or might go in the long run.
Here’s the steps incurred in the structured business financial plan:
- Create a strategic plan
- Study and develop a financial projection
- Gather the finances and resources
- Plan for the back-up too
- Monitor your progress
Conclusion: The process of entrepreneurship demands continuous perseverance supported with a structured business plan for reaching the summit and becoming a successful entrepreneur.
Thus the above mentioned factors will help you become an innovative entrepreneur and achieve a great business outcome of it.
Implement the above strategies and let us know how it helped you in enhancing your entrepreneurial journey.
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