How to Become a Successful Entrepreneur

July 7, 2020
Posted in journey
July 7, 2020 brett

How to Become a Successful Entrepreneur

There’s no cut and dry formula that all entrepreneurs follow to reach their goals. But despite vast differences in their starting point, company vision, and path to success, entrepreneurs often have similar shared traits.

Instead of wondering what contributes to the success of certain entrepreneurs, we decided to ask them. 

Below, twelve impressive business owners answer the question “What is your best tip on how to become a successful entrepreneur?”

 

Understand Your Industry

Successful entrepreneurs invest time and energy to become the top experts, thoroughly understanding that ins and outs of their industry, and thus being able to deliver that unique value to their customers. If you believe you can deliver value to your customers that your competitors cannot, then you may have a successful business idea. 

Henry Babich, Stomadent Dental Laboratory

 

Find Your Support

There might be days where you feel like you can accomplish anything as an entrepreneur, and then more often than not,  there will be days when we will want to give up and quit. When the hard days come around, you need to have a circle of people that you can go to in order to give you back your motivation. Find friends, family members or colleagues that will help you dust yourself off and get back up! Surround yourself with people that believe in you and your ambitions.

 Vanessa Molica, The Lash Professional

 

Patience and Resilience 

99% of successful entrepreneurs have been hustling out of the limelight for decades even. Get through each day, regardless of how tough it was, to come back fighting the next day. Keep your eye on your long term goals for motivation and tracking. Your success depends on your resilience and drive to keep going when everyone else has given up!

Ahmed Mir, Nature and Bloom

 

Don’t Multitask

The life of a successful entrepreneur can feel scattered and unorganized at times, but it’s important to limit your time spent multitasking and jumping around from one task to another without a plan. Focus on your priorities and hold yourself accountable to calendars and to-do lists to make your time more impactful. 

Peter Babichenko, Sahara Case

 

Find a Problem in the Marketplace and Solve It 

That may sound simple, but it works. For example, my company helps financial advisors with their marketing. The reason I’m successful is that financial advisors tend to be terrible marketers. They legitimately need my services and I’m here to help them.

James Pollard, The Advisor Coach LLC

 

Create a Board of Advisors

Create a board of advisors that adds value to your company, consider assembling a group of people with the talents that you’re missing on your team. The criteria include relevant industry experience, proven track record, and expert credentials. Why not add experience navigating recessions to your list of board member criteria?

Jonathan Slain, Recession.com

 

Listen to Your Customers

The people buying from you are the only reason you will ever succeed. If they have complaints, fix them. If they have compliments, keep doing what they like. The answers are out there. In eCommerce, all you have to do is read customer reviews to know what’s good or not about a product. You don’t need to be a genius to figure that out.

Jake Rheude, Red Stag Fulfillment

 

Find What Gives You Intrinsic Motivation 

Entrepreneurs have to be fueled by a desire from within to keep performing all the necessary tasks and responsibilities that successful entrepreneurship requires. So if you don’t really want to be doing something, don’t even start! You’ll burn out before you get any traction. Find what you love doing, and turn that into a business.

Jayson DeMers, EmailAnalytics

 

Find a Mentor Right Away 

You will not be able to figure everything out on your own, it is literally impossible. A mentor or coach you trust and has been there and done that can help you more than you would ever imagine. They have a different perspective and will have more than likely been there before and can give you the guidance you need to get through whatever situation you find yourself in. It’s like having the cheat codes to your favorite game, except it’s not cheating, it’s being a smart business owner asking for help from someone who wants to help you.

Ben Walker, Transcription Outsourcing, LLC

 

Think Long-Term

You need to occasionally get out of the daily grind to make sure you’re headed in the direction you actually want to go. A weekly review, that incorporates a list of questions that focuses me to think long-term, has had the most positive impact for my business.

RJ Weiss, The Ways to Wealth

 

Ensure You’re Looking Forward to Going to Work

If you want to become a successful entrepreneur, you have to do something that interests you and motivates you to work harder. If you just pick up an idea because it’s profitable, you’ll end up working for money alone and you’ll soon find yourself hating your work. Instead, do something you’re passionate about, something that makes you look forward to getting to work every day.

Jane Kovalkova, Chanty

 

Ask for Help

Being an entrepreneur is equally thrilling and terrifying. The best tip to become successful is to ask for help. Oftentimes the world of entrepreneurship is defined by grit and hustle, which is valid, but there is also a fear factor when it comes to asking for help. Find people you admire and ask to hear about their journey. Soak up all of the knowledge and apply it to your own business. 

Emily Bosak, Digital PR Agency

 

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