6 Tips On Becoming A Successful Entrepreneur

Published by Win Advisors on

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A successful business always starts with you!

Have you ever imagined what it will be like being your own boss and dictating your own work schedule? Being an entrepreneur is the answer! An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. Embarking on your own business is an invigorating and fulfilling adventure. Imagine doing what you love while maintaining a well-balanced lifestyle!

Although it may be a dream career for most people, not everyone can be a successful entrepreneur. Here are 6 essential tips:

1. Make risk-taking your first nature

Be part of ‘The 2% Mindset’. Make stepping out of your comfort zone instinctual. As an entrepreneur, you are not able to “choose” the type of work you want to do. No two days of your work week are the same. Sometimes it may be client-facing when discussing proposals with your investors, other times it may be an entire day in the office just writing.

Being an entrepreneur is entering a world of uncertainty almost by default. You need to be willing to take risks by breaking barriers and seeking gratification in conquering new ventures. You may face failure three consecutive times, and only see the beacon of success on the fourth attempt. You must be a person that embraces unpredictability and thrives in the associated opportunities. To become successful at being your own boss, you need to have the grit to be able to make risky decisions.

2. Be self-motivating and resilient

The title ‘own boss’ or ‘founder’ already suggests that you will have to be independent, both mentally and emotionally. You are on your own when it comes to setting up your own business. You are your own cheerleader. Nobody is going to give you a pat on the back for a job well done or a hug to spur you on after a difficult day. You are all you have. If you are confident in trusting your own instincts and resilient to rejection, that is all you need. To keep your self-motivating streak going, compare yourself with yourself, not others. Ignore those nay-sayers, but always learn from the concerns they raise. “Failure is a lesson learned. Success is a lesson applied” – do not fear failure, redefine it instead and take in the lesson from it.

3. Master the art of persuasion

As said by Aesop, “Persuasion is often more effectual than force”. Having the ability to sway the opinion of others in your favour is essential to succeed in your entrepreneurial journey. Persuasion skills are important for sales and marketing as it is a method to motivate clients to invest in your products and services. These skills can be studied, and techniques mastered – for example, the confidence in public speaking, effective customer engagement and rational argumentation. With these skills, you are now ready to thrive in your entrepreneurial career.

4. Be prudent when managing your dollar

Like all businesses, you will need to negotiate everything from leases to contract terms to prices of outsourcing jobs. Being prudent and having polished negotiation skills is necessary to keep your business flourishing. You always want to get the longer end of the stick.

Having a fluctuating income also necessitates finance management both personally and professionally. This includes tracking your expenses, working within a lean budget and establishing an emergency fund. After all, with no money there is no business.

5. Always think outside of the box

There is no single conventional solution to the spectrum of challenges faced when you are starting your own business. It may even be a single problem that requires different solutions under varying situations. You must have the flexibility, creativity and innovation to build on fresh ideas and solve ever-changing problems. Business fads and market movements are also constantly morphing. Entrepreneurs must have the insight on growing trends and new markets; and be able to take advantage of these timely opportunities.

6. Surround yourself with a reliable support system

The initial months of starting your own business are the most trying. It is inevitable that you are mostly alone facing these hurdles and that makes it even more important to have a network of support with people whom you can depend on. If you find yourself in a solitary venture, consider finding a business mentor who is experienced, successful, and willing to provide advice and guidance.

Taking the first step to becoming an entrepreneur and starting your own business might be daunting; a path laden with stumbling blocks and uncertainty. We hope our tips will be a useful tool for you when facing these challenges.

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