The business world is attractive, as is the idea of becoming a successful entrepreneur, achieving great goals, and being remembered over time.
However, I know from experience that being an entrepreneur, however fascinating, hides many pitfalls, especially for those who are not ready to face them. What you see from the outside is just the tip of the iceberg. Entrepreneurship involves a number of responsibilities and choices that are difficult to make.
Seeing your business being born and growing it is a bit like becoming a parent – exciting and beautiful, but at the same time just as scary and demanding. It is natural that doubts arise and that sometimes we don’t feel up to the challenge.
If you are wondering how to become a successful entrepreneur and grow a business, the truth is that there is no universal answer to this question. As they say on many occasions, there is no magic formula, no magic pill. Of course, there are some principles and good habits to follow that will help you achieve the results you want.
In this article I offer you my advice that comes from my direct experience in the field. I truly hope that it will be useful for you so that you can understand how an entrepreneur behaves and what it takes to be a successful one.
What it means to be an entrepreneur
Before we start discussing my tips for taking the right steps and achieving success, let’s understand what it actually means to be an entrepreneur.
The first and maybe most important thing to remember is that being an entrepreneur is not just a job, but a real lifestyle.
We can say that the entrepreneur is the one who has the ambition to transform his or her ideas into a business to generate profit. It is about taking your life and career in hand and guiding it in the desired direction.
But this is a somewhat limited definition. Today, the successful entrepreneur is the person who finds a way to solve certain problems and, with his products or services, offers useful solutions to clients.
More than just a job
A business idea is successful when it targets specific needs not yet remedied by other companies, leading a brand to stand out within the market. This also means taking on the risk of making investments, both in time and money.
Of course, there will be setbacks, but the trick is to react in the right way so that they do not lead to definitive collapse.
Being an entrepreneur today also means to have leadership skills necessary to guide your collaborators towards the achievement of common goals.
Remember, the leader is more than just a boss. She or he is the one who manages to convey his ideas and his passion, who is followed by others because they consider him or her an example.
What’s your job as an entrepreneur?
Do you want to be an entrepreneur or a freelancer?
There are certainly some elements in common between these two concepts, but we are talking about two completely different roles.
Yes, both are self-employed, both have a VAT number, and have an economic activity that produces and sells goods and services.
The main difference is that the entrepreneur has a company, a system that works and creates income even when he is not there, or when he spends his time in other activities.
The freelancer cannot.
A good entrepreneur must be able to:
- Define a corporate mission and the values to be followed;
- Lead employees, collaborators, and partners;
- Read financial statements and make short and long-term financial decisions;
- Build customer acquisition strategies;
- Create an effective sales system.
If you want to become a successful entrepreneur, being very good at doing your job technically should not be enough. You have to know how to manage a business.
Now that we’ve clarified the requirements for becoming a successful entrepreneur, it’s time to reveal some valuable tips for starting and growing your business.
10 tips on how to become a successful entrepreneur
Looking at successful entrepreneurs from the outside, you might get the impression that many of them have innate gifts that have allowed them to get to where they are.
Certainly, some people are born with more distinct character traits than others. But each has its strengths and weaknesses.
I have some positive news for you: with a good dose of motivation, commitment, and determination, you too can become the entrepreneur you dream of being 😊
To make your journey easier, here are a few tips you can build on to start laying the foundations for your entrepreneurial career.
1. Find out if entrepreneurship is for you
The first important step is to understand if it is really the career you want or if you are influenced by the fashion of the moment. I do not say this to discourage you, but you must be aware of the fact that being an entrepreneur is not an easy job.
Though it’s incredibly rewarding, you will need to make sacrifice and give up things from time to time.
Therefore, you need to understand if this is really the path you want to take.
How can you figure it out?
First, take into account your goals and personality traits.
Do you want to see your ideas realized? And do you love challenges? Do you think you can go on regardless of the opinions of others? Do you dream big but do you set exact goals? Are you ready to get up after a failure?
If the answer is “yes” to most of the questions, then it means you have the right mindset to be an entrepreneur.
If you think you don’t have the mentality it needs, don’t give up right away. I know that if you really want it, you can develop the right attitude and commitment
2. Choose a field you love
How do you find the winning idea for your business? Start with what you enjoy doing.
Being an entrepreneur is not just a large set of tasks, it also means loving what you do and believing in it with all your strength. Finding motivation is essential. Otherwise, in difficult times, you may be tempted to throw in the towel.
Do you love teaching? Or do you enjoy helping people find their goals? Do you love selling goods? It’s up to you. Any field in the world allows you to become a successful entrepreneur and do what you enjoy doing.
If you need some business ideas, check our article here.
3. Find your target audience
Ok, now you have your idea. What does it take to create a business out of it? You need to find your target audience.
Many entrepreneurs fail at this step. They often think they have found the perfect idea but then, in fact, customers don’t think the same way. And you know how it works – if you don’t have customers, you can’t even make a profit.
So, if you want to develop a completely new idea (whether it’s a service or a physical product), you need to check if there’s any demand for it in the market. If not, don’t worry. As I’ve told you before, there’s no need to reinvent the wheel. You have plenty of options even if you want to become an entrepreneur in a field where you have competitors.
The most important thing is that you can solve the problem or satisfy the desire of a specific market segment, which we will call your target audience.
When defining your audience, you have to be very thorough. Write down the age, geographic location, occupation, interests, passions, and fears that your ideal customers have. The more specific you are in outlining what is called the Buyer Persona, the more clear ideas you will have about how to communicate with them.
4. Plan and start your business h3
Now you have an idea, you know who you want to sell it to, so it’s time to actually work.
This will probably be the hardest part. But you won’t let this scare you, right?
You need to create a feasible project in all its phases: you must have the product or service, a marketing plan to promote your offer, any staff to help you in the management or in the actual work. The specifics of planning also depend on what you would like to do, where you start from, and so on.
Dedicate all the time necessary, otherwise you would risk burning time and money. Of course, you can modify your plan over time to adapt to different needs.
5. Be persevering
As we have already pointed out, the life of an entrepreneur is an uphill battle, especially at the beginning. Don’t give up!
Do you remember when I’ve told you about choosing an idea that was in line with your passions? This is exactly what you need to move forward with your project even when things get complex.
Get ready, you will always encounter opinions contrary to yours, it is inherent in human nature. But this should definitely not discourage you. In some cases they can be useful to better outline your path and make your ideas even more effective.
Sharing your ideas with people you trust is an important part in the process of professional and personal growth. At the same time, you should also listen to people who think differently because they can help you open up to new perspectives that you had not considered before.
Of course, sometimes only envy attacks. In that case, just let them deal with it and never get discouraged. 😊
6. Surround yourself with great associates
The idea of starting your own business is electrifying, but you will soon realize that you cannot manage everything by yourself.
There are too many aspects of running a business: the commercial side, the administrative side, digital marketing, sales, after-sales and so on and so forth.
As soon as you have the financial means, you have to start delegating. (However, in the first or even first two years of the business you need to experience all aspects to know who to hire.)
Having competent and trustworthy collaborators is one of the keys to success, but here many entrepreneurs fall.
Today, people are no longer just looking for a job, they are looking for a work environment that can offer them what they need.
To bring valid collaborators into your company and keep them there, you must treat them as they deserve. You need to involve them in your ideas, reward them for the work they’ve done well, and let them grow professionally.
Only in this way will you be able to surround yourself with staff who improve your ideas as if they were their own, and will give you the help you need to develop your business.
7. Build your network
A great entrepreneur knows that the quality of the contacts he makes affects his life and his work.
The more business people you get to know, the more new opportunities will arise for you to improve or expand your business. It’s one of the secrets of becoming a successful entrepreneur.
After all, every aspect of our existence is based on relationships with others and the professional world is no exception.
Use social media, especially LinkedIn which is a great platform for entrepreneurs and professionals.
The more ramified your network of contacts is, the more and more opportunities you will be able to turn into real business. Obviously, it is not enough just to be present on LinkedIn, precise strategies are necessary to emerge, but this is a whole different story.
8. Be a student for life
I loved being a student, always learning something new. It didn’t really matter that I finished university, I’ve always felt that I can’t leave behind this role. Now I know why.
An entrepreneur never stops learning, even after creating their own empire.
The world is evolving at the speed of light. You have to be hungry for information related to your market, you have to be interested in current trends, and delve into cross-cutting concepts.
Remember that everything you learn, whether it is related to your area of expertise or not, will one day come in handy.
Think about Steve Jobs. One of the courses he took in college was calligraphy. At the time he did not know what it would lead him to, and for years this area seemed disconnected from his personal and professional life. But that course, sometime later, allowed him to design the first computer with beautiful typography.
As he said in his speech at Stanford: “Stay hungry, stay foolish”.
9. Learn from your mistakes
It’s more than likely that failure will come in one way or another.
One of the greatest skills of a successful entrepreneur is to be able to overcome that failure and take advantage of it.
Today this skill is often referred to as a Growth Mindset – any basic skill can be developed through dedication and hard work. So, if something has gone wrong, all you have to do is figure out why, fill in your gaps and get back into the game with new knowledge.
There will be mistakes, you wouldn’t be human if there weren’t. But if you want to become a successful entrepreneur you have to be daring. This involves taking risks which might lead to possible defeats.
Don’t let yourself be disheartened and, if it happens, find a way to regain confidence right away.
Each failure teaches you what you shouldn’t do if you want to achieve your goals, and nothing is as effective as the lessons imparted by experience.
10. First the strategy and then the action
And here is the last tip for how to become a successful entrepreneur.
Everything you do must have a purpose and the actions you take should lead you towards your goal.
So, always start with outlining a strategy, that is, define what you want to achieve, then understand how to get it and, only in the end, take action.
If you are in a hurry to act without having a strategy, you run the risk of doing too much and achieving too little.
Always ask yourself why you do what you do and what you need it for.
Well, now it’s your turn! If you need any help along the way, contact us at info@shapemarketer.com.
Until next time… Peace & Blessings.