Starting one’s own business is not for everyone. Some might think that all you need is money to launch a successful entity. Yet, it requires a lot of hard work and dedication as well.
9 out of 10 startups will fail, and it is not because they lack money. Not everything is about cash, mindset, willingness to risk, and sacrifice also count. Here are the top ten skills, traits, and ways of looking at things that are found in every successful entrepreneur.
The statistics of successful risk-taking is far from being on the entrepreneurs’ side, but it should not be discouraging.
Consider each of the small failures on the road as a warning to act smarter and learn from others’ mistakes. It is essential to be ready to risk; after all, you are working on personal business, so there will be ups and downs anyway.
In other words, a successful entrepreneur should have thick skin and be ready for all types of consequences.
Good time management
It is going to take a lot of work, after hours–or, simply speaking, all your time. When you are building up a business, there are no weekends and holidays when you can forget about everything.
The only way to deal with it is to master time management skills. It is all about prioritizing.
The same rule of proper task delegating and efficient time-management applies to all entrepreneurs.
Knowing the Market
Another important feature of successful entrepreneurs is that they provide a product that has a demand.
Someone can create something truly unique, but if people do not need it, they are not going to purchase the item. It is quite simple – you need to find a niche or a gap in the market and fulfill it with your product.
The clients need to know the value of it and how it will make their lives better.
In his book Weird Ideas That Work, Stanford professor Robert I.Sutton shows how even the most well-researched traditional strategies do not always work in the world of business.
Research is great, but you need to be creative, innovative, and find new ways and solutions continuously. Traditional marketing should be a base to start from.
Gathering a diverse team
A great business is built on a great team. Work on gathering people with different skills and mindsets. This way, in cooperation, you can come up with new ideas and solutions.
If you surround yourself with like-minded people only, there will be not much creativity in a process.
Starting when you want
Some might think that college is not the time to work on a startup. However, you can start whenever you want. The history knows successful entrepreneurs of all kinds, some of them started very early in their life. There are others who succeeded late, like Amancio Ortega.
College years might be the best time to give it a shot while innovative people surround you. It doesn’t have to harm the studying process or influence grades.
The huge success is unlikely to knock your door overnight. An entrepreneur should have patience and be ready to work more and more on any startup.
It is going to take time, and you need to have a clear idea of what you are trying to achieve.
But being ready to fail
Again, statistically speaking, you will encounter some kind of failure on the road. So be ready that everything might go not according to the plan.
Being an entrepreneur means failing and trying again and again. This idea failed? Ok, that’s bad, but now you have an experience that you can use in the next project.
Eventually, every entrepreneur needs to choose between something important and investing in a new project. You need to be ready to sacrifices and stay devoted to the startup.
Still, it is important to draw some lines here. Do not let your entrepreneurship activities interfere with your personal life.
Whether it is a new marketing strategy, SEO, market demand, niche audience, etc., you are going to learn all the way. Starting and running a business can be called some kind of life college.
And here, to succeed, you need to be a straight-A learner! It is important to be ready to let competitors teach you some stuff. Keep track of the latest research in your field as well.
You don’t need a lot of cash to be an entrepreneur. Some of them, like John Roa, started with almost nothing.
You can sell services, create a new product, or do whatever you deem necessary.
The success lies in the mindset and ability to manage one’s time. You need to continually learn, be ready to risk, and begin again.