What Does it Take to Become a Successful Entrepreneur?

Being a successful entrepreneur means much more than starting new projects every other day. It means having the right attitude towards an idea and the will and perseverance to achieve success. You don’t need to have heavy qualifications, exorbitant money, an over-sized-brain or even a good idea.

While there are numerous skills one must acquire to be successful, there is no “one size, fits all” theory for entrepreneurship. Some of the following insights can help you become a successful one:

The Idea

You definitely need an idea to get started, and if you have a great idea it is already half a battle won. What you need to also consider is that even the most successful companies were not started on some extra-ordinary ideas. Original ideas are hyped. What isn’t hyped is timing. You want to get to a product or service that can go places –now whether it is original or not, it doesn’t really matter. Think of it – It’s generally easier to polish an existing idea that isn’t fully appreciated than to create a wholly original one.

 Stay Flexible & Adapt

Starting a company is a bit like child raising; everyone around assumes that you know what you’re doing, but kids and companies don’t come with instruction manuals. You will stumble through it, learning as you go.

It’s at the beginning where you’re most likely to fail. Your aim is to build that awesome money-making machine, but you perhaps don’t have all the parts and the ones that you need do cost more than you have. Your idea is probably at least half wrong too, but you won’t know which half yet. Trust Us – All of this is normal.

You can make a great business plan, however a great strategy alone won’t win a game or a battle; the win comes from basic blocking and tackling. Sometimes entrepreneurs waste too much time writing business plans and preparing power points. Mostly, things never turn out the way it is envisioned. No matter how much time you spend working on the plan, you will still have to adjust according to the ground realities. Remember—stay flexible and adapt as new information becomes available.

 Removing yourself

This is a most common thingmost small businesses never accomplish and hence remain small only.

Think of it – Up until today, your magical business machine almost certainly has one unique part: YOU. You are the one who has been working the hardest in your business and you feel overworked but happy about doing what you are doing.

Here’s the difficult part: you need to make yourself redundant. If you move out tomorrow, your business should carry on working the same way. Your time needs to be spent working on your business, not for your business.  In our experience almost 99% of businesses can’t escape this trap. It’s because what makes your company a great company is you, and unless you can repress you into a business model, your business can’t grow.

 Adaptability & Flexibility

It’s good to be obsessive or even persevering about what you do. But being stubborn about client or market needs will mostly lead to failure. You have to remember, an entrepreneurial venture is not simply about doing what you think is good, but also making a successful business out of it. Market needs are ever changing and changes are a frequent phenomenon. Most successful entrepreneurs welcome all proposals that enhance their offering and fulfil client and market needs. A product you develop for yourself alone may qualify as a sideline interest, but a product for the market should satisfy market needs.

And finally

It is not as difficult as it sounds. I will take entrepreneurship as a form of educated gambling.  Skills and Persistence are big factors which plays a very important role in deciding the ultimate fate of the organization. You should develop a resolve to keep getting back up whenever you get knocked down, stay flexible and adapt as per the situation, keep learning from your mistakes and try different things, you will be successful.

For all of above mentioned elements, some people are naturals at some of them; others may need to be developed.  At Leaderinu, we conduct leadership development program, as we focus on getting entrepreneurs to understand and recognize their own leadership styles, as well as giving tools and techniques they can use to hold themselves and their teams accountable to their own execution.   For more information please logon to our website http://www.leaderinu.in/life.php or contact us at info@leaderinu.in.

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