How to become a successful Entrepreneur – Tips for Young and Aspiring Entrepreneurs (Part 2)

On my previous post, I discussed 7 points you will need to possess to be a successful entrepreneur and all these points are basically all about YOU. Now on this part I will share with you some other potentials you need to possess to become successful in your field of entrepreneurship. To become more successful, you will need to:

HIRE GREAT PATNERS: Successful entrepreneurs don’t work alone, they all have a great team and support network behind them. When I say hire great partners, I don’t mean someone who can do the job alone but hire someone with great character whom you like and respect. You and your partners will be working long hours together and making stressful decisions, if your partner has a character you don’t respect then your team will fall apart. Fill your team with people who have great character and you are on your way to success. Always remember you can teach skills but can’t teach character.

SPEND TIME: There is absolutely nothing like overnight success. Successful entrepreneurs take the time that is required to reach success and a lot of them have failures along the way but never give up. If you think it is taking too long to find success, give yourself a break. Keep plugging along, putting in the hours and before long, you’ll be a successful entrepreneur. Just imagine looking back at all the hard work and knowing it paid off. Keep that image in your head to motivate you forward.

WHO IS YOUR CUSTOMER: One of the common reasons that entrepreneurial businesses fail is that there isn’t a customer. If you start a business or make a product but don’t know who will buy it, that person might not actually exist. Before you make a financial plan, raise capital or even choose a name, make sure that there is a customer who would buy your product or use your services. Without a customer, you don’t have a business. Successful entrepreneurs know who their customers are.

LISTEN TO COMPLAINTS: This is one of the tips every entrepreneur should learn. Customer complaints is a very good way of identifying business weak points. Take your customers seriously, listen and treat their complaints with respect. If you don’t listen to their complaints soon you will have no customer. A smart and successful entrepreneur listens to customer complaint and uses that information to fix the business weak points.

EXCEED EXPECTATIONS: If you deliver more than you promised, you are sure to have satisfied customers and business partners. Making promises and not delivering is a very fast way to lose your business and customers. In contrast, successful entrepreneurs exceed expectations.

MANAGE RISKS: Remember I said in my previous post that you should take risks, yes you should but you shouldn’t take every risk that presents itself. Taking risks isn’t just about what the risk is but also when you are taking the risk, be sure to recognise where you are in the entrepreneurial cycle when calculating which risks to take.

READ CASE STUDIES: As an entrepreneur, I encourage you to read case studies and biographies of successful entrepreneurs. There is always something to learn from those who have already done it. Learn from the mistakes of others, the more you learn from their mistakes and success, the faster you can grow your business and become successful.

CONCLUSION: Succeeding in business doesn’t require overnight success. You can do it, if only you’re aware of the potential difficulties and ready to fail. Always remember that passion, perseverance, right attitude and resilience are key factors to succeed in business. Are you ready to succeed?