Are you an aspiring business owner or entrepreneur? Have you started laying the groundwork towards establishing your business? You want your business to be a success, but who doesn’t? But then, what’s your definition of success? What qualifies someone as successful?
On the path to achieving success, one must learn from those who have gone on before. Being a successful entrepreneur takes a lot of work.
Here are 11 success tips to help get you started as an aspiring entrepreneur.
1. Do work you care about
Running a business takes a lot of time. Steve Jobs noted that the only way to be satisfied is to do work you truly believe in. What is that thing (could be more) that you care about, and can you imagine yourself happy doing it? Go for it. Challenge yourself by taking that bold step.
2. Believe in yourself
There is no point in going into business if you don’t believe in yourself and your abilities. If you are in business because everybody is toeing the line of entrepreneurship, you will surely fail. As Henry Ford famously said, “Whether you think you can or think you can’t, you’re right.” Believe that you can succeed and find ways through different obstacles. If you don’t, you’ll just find excuses not to.
3. Have a vision
An entrepreneur has a vision for something and a desire to create it. David Karp, the Founder and CEO of Tumblr, also backs this up. Keep your vision clear and before you at all times. Know your goals. Having the end in mind every day ensures you work towards it. Set goals and remind yourself of them each day.
4. Take action
The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well. Start doing and quit talking about all you want to do.
5. Build a great team
Every business needs a team. No one succeeds in business alone. Those who try always lose to a great team. Build your great team to bolster your success. While at it, bring in people with character and values. Nothing beats having people with integrity and loyalty on your team. You can always train someone on skills but can’t instil certain characters into him.
6. Make plans on ways to raise capital
As an aspiring entrepreneur, plan ways to raise capital. Yes, Nigeria isn’t smiling to most people, and people are wary of investing in new businesses. However, you should still make plans. As cliché as it sounds, he who fails to plan plans to fail. Make sure you have several.
Richard Harroch, a venture capitalist, advises upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. You So plan for that.” While at it, don’t spend too much, especially on frivolities, which might seem needed but are not.
7. Learn from mistakes
Many entrepreneurs point to mistakes as being their best teachers. When you learn from your mistakes, you move closer to success, even though you initially failed.
8. Know your customer.
Who is your customer? Who are your products or services for? Dave Thomas, the founder of Wendy’s, cited knowing your customer as one of his three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.
Also, ask for their input- what do they need or want? Ask them directly and listen to what they say carefully. Take note of their complaints and learn from them. Make necessary changes and corrections. Bill Gates once said that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.
9. Understand your industry.
If you want to succeed in business, know and understand your industry very well, as this is the key to having success. Know the trends and adapt to them. The world and the way things are done in industries are constantly changing.
10. Do the time
Every successful business owner will tell you that it wasn’t easy. There were tough and rough times. They didn’t succeed immediately and were once beginners. Steve Jobs noted, “If you look closely, most overnight successes took a long time.” This, you might have found out is the truth. Don’t be afraid to invest time in your company. Persevere. “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.”- Steve Jobs.
11. Deliver more than expected
Google’s Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates. Provide great products and services and you will enjoy this and good referrals.
Being a successful entrepreneur takes a lot of work, vision, and perseverance. These 10 tips will help you navigate the path much more easily. Do you have any more for aspiring entrepreneurs? Do share in the comment section.