Eleven Ways Entrepreneurs Can Be Successful

Discussion in 'Business' started by nertn, Jun 9, 2016.

  1. nertn

    nertn Active Member

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    Entrepreneurs fail for many reasons, but there are also other reasons why they can be successful. It doesn’t have to be difficult to achieve success as an entrepreneur. Here are ways to do that:

    1. Be smarter: Not talking about the usual IQ here, but entrepreneurs should have higher EIQ or Entrepreneurial IQ. Unfortunately, many entrepreneurs don’t know what they are doing. They need to be smart enough in taking advantage of opportunities and tackling obstacles in the market. Entrepreneurs who are incapable of doing these tasks can be considered as prone to failure and not smart enough.

    2. Choose the right type of funding: Many new entrepreneurs fail because they choose the wrong kind of funding. Even if they have enough money in personal savings, they could use too much of it. Borrowing money from friends and family members could actually become a source of distraction. We should expect that they will ask how their financial investment (our company) is doing. If we want to be successful, we should know about the value of a product or project. This should allow us to allocate the right amount of money and we won’t overspend on something that produces too little.

    3. Successful entrepreneurs are able to respect their investors. They deserve good communication on a regular basis. Instead of allowing them to keep asking, we should inform them directly about the progress of our company.

    4. Sensible expectations: Grandiose expectations often result in both disappointment and failure. Some new entrepreneurs could be brimming with excitement and they may even believe that they could change the world. However, when they face failure, it’s their fault, not the world. Greed and self delusion could also cause failure.

    5. Gain enough soft skills: No matter how inappropriate the situation may be, entrepreneurs should be able to speak their minds. Some successful entrepreneurs, such as the late Steve Jobs, are famous for being outspoken and controversial. Other than being able to tell others about their feeling, entrepreneurs should also know how to listen. They shouldn’t be intolerant, short-tempered and feeling insecure. The worst kind of entrepreneurs is those who can’t accept responsibility for anyone and they constantly seek to blame others for their mistakes.

    6. Get good partners: Entrepreneurs can be successful if they hang out with the right kind of people. “Right” here is actually a broad term. Good guys are those who are open minded enough, but not too receptive to the point that they are being reckless. Good partners include lawyers who provide reliable legal counsel and don’t have any intention to rack up unnecessary fees. Successful entrepreneurs have a list of partners and they should regularly consider whether someone is really worth their time.

    7. Achieve effective sales: Successful entrepreneurs are those who can sell for the right price and at the right time. They understand the sales process and how to find the right kinds of customers.

    8. Gain market visibility: Entrepreneurs can’t be successful if they are invisible to the rest of the world. They should be willing to spend enough money on public relation and marketing.

    9. Even when the money gets a bit tight, it is important to allocate enough for marketing purposes and other methods to increase visibility. By improving market visibility, it’s similar to polishing our services and products until they shine and attract enough potential buyers. Successful entrepreneurs are able to effectively get the word out through different media platforms. If they can’t find us, they won’t buy from us.

    10. Change course when necessary: Many entrepreneurs fail because they are unable to adapt to specific conditions and events. All businesses should have the ability to pivot and change course. Failure could happen when entrepreneurs stubbornly stay on their course, even if the whole world has taken a different path due to changes in technology, political situation and others.
    11. Plan an exit route: Relatively early in their business career, entrepreneurs should be able to define their exit routes. They should use all available resources, including judgment and instinct to define the risk levels. There are different exit routes to deal with financial problems, such as acquisition, merger or an IPO. Good entrepreneurs know the solutions of all possible bad outcomes. Bad entrepreneurs only rely in wishful thinking and miracles.
    Rain likes this.
  2. Gertn

    Gertn Active Member

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    Nice tips dear. More power to your elbow.

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