Everyone wants to be an entrepreneur—even if it is just to not have a boss breathing down your neck. But becoming a successful entrepreneur is about more than just a burning desire and luck. According to Seneca, luck is what happens when good preparation meets opportunity. It takes a few success traits to line up the stars in your favor, and in this post, we’re going to look at the secrets of successful entrepreneurs.
# 1 Get into the Successful Entrepreneur Mindset
What’s a success mindset? Some people do everything right, but because their mindsets are not attuned to success, they have difficulty achieving their goals. Therefore, you need to get into the right mindset.
- Discover your purpose–True happiness comes from fulfilling your purpose. When you are purpose driven, nothing can derail you from your path.
- Be driven by passion, not money–When you’re driven by money, you will end up cutting corners and failing to listen to your market. Do what you love, and the money and recognition will come to you.
- Know that there will be obstacles–Every business encounters rough seas from time to time, and it’s up to you to keep pushing through the obstacles to success.
- Know your strengths, and acknowledge your weaknesses–Some of the most successful businesses are teams or partnerships. Why? Because individuals with the same mindsets work well together. They know their strengths, and they know when they need assistance or advice.
- Be flexible–As your business grows, you will notice ways in which you have to adapt to changes in the market, or other challenges. Sometimes, accepting those changes is exactly what you need to make a small shift with massive consequences that take your business to the next level.
#2 Define What Success Means to You
Success has a different meaning to every person. What is it to you? Remember, there’s more to success than just money. Holistically approach your definition of success, and consider:
- Will you have a balanced lifestyle with enough time for yourself, your family, and hobbies?
- Does it involve being able to travel extensively while the business continues to grow?
- Does success mean touching lives?
#3 Surround Yourself with the Right People
Positive people will encourage you to reach higher levels. Whether it is a wise word, an important introduction, or help when you need it most, the right people on your journey can make all the difference.
- Choose your mentors wisely–A mentor could be anyone, from a family member or spouse to an author, an industry leader, or a well-known business guru.
- Hire the right people–Look for employees who listen to clients and fellow employees. Excellent, passionate people will keep your company fresh.
- Treat your employees well–If you’re employing people, remember that they make your business what it is. They work with your clients. They are your reputation. Treat them well, and they will look after your clients.
#4 Set Realistic Goals
This is where your mindset really matters, and why it is crucial that you set goals. No matter how big your goals are, the road to success is long and there will be ups and downs, but if you love what you do, you will be able to take it in strides and enjoy the journey.
When setting goals, consider your definition of success and set a time limit on when you’d like to achieve it. Now you can plan how to reach those goals in realistic increments of 6 months, one year, two years and five years.
Follow the 80:20 rule to success, which states that 80% of your success comes from 20% of what you do. Spend your time doing what matters. Be hands-on in the most important aspects of your business, and outsource the rest to capable experts.
#5 Know & Listen to Your Market
One of the main reasons why start-ups fail is because they assume the whole world is their market. That’s simply not true. Your market is the sector that can truly benefit from your product or service at the specific price range you offer. Even with the right niche product or service, you need to ensure that your market is viable for your success.
It is up to you to create a compelling value proposition that triggers customers into making a purchase. Your marketing should be finely tuned, and you need to be prepared to listen to your customers. Customer service is not only the function of the customer service department, but of every staff member.
As you can see, success is a mixture of important ingredients, but it is mainly a mindset of making a difference. The beauty of being a successful entrepreneur is how you can impact the lives around you and watching your start-up grow all because you were mindset ready.