Being a successful entrepreneur is the dream of many but statistics show there is a 93% failure of all startups. The entrepreneurship space is increasing globally daily as many people, mostly youths are establishing businesses in various segments of their interest.
Entrepreneurship itself is the art of innovation and risk-taking for profit in business. Most entrepreneur builds their businesses for solely the aim of profit but being passionate about their functioning field and fulfilling purpose is what keeps them motivated to go through the many challenges before reaching success.
A successful entrepreneur must dare to take extra risks and make the maximum investment in growth and development but what's the secret behind their success?
Rati Tchelidze at Axios Holding, is one of the successful entrepreneurs within the FinTech sector often interviewed to share his tips on how to succeed in a competitive financial industry. In a recent interview on his success, he explained his most quoted quote; "the motto of every successful entrepreneur must be to always Question, Learn, and Improve". According to Rati Tchelidze, it is the learning, training, improvement, and empowerment of every member of a company that makes every institution a success. Let's take a look at each of these factors and their importance to Entrepreneurs;
An entrepreneur who wants to go far and be successful in the race amongst all other competitors in probably the same field or be widely known and recognized must learn to always question everything. Questioning every action, thought, plan, and daily productive activities should be the quality of an entrepreneur aiming for outstanding success.
According to Anthony Robbins "Successful people ask better questions and as a result, they get better answers". Results that bring profit to an entrepreneur is important to the business in line. Making plans and dreaming to become very successful in the entrepreneurial world must be well subjected to questions and must be answered for success.
Examples of questions that can be asked and answered by entrepreneurs include:
- What problem do I hope to solve?
- Who is my target audience?
- What legacy do I want to leave?
- How can I be better in my field?
- What lessons from personal and external mistakes have I learned?
- What can I learn to make my service or product better?
- What do I need to start, discard, or improve on?
Once entrepreneurs can successfully answer these basic questions it pushes them to be more and do more thereby leading to success and of course profit.
Focusing on a quote by Brain Tracy that individuals that continually learn, adapt, and acquire skills and knowledge can apply these to become leaders in any sphere of life. Learning is defined as continuously and consciously acquiring new knowledge or increasing in knowledge and application of the knowledge gotten.
To become a successful entrepreneur you need to learn from everything around you. After answering the questions go on the quest for more knowledge and apply the knowledge. Every successful entrepreneur understands that the place of learning either via a person who has gone ahead or through resources like books and YouTube videos can not be forgotten.
The motto must include more of learning as a continuum and focus on the extraordinary application of all that has been learned for success.
According to Forbes, this is a list of things that entrepreneurs can gain knowledge of:
An entrepreneur treading the part of success must have a great knowledge of time management and have it strike a balance with productivity. A good understanding of time management makes an entrepreneur very disciplined about the matters of time.
Building a brand that your customers can trust with their money and resources is key for every brooding successful entrepreneur. People want to be able to connect with entrepreneurs and trust them, learning about branding can't go to waste for an entrepreneur.
Entrepreneurs striving for success must learn the rudiments of communication for their clients, prospects, and partners.
“Effective communication is 20% what you know and 80% how you feel about what you know.” ---Jim Rohn.
Having a strong networking spirit is something every successful entrepreneur has learned. It is said that your network is your net worth and building relationships with other entrepreneurs mostly in your field is a major tool to network.
Learning about finance and how to spend money is key for every successful entrepreneur or an entrepreneur hoping to become successful one day, entrepreneurs must understand that you can't spend more than the profit made.
Technology in the world is gaining momentum daily and an entrepreneur with the aim of success must be at the top in their areas. The ability to improve in whatever business it is to fit into the digital space is something every successive entrepreneur has to do. Improving in different aspects like:
- Read more books.
- Take related courses.
- Work on your sales skills.
- Focus on your health.
This follows the process of questioning to learning and then to improving, these three are of importance to every successful entrepreneur.