Walking on the path of entrepreneurship is not a cup of tea for everyone. It is a choice to take the difficult challenges to create a mark in the society. It is a journey with full of inevitable ups and downs to make this world a better place. Well, as it was said Rome was not built in a day, one can’t become a successful businessman overnight. Even if you are working hard succeeding as an entrepreneur is tough. You need business acumen and the right mix of skills especially dealing with people.
As per U.S SBA, 66% of startups fail within the first year of launch. What’s more, Entrepreneurs Organization says over 50% of startups fail within the first two years. So, it becomes essential for one to find how to become a successful businessman and operate business smoothly. So here are some tips to help you become a successful entrepreneur.
15 Tips to become a Successful Businessman
Don't be afraid of Risks
You have chosen to be an entrepreneur and one of the most exciting parts of being an entrepreneur is the thrill and exhilaration you get to feel if something works. Even if something doesn’t work, admit a mistake, learn and move on. Always encourage new ideas to flow experiment with them and then make it work for you.
Ask for advice
Are you usually the smartest guy in the room? If so, you’re in the wrong room. If you will go deep into the life of successful entrepreneurs you will find that mentor-ship is a fact they all mention and is what enabled them to get where they are. You can get advice from financial institutions, professionals and industry gurus, among others, but the bottom line is the fact that you have to seek advice before making major moves.
If you don’t have a particular skill and knowledge, don’t wait or stop. Hire an employee or get a freelancer to get it done for you. You never know how much it can cost you to keep a task pending for later. It is good practice to keep the business going in any situation.
Read widely and frequently. Know what your peers and doing and how people have to make it big. The more knowledge you will be more informed and quick decision you can take.
Your team is everything
If you were employee once, you must have thought “It must be so nice to work from home, I wish I could do that!” Create a home like an environment for your employee. Talk and discuss with them. The more you will tell them, the more they will share. Inspire them.
Innovate, Innovate and always Innovate
innovation should be the core of your business. The only things that keep a company running in today’s time are innovation. It is what keeps you ahead of your competitors. Innovation doesn’t mean coming up with something new just for the sake of it but comes up with something which will help your customer with a greater result.
See Result not Reason
There are reasons and there are results, the only thing that matters is the results. Reasons are full of emotional biases and are often wrong. Rather than guiding your business on the backend of assumptions, build it on data.
Know your Customer well
You think you have a billion-dollar idea and it took one year to build the product. Now you go to the market and find that Nobody actually needs the product. So did you really built any product or startup? NO! First know your customer and Build what your customer wants. Try to give them the best experience in whatever way possible.
Be a Leader
Entrepreneurs have to work with a team and take tough decision on a day to day basis. You need to have confidence for all these because team follows the Leader. To become a successful entrepreneur, one must know the qualities of a good leader. Remember a good leader is someone who motivates others in every situation.
Make Critics your Friend
Take as much feedback from as many people as you can about whatever idea you have seek critical feedback. Ask them what's wrong. People don't like to complain or point out faults, but that's what will make your business stronger. You don't have to agree with them or necessarily follow their suggestions. But the more feedback you have, the more information you’ll have to make the right decisions for your business.
Make your Business and Work your worship
If you want to become a successful businessman, be passionate & strong about what you are doing. Either it's 100% in or 100% out. There is no middle ground, there never is. U.S SBA® reports over 47% of startups fail when owners rest on their laurels. Mark Zuckerberg goes to work daily as does Bill Gates of Microsoft, among other successful entrepreneurs. Why should you leave others to run the show?
Follow basic Rules
Being a young entrepreneur doesn't exempt you from registering your business, keeping records and paying taxes.Following these simple rules now will save you from legal and administrative headaches later.
You will feel Death, Get used to it
You never when things are going to start coming at you that you can’t control. Somethings might backfire and you might lose all hopes. There is so much of uncertainty that at one point of time you might feel you have lost almost everything. One must have a strong will and should be hopeful no matter what situation is.
Have a Vision
Know what change you want. With vision you can think about your capabilities and resource. Being a businessman, not having a clear vision or goals is the most dangerous thing to business and to yourself too. To become successful businessman, you must know what goals you have to achieve and what changes need to be done to achieve those goals.
As it is said, there is always a room for improvement. A successful businessman always sees where things are going wrong and how they can be improved. No matter how good your business is going currently, one must look for the opportunities to improve more.