The Keys To Being A Successful Entrepreneur


Because so much of being an entrepreneur is blazing your own trail and walking the path less taken, there isn't exactly a perfect recipe for success. However, there are some key traits and best business practices that many successful entrepreneurs share. Here's what you need to know:

The Right Reasons

Getting into entrepreneurship should be done for the right reasons, not just because you think it would be something cool to try. Identify a specific need or problem and determine a way to solve it. Put your focus on the process, not the potential outcome.

Learning > Earning least in the beginning. Your past career experience, whether from your day job or past startups, is critical. According to the Kauffman Foundation's Making a Successful Entrepreneur, 98% of business founders surveyed said that their prior work experience was "extremely important" to the success they were now enjoying. Pull on your past experiences and education to further your success in entrepreneurship.

"Luck Is A Matter of Preparation Meeting Opportunity."

-Lucius Annaeus Seneca

Luck, though entirely unpredictable, is a huge factor. There are some things that lucky people do that we suggest you try, too!

  • Lucky people frequently pitch ideas
  • Lucky people network
  • Lucky people make and execute plans

It's All About Execution

Maybe ideas come easily to you, but does execution? By executing the ideas you have and being first in the market, you are one step ahead of the game. If you're the first one to the race, the others will have to play catch-up. Things like brand recognition and switching costs will be beneficial to you, making it more challenging for others to replicate your success.

Think of a brand like Amazon. Most of us can't imagine our lives without it! By the time their success led to competitors starting online bookstores, Amazon had enough control over the market to make competition next to impossible. It was their execution, not the idea itself, that changed the way the world goes shopping.

If you are worried that execution isn't your strong suit, remember that it is a habit. Make it a priority to develop a culture of action in your practice, and you can develop into a master of execution!

Embrace The Risk

Beginning your own practice is stepping into the unknown. It is scary, stressful, and also incredibly rewarding. But if you can't handle the uncertainty that it holds, you might not have what it takes to be a successful entrepreneur. Being a risk taker is an essential part of entrepreneurship, and it is often related to success. You know the saying: the bigger the risk, the bigger the reward!

Afraid of Failure? No Way!

Studies have shown that a clear indicator of success in the future for entrepreneurs is failures in the past. That might sound surprising, but think of failure as a teaching tool. Many businesses that are household names today took multiple launches to reach success.

It is unlikely that you will provide a perfect service or product for your clients, so focus on development, launching, and making changes through client feedback. Don't allow setbacks to stop you. Learn and grow from them, and maintain a positive mindset!