You would think that the all important
question of how to go about succeeding in business would be answered in the
pricey universities you attended. However, the real elements that help you
succeed in business are to be learn't via experience, or by paying attention to
the lives of veterans and actually listening to their personal tales apart from
the amazing statistics of their successful companies.
1. Knowing yourself
Often, youngsters are dazzled by the
promise of making money and jump into entrepreneurship without taking a moment
to ask themselves if they are cut out for the job. Take the time to introspect
and determine if your attitude, emotional strength and mindset are conductive
to being an entrepreneur – if you are a leader, are self reliant and can afford
to pay for your mistakes without the security of a monthly pay cheque.
2. Research
Never underestimate the power of knowledge.
Besides gorging on books on the industry concerned, also interview those
working in the sector to be aware of the practical challenges that you may
face. It is important that you truly understand the nature of your sector.
Analyze your target audience and see if you can find uncatered needs that you
can address, and study market trends to ensure that the iron is still hot.
3. Discipline
Business, whether run on a large scale or
from home, calls for a lot of hard work. You need to be diligent at the desk
and on the field, and keeping distractions at bay is vital. It is very easy for
one to be pulled off the road by something that seems extremely important at a
glance, but is without mettle when tested. Schedule your time and religiously
stick to it.
4. Know Your Numbers
Having an objective and imaginative mind
that conceptualizes big is definitely a boon. But if the same mind is incapable
of crunching numbers, it becomes a problem. If you simply can’t understand
numbers, don’t despair, you can hire someone to make the numbers work for you.
However, functional knowledge of accounts and economics is required to avoid
being conned or mislead.
5. Persistence
Success does not knock on your door the day
you set up a business. Hurdles will continue to meet you on your path and
sometimes they may seem insurmountable. The making of a good entrepreneur and a
tale of successful business, both are created only when you are persistent in
your efforts, refusing to bow down to circumstances or otherwise lose hope and
accept defeat.
6. Leadership
As the founder of a business, the first
role you play is that of a leader. Being a smart entrepreneur is secondary when
compared with the importance of being a leader, motivating your colleagues,
believing in yourself and instilling faith in your co-workers. To be able to
create a successful business that holds its own against competition and becomes
your vehicle to self actualization, you need to evoke the leadership skills in
you.
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