Business

Nine ways to become a successful entrepreneur [Updated]

By: Dale Arasa - @inquirerdotnet

Inquirer Los Angeles / 09:28 AM November 26, 2021

Sometimes, you can’t help but wonder how to become a successful entrepreneur. We’ve seen aspiring entrepreneurs conquer their rags-to-riches stories around the world. From humble beginnings, they are now heads of the most successful businesses right now. Some of these business owners even own entire industries nowadays!

It’s easy to forget that we could become one of them as we all stare in awe at what they’ve achieved. Yet, every one of us has what it takes to become a successful entrepreneur. Yes, you may not have the right tools or enough funds to pull this off right now, and with enough determination, you can overcome these obstacles and become a full-fledged entrepreneur!

People throw around this term a lot, yet many of us still don’t know what an entrepreneur is. That’s why we’ll start by explaining what an entrepreneur is. Then, we will see if becoming an entrepreneur is right for you and what you need to become one. More importantly, we will go through the steps of becoming excellent ones.

The 9 ways to become a great entrepreneur

Love what you do.
Take on the biggest challenges.
Stay true to your principles.
Be willing to fail and try again.
Always try something new.
Develop strong leadership qualities.
Expand your connections
Plan your finances
Take care of your body

#1. Love what you do.

You can’t learn how to do something in the best way unless you understand it beforehand. The way to become a successful entrepreneur starts with learning what it’s about.

The word “entrepreneur” comes from the French entreprendre, which means “one who undertakes.” We may also look to its definition from a French phrase.

It sounds similar to “celui qui entreprend,” which loosely translates to “those who get things done.” Based on these terms, becoming an entrepreneur means accomplishing things.

What is it that you want to achieve, though? Successful entrepreneurs have clear goals and know how they’ll reach them. As a result, they’re highly motivated in everything they do.

You’ll notice that they have a lot of passion for their actions. Watch interviews featuring these people, and you’ll notice that they can talk endlessly about what they’re doing.

That’s why you see them never backing down on their objectives, no matter what naysayers think. For example, Elon Musk received lots of negative feedback after his rockets repeatedly failed.

Now, his SpaceX company dominates space rocket flight, and some people speculate that he is shaping a new global industry. Throughout this journey, he always said positive things about his rocket launches.

He keeps on promoting himself because he truly believes in what his company provides. It resonates in his messaging, and it’s an important factor when selling products and services.

In other words, you’ll be hard-pressed with your entrepreneurial efforts if you don’t believe in what you’re providing people. Potential customers will notice and avoid your brand.

In the first place, you may not even trudge that path to become a successful entrepreneur without enough motivation. You have to start with something that you love.

#2. Take on the biggest challenges.

You can become an entrepreneur by reliably providing goods or services. If you want to be a great one, you’ll need to provide something much more.

Greatness doesn’t come from giving what everyone else already got. You will have to find something that they’ve never even seen or thought of before.

Let’s take a look at Steve Jobs as an example. He’s arguably one of the most successful entrepreneurs in the world because he bestowed smartphone technology to the world.

Before the debut of the iPhone, people had cellular phones or cellphones. These were only good for text messages and phone calls, and their online capabilities were severely limited.

You couldn’t even read this article on your phone before touchscreen phones became a thing. Thanks to Jobs, you can enjoy quality content like this on your phone at any time!

Similarly, you have to provide that much impact on others if you truly want to become a successful entrepreneur. This is what happens when you dare to be different.

Keeping up with that previous statement, let’s skip the Steve Jobs quote about thinking different. Instead, define what it means for you to have a major impact on the world.

Remember that this approach involves risks. You will feel anxious or even terrified of failure, but you must press on regardless. If you can’t do this, remember the first step from earlier.

#3. Stay true to your principles.

Look at any company’s website, and you’ll often find a mission and vision statement somewhere. Some people look away as the language can seem too lofty at times.

Yet, it’s one of the most important aspects of a company. Your business should uphold a set of beliefs and values in everything it does. Why is this such a crucial aspect of being a successful entrepreneur?

That’s because entrepreneurship is about providing value for other people, and goods and services are just a means to achieve that goal.

Aside from those, you will need to become reliable and trustworthy. They often translate to providing consistent quality with your business.

It can take a lot of time and effort to build trust, but it can crumble in minutes. Let’s use Enron as an example. It was one of the largest tech firms decades ago.

However, Enron brought a lot of losses to its investors due to its reckless financial moves. This is one of the major factors that led to its downfall. This could also happen to your company.

These principles, beliefs, and values will stem from that passion that the previous section discussed. As you pursue your goals, these ideals should guide you.

They will also help you get back on your feet should your pursuits fail. Integrity keeps your company high and steady, so your customers continue to look up to it.

#4. Be willing to fail and try again.

Let’s make this a bit interesting by quoting a movie titled “Lincoln.” We’ll focus on a scene between Abraham Lincoln and Thaddeus Stevens.

Stevens warned Lincoln that he wasn’t moving fast enough to free the slaves and include their rights in the US constitution. He advised the former president to “heed his inner compass.”

Lincoln responded that you can’t keep looking at a compass when you’re navigating a path. You will sometimes encounter obstacles that you must overcome or circumvent.

Similarly, you will have such problems on the way to becoming a successful entrepreneur. Nobody wants to fail, but it’s bound to happen even to the best of us.

Yet, you can’t just stay frozen after you’ve dropped the ball. You’ll have to bounce back, take the ball again, and land a shot. Again, the previous steps are important for this part.

Your principles will serve as a reminder of why you’re trying to become an entrepreneur. Once you remember that larger goal, it will inspire you to continue that grind.

Just like Lincoln, you won’t find your way to your goal without encountering a roadblock or two. Know that failure is part of the process, but you must get back on your feet every time.

#5. Always try something new.

You’ve seen how much the world is changing nowadays. At the time of writing, it has gone through a COVID pandemic and a conflict between Russia and Ukraine.

That has sparked major changes in our lives. For example, more people prefer working from home nowadays. Remote work was a way to adapt to the lockdowns, but now they want to keep their employment that way.

A quick Google search will reveal that more companies are adopting digital assets. People worldwide find ways to apply cryptocurrency and blockchain technology in everyday life.

These are a lot of concepts you need to keep up with as an entrepreneur. In the coming years, you’ll see more people purchasing and selling products on the internet.

That’s why you will have to be on top of these trends. Find new ways of doing things because everything around you is changing quickly. As a result, you’ll see new ways of achieving your goals.

For example, you may focus on digital marketing instead of promoting with print media. This is a method that reaches more customers but requires less money.

This article mentioned adjusting whenever you encounter an obstacle. It would be difficult to do that if you conform to old methods. Find new ways of doing things, and you’re half of the way to becoming a successful entrepreneur.

#6. Develop strong leadership qualities

You may have noticed that people refer to entrepreneurship and business as the same thing. That’s because you can’t reach your entrepreneur goals alone.

As mentioned, you should strive for huge goals. However, those have a lot of parts that need people to handle them. Let’s look at Apple again as an example.

Steve Jobs is the visionary behind its wonderful products, but his company has so many other parts. For one, he needs people for his marketing team.

Jobs sold millions of iPhones throughout the world, but he couldn’t have assembled them all by himself. He had help from various countries to get the parts and put them together.

The way to become a successful entrepreneur has a similar requirement. You will need to have a plan of how you’ll get to your objectives. This means knowing the right people for the job.

Once you’ve figured that out, it’s time to find and recruit them. That way, they can occupy those roles as early as possible. You might know this as the practice of delegation.

If you don’t find those people right away, don’t fret. As mentioned earlier, setbacks like this are normal. You just have to choose to keep going until you form the right team.

#7. Expand your connections

Along your way to becoming a successful entrepreneur, you’ll find others with similar ambitions. You can help each other in achieving your goals.

For example, you might find a fellow business owner who can feature your brand on their website. You may talk about placing your sponsored content on their page.

If they agree, you may pay them to allow your content. Eventually, their website can serve as another source of potential customers. That’s not all, though.

They might share insights on how to run your business. Perhaps you might learn a new marketing strategy or a product you may want to start offering.

Back then, you do this by attending seminars and conferences. You may search the web for those that are related to your industry. Also, you may join social media groups.

Some of them support your line of work, so you’re bound to meet like-minded people. Besides business partners, your connections should also include customers.

It’s much easier nowadays because you have social media. You can interact with potential clients in real-time, without having to meet in person.

Just like everything else on this list, remember that this takes time. Eventually, you’ll form a web of connections that can hoist your business to greater heights.

#8. Plan your finances

Business owners understand just how important money management is, so you should too. You can’t even start to become a successful entrepreneur without it.

If you’ll launch a startup, you’ll need capital to cover basic operating expenses. However, you’ll have to wait to make a profit since you just started.

This is why you have to plan a budget first. See how much money your new business will cost. Unless you have enough cash, you will have to get funding from loans or investors.

It can be difficult to secure a loan, and it can be harder to repay them. Meanwhile, investors can provide huge initial capital, but you might lose control of the company in the long run.

Know that all your moves will require money, so you must balance profits and expenses carefully. This is when you might need the help of a financial advisor.

If you lack funding, you might want to save money by working first. It’s an alternative to equity and credit that might provide long-term financial stability for your business.

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#9. Take care of your body

Your health should also be your top priority, so you can become a successful entrepreneur. Your body allows you to pursue your goals, so you want it to be in top shape.

It’s not necessary to build a great physique, but you should be at least physically active. This means having a daily exercise routine and eating healthy foods.

Being healthy can also help you promote yourself. If they see that you’re in good shape, then they know that your company is in good hands. Also, your mind relies on your body.

You’ll do a lot of thinking if you’re an entrepreneur. However, poor diet and exercise can affect how you think. You don’t want that happening while you’re planning a major project!

More importantly, you should get some rest. Competitive people tend to forego sleep because they need to get more stuff done. Others see it as a sign of laziness.

However, sleep is an important part of anyone’s health. If you lack rest, your mind won’t be performing at its peak. Worse, it could cause you to experience burnout.

Learn more about how to become a successful entrepreneur

What are the 10 entrepreneurial skills?

Love what you do.
Take on the biggest challenges.
Stay true to your principles.
Be willing to fail and try again.
Always try something new.
Develop strong leadership qualities.
Expand your connections
Plan your finances
Take care of your body

Are entrepreneurs born or made?

Some people may have some of the traits needed to become great entrepreneurs. However, you can also become successful with enough time and effort.

Can anyone be an entrepreneur?

Becoming an entrepreneur involves skills that anyone can learn. If you aspire to greatness, you will need to exert more effort into your chosen pursuit.

Final thoughts

Now you know how to become a successful entrepreneur. Remember that this is a long-term goal. You will not be the next Steve Jobs or Jeff Bezos overnight.

You will have to keep working for years until you reach success. It will be a long and difficult journey, but you can find people who can help you along the way.

You can find these wonderful people at LeadAdvisors. This digital marketing agency can manage your marketing campaign while taking care of business. Click here for more details.