Imagine this: your startup has just launched. You’ve poured a lot of hard work into your new business and hired a stellar team — and now you’re ready to share your great products. Your to-do list is long, but you make all these decisions yourself. Freedom and ambition fuel you each day.
Here are 13 tips to teach you how to become a successful entrepreneur:
1. Face your fears
Fears exist for a reason, but they’re never unconquerable. You may feel reassured to know that many entrepreneurs start a little hesitant and fearful. What matters is that you channel that fear into purposeful actions.
Start by making a list of what scares you. Then, consider why each item on your list makes you feel fearful. Follow this up with a brainstorming session and develop strategies to overcome them.
2. Take action
Aspiring entrepreneurs know that nobody is going to do the work for them. No small business owner can flourish without taking action. That means it’s up to you to widen your skill sets or reach out to new potential customers. Never be afraid to try something new, even if it’s a short-term arrangement.
3. Prepare for financial challenges
Even the best businesses occasionally face financial challenges. Maybe your first marketing strategy didn’t work out, but that doesn’t mean you should quit. When taking on new projects, you must keep your costs and budgets in mind to prepare yourself for any challenges you might face.
4. Find a trusted mentor
Mentors can be great role models for young entrepreneurs. Don’t underestimate the power of the mentor-mentee relationship: someone seasoned and experienced can provide success tips and business advice that may never occur to you.
Reach out to people on social media apps such as LinkedIn to schedule a virtual or in-person chat to foster a new relationship.
5. Have your goals in mind
It would be best if you had something to work towards achieving. Each day, it’s vital to have something in the back of your mind that you’re trying to achieve. Successful entrepreneurs always have short-term and long-term goals in mind that help keeps their focus.
Write your goals down and stick them somewhere you frequently see throughout the day, like the wall in front of your desk. This way, you’ll never forget why you work hard.
6. Embrace your mistakes
Your entrepreneurial journey is going to be one big learning curve. As a first-time entrepreneur, you’ll make plenty of big and small mistakes. But why let them define you?
Instead, turn setbacks into opportunities to strengthen your business model and yourself. It may take time to learn from costly mistakes, but they won’t haunt you forever.
7. Do work that you love
You’re an entrepreneur because you want to chase your passion. Frame your days around topics and projects that fill you with the most happiness. Successful businesses don’t need to persuade new customers that they’re passionate about their work. Each task might not thrill you, but it makes a big difference when you mix in little things that bring you joy. It’s easy to love what you do when you do what you love.
8. Keep on networking
The industry is always changing, and you need to keep up with those changes as best you can. Networking can enlighten you, help with your challenges, and find you friends who can relate to what you’re going through.
It can be uncomfortable initially, but connecting with people over LinkedIn and Twitter can be a great start. Conferences and events are other great places to form connections.
9. Look for tools to use
No need to reinvent the wheel: many tools are available to help you with the tasks involved in starting a company. At the beginning of your startup, you may not want to spend lots of money on working platforms. It’s understandable, but many tools are free or have free trials. A website like Hootsuite can help with your social media and SEO tactics, saving you time, money, and energy.
10. Create a business plan
The creative ideas and dreams you have in your head are great, but they’re only in your head. Developing a business plan means taking those ideas and dreams and putting them on paper. It helps your startup have a focus or mission that’s clear. You become more specific with a set plan, which helps you stay organized.
Think about your product or service, company values, goals for the next year and beyond, where your business will operate, and more.
11. Be frugal with your spending
Learning how to become an entrepreneur includes studying how best to spend your money when your first start out. You’ll have to spend money to make money, but that doesn’t mean you have the all-clear to spend more than you can afford.
Review your business plan and think about what purchases will most impact your business. Is there a way to achieve your plan for a lower cost without cutting quality? How badly do you need this item? Make an effort to make your money count.
12. Listen to high-quality information
Everyone on the internet has something to say, but not all of it is true or in alignment with your specific interests. Some information might tell you how to become an overnight success but it’s far from being achievable or possible.
Rather you should take your time with your research. Read and listen to people with proven experience and who you feel comfortable with. Some entrepreneurs are all about taking big risks, but maybe you’re not. Make sure your information is factual and comes from credible sources as well, so your business plan and strategies are thought out.
13. Take care of yourself
The transition to being your boss can be tricky. You may find your work-life balance fading into one significant overload of work. It’s important to make mindful decisions to take care of your well-being.
Find ways to unplug every so often, like going for a walk or eating your favorite food — anything to be kind to yourself and reward yourself for your hard work.
Source: Elizabeth Perry
Content Marketing Manager, ACC
