3 Key Tips for Entrepreneur’s Success
As a striving entrepreneur myself, I have recently been doing much research on what makes for a successful entrepreneur. I’ve been operating my consultant company for about 10 years now and it has had its challenges and triumphs. I have read many self-help books, attended many seminars and workshops for small businesses and tried to rub elbows with other business persons who have weathered the storms. There are many published recipes for success, but these three have stood out to me and have been part of the success stories of many of today’s entrepreneur.
Do what you love
Start with a “great” plan
Be flexible enough to continuously reinvent yourself and your organization
Do what you love - I’m sure this comes as no great surprise but this has been a key and consistent ingredient to entrepreneurship success. There is nothing worse than being stuck in a dead end job that you hate. Many people plunge into the world of entrepreneurialism because of this phenomenon. Funny enough many re-live this awful experience by getting into a business that does not speak to their passions, but speak to the latest fad or someone’s suggestion. The current market definitely would play a part in a decision to open a small business, but if your heart is not in it – you are most likely not to be successful at it. Businesses thrive when the business owner is perusing his/her passion and he/she loves what they are doing. Passion will wake you up in the morning, allow you to work those long hours and make the necessary sacrifices needed to push that business from start up to success.
Start with a “great” plan- If you’ve read my previous blogs, you know that I am all about the planning. There is nothing more important to an entrepreneur’s success than a “great” plan. Many entrepreneurs fail sometimes before they even get off the ground; because they did not write a “great” business plan. There is much that goes into planning for your successful business. One must be open to the thought that the idea in their mind might not make for a good business and working through the business planning process will allow you to plan for success or rethink your brilliant idea.
A business plan has important elements such as: market research, identifying the competition, sales strategies and cost analysis. Even if you are not seeking financing, you should still do a business plan as this becomes your guide to operating; and you never know you may need financing as startups often experience cash flow challenges. Investors will always want to see a business plan. A well thought out plan is a key ingredient to business success.
Be flexible enough to continuously reinvent yourself and your organization -in taking a sweeping evolutionary and historical view of today’s business world, I have noticed that humanity has shifted to a new stage of consciousness; it has also invented a radically more productive organizational model. Politics, socio – economics, the global economy have great impact on today’s entrepreneur. Understanding the constant shifts and trends are paramount. The world continues to change rapidly and the consumer mindsets are complex. Options are almost unlimited and competition is everywhere. A successful entrepreneur must be flexible but yet resilient.
Today’s successful entrepreneur must be able to reinvent him/herself and their organizations. Trends and styles change almost daily. That “great” business plan that you wrote will be revamped many times to address and adjust to the changing economy. One must visualize your goals frequently and be open to change. One must strategize constantly and be open to change. One must take action consistently and understand that the only constant is “change”. A successful entrepreneur is a flexible person. One who can change with the times and reinvent themselves and their organizations. Being open to reinventing oneself or organization will allow for needed self-analysis (SWOT). This is essential for growth.
By examining where you are- your strengths, weaknesses, opportunities and threats; you are making a decision to make a change based on current results. Self-analysis is difficult at times, because the realities may not be pretty. Self-analysis is a key element to success and a necessary step in reinventing. The market has shrunk and the community no longer needs that widget you produced – well produce something else. Entrepreneurs can get stuck in a rut and never get out of it, because they were afraid to do something different. I tell you this; I have recently seen some challenged entrepreneurs do great things with their businesses by reinventing the model, and I’m inspired.
I hope this blog has inspired you – Success is yours if you want it.
Check out more of my blogs and resources at integritywomeninbusiness.org
Abbelle Bakr, B.A, C.A, SRTP