The life of an entrepreneur can be unforgiving as it can be a constant challenge, especially during the startup phase. Starting a business is more than just having a brilliant idea or solution to an existing problem. An entrepreneur needs to consider other factors that greatly affect the success of their startup.
Success or failure of the startup business depends largely on the factors that entrepreneurs put emphasis on. With endless options available for the success of the business, the entrepreneur has a lot of freedom in choosing which strategies can work best in their ventures. While there is no size that fits all, it is worth considering these factors that can greatly impact the success of most startup businesses.
In the United States alone, there are about 30.2 million small businesses according to the Small Business Association (SBA). But half of that figure makes it to the first 5 years from the start of the operation. Sadly, only a third of the figure makes it to a decade. Most businesses fail within the first 5 years from launching. But there are also businesses that made it beyond the decade mark.
Here are the main reasons why most entrepreneurs succeed in their business.
#1 They know what they are good at and they invest in something they know
The most successful entrepreneurs know their crafts. They know exactly what they are going to offer to the world. Most entrepreneurs give value to people as they try to solve some problems and address modern needs. They try to expand their knowledge about their startup business and learn from other successful mentors to further take their venture to the next level.
They spend time, money and hands-on experience in order to know the in and out of the startup industry. Excellence is the goal for every attempt. For every unsuccessful attempt, they learn from their mistakes and create better products and perform better services for the consumers.
Most entrepreneurs arm themselves with education and experience regarding developing their products and services. They invest in themselves and their crew by taking up seminars, courses, and training to further enhance their strategies in delivering quality business to their target market. Technology also plays a great role in the success of a business.
Most entrepreneurs understand the role of the right tools - software and machinery- for their business to operate smoothly. They invest in the right technology that can help them propel their enterprises faster.
#2 They act quickly and decisively to achieve their well-defined purpose
Most successful businessmen have a clear goal for their business. They know their products and services by heart. They know exactly where they are going, how they should be in the years to come and how they envision their business to be. They have a precise vision of where they should take their company to the next level. They make short-term and long-term goals. Each day, they perform strategies that increase their likelihood of success. They develop a business plan that involves an exit plan in case their business goes south.
Entrepreneurs go lengths to achieve so much in little time. The key is productivity in their daily lives. Most successful ventures have entrepreneurs who act decisively and quickly to achieve their daily, monthly, and yearly goals that they set for their business. Because they have a plan from the very beginning, they also have a precise plan on the necessary things to do every day to escalate their business quickly. Successful entrepreneurs are very productive and they apply productivity systems to their routine so they can grow.
#3 They have self-discipline and superb financial management skills
A successful entrepreneur has mastered self-discipline in conducting business affairs. Self-discipline allows the entrepreneur to develop strong work ethics that often lead to managing the business efficiently and effectively. Discipline is crucial in overcoming obstacles that are inevitable to every business venture. You must understand that in building a solid business, you need to have the discipline, perseverance, and determination to try and try again improving as you go along.
A successful startup venture has a positive cash flow. Positive cash flow can only happen if the entrepreneur running the business is disciplined and efficient in handling money. A wise businessman knows how to spend his cash carefully on things that can contribute to the success of the company. But the wise entrepreneur does not spend hastily.
Instead, he thinks thoroughly about which things to buy and not act on impulse. A successful entrepreneur tracks his income and expenditure and makes sure there is always a positive cash flow in the business. He hires a good accountant and uses an accounting tool to track his finances daily.
#4 They are able to adapt to change while never losing focus
Every day, there are many changes that happen in the startup industry, in every industry for the matter. Top entrepreneurs are always on their feet to make sure they are up to date with the current trends. They adapt quickly and innovate according to the trends. Despite the many fast-changing trends happening and more opportunities opening up, a successful entrepreneur never loses focus.
They strive hard to grow his business by giving it his all and avoid distractions. There will be times you will miss your target or high expectations, but if you stay focused and determined to achieve your goal, you will try and try to achieve your end goal.
Optimization is the key to getting an audience. You should learn the different available optimization options especially online. Get your business presence up to date online. Everybody holds a computer in their hands these days; they will likely know your business when you have a constant update and presence to your target market.
Emphasize digital marketing techniques that are proven effective in increasing website visits and converting them to sales. Most entrepreneurs find a good business partner that has the right complementary skills to make their business idea take off. They often hire people better than them to help their business move up.
If you are not into optimization yet, you better do it fast and do it soon. Your target market might just be sitting with their gadgets looking online on the services or products that you are offering. There might be a hefty amount of competition, but if you have a team that manages your online presence, you could have high traffic visiting your business site every day.
Digital marketing and email automation are the best tools to help your business become known to many. It is important that you have a constant online presence because the world will mostly rely online on every query they have in mind.
#5 They have excellent social skills, high confidence, and persuasive salesman attitude
The task of every entrepreneur is to increase cash flow in the business. Cash flow is what keeps the business alive. The primary role of the entrepreneur is to always bring in positive cash flow in the startup. Any business can easily fail with a limited capital flow. Networking with like-minded people in the industry gives you the benefit of working together creating brilliant solutions for each other’s businesses.
However, it is equally important that you spend time networking with a variety of people. With your marvelous social skills, you can confidently strike conversations to anyone and eventually introducing your business to them. This can open your business to a lot of opportunities.
Confidence in your products and services is the key to successful entrepreneurship. Aside from believing in your startup idea, you should also have the confidence to take up risks. The higher the risk, the more valuable are the lessons and firsthand experiences will you be able to collect in the long run.
Moreover, you should also believe in yourself and the vision you set for yourself and for the business. Every successful entrepreneur went through tough times when they travel the roads of uncertainty.
But they don’t back down from the journey. Instead, they take the risk and leap with faith, preparations, perseverance, and many more. The mistakes you made will become your stepping stones in building your business philosophies and probably use it as the company principles when you get to the top.
Startup business is not for the faint of heart
Any type of business venture is not for the easily intimidated and scared. You will have to work harder than anyone else. You will put in money that sometimes you can lose. You will test waters that you are not sure of. You will have sleepless nights, uncomfortable days and mind-exploding situations that will test your grit, skills, knowledge, and expertise.
You need to develop resilience to failure and the ability to turn up failure into success by not giving up. Consistency is the key. The journey of entrepreneurship is never an easy feat. But with the reasons stated above, you will have your shot at success just like the ones who have made it.
Entrepreneurs think outside the box. They look for opportunities, and if they cannot seem to get an opportunity, they create their own path. They learn from their mistakes and improve their crafts as they go along the long, challenging road to entrepreneurial success.
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