Being an entrepreneur is an exciting and potentially highly profitable venture. However, entrepreneurs incur huge risks since there’s a high likelihood of failure. To be a successful entrepreneur, you have to have the right attitude, build your business intelligently, and keep it running with wise management. Here are a few easy steps on how to run your own business successfully!
Having the Right Attitude
Love what you do. Passion is the single most important ingredient for a successful business. If you don’t love what you do, entrepreneurship will be a constant grind that ends in defeat. As the owner of your own business, you have to go all in. You can’t do that unless you love your company.
*Make a list of your strengths and weaknesses. Have your business play to your strengths. For instance, if you specialize in cooking and customer service, start a restaurant! If you’re more mathematically oriented, go into accounting or engineering. If you’re a people person, start your own party planning business!
*Make a list of your passions. If you love baseball, running, watching sports, and going to the gym, consider starting a personal training business.
*If you are already an entrepreneur, ask yourself if you love what you do. Be honest with yourself. If you truly do love your work, your determination will be reaffirmed. If you’re struggling and don’t like the kind of work your business does, consider changing your company to align with your interests or starting over from scratch.
*Take your work seriously by giving your business your full attention and effort. Be determined to succeed. A positive mindset will lead to positive results. Running your own business is more than a full time job. It’s your life. You need to be committed or you won’t make it.
*Be prepared to work harder than you’ve ever worked before. Starting a company from the ground up requires an enormous effort. You need to be committed if you hope to succeed.
*Have a mindset of working as hard as possible. This will be stressful, but especially at the beginning, there’s no time off. You need to work constantly to grow your business. Otherwise, somebody else is working harder than you and they’ll succeed rather than you.
*Work from home. Answer emails and make calls even when you’re out of the office.
*Make sure you take time off too, though. It can be tempting to work 24/7. The trick is to be at 100 percent when you work. Working harder is better than working longer. To be at your best, you need time off. Take a short vacation if you’re feeling burned out. Take time to stretch your legs and relax during the work day. Take lunch breaks every day.
*Be organized. Organization is key to being efficient with your time. This doesn’t just mean keeping your paperwork and files in order. You have to have systems and routines in place to accomplish daily tasks. To-do lists are a great way to stay organized.
*Create a calendar that has everything on it. This is more efficient than separate calendars for separate activities. Include work, social, and family events into your calendar. Keep it up to date, and check it regularly.
*Budget your time wisely. You should look to fill the entire day with productive work, punctuated by short breaks. Don’t waste time on a fool’s errand or a long shot.
*Don’t be afraid to innovate. Tap in to you inner creativity and trust your intuition. A big part of what sets successful businesses apart is that the owners are trail blazers. You can’t just follow in everyone else’s footsteps. At some point, you have to set yourself apart from the pack.
*You need to take risks to be successful. You won’t always have all the information or all the resources necessary to make a decision. Go out on a limb and trust that you’ll make the right choice.
*Brainstorm and come up with new solutions. Try your own method of fundraising or your own approach to managing employees. Better yet, come up with a new product entirely.
*Be willing to listen and learn. This is essential, because you don’t know everything. Build relationships with industry professionals and take their advice to heart. Work closely with your business partners and employees, and ask them for the input. Even if you don’t take it, they’ll appreciate the sentiment.
*Good leaders always ask for help. You need to accept that you don’t know everything, and you can be a better leader with the collective knowledge of your friends and coworkers. Try to find a mentor in your industry to help you along the way.
*Invest in yourself. All the best entrepreneurs take time and money to better themselves and become experts in their fields. Buy your market’s best books and journals, and read about the market every day. Attend business seminars and constantly educate yourself. Practice the relevant skills and take classes.
*Money should be no object when investing in yourself. Those investments will always have the biggest returns in the long run.
*You should, however, balance time spend on yourself and time spent on your business. Your business should come first in the short term, but self-investment should focus on the long term.
*Be an exemplary leader. Project a positive image and it will pervade your company. You are the standard bearer for your business. How you act determines how people perceive your business. Go out of your way to make sure your image is professional and welcoming.
*Go out of your way to make a good first impression. This is especially important when meeting with investors or industry leaders.
*Be encouraging and positive. This positivity will trickle down to the rest of your company.
*Be accessible. Have an open-door policy, and encourage people to come talk to you about anything and everything.
*Always dress for the part. This is essential for your image. Look and act professional at all times.
*Have a top-notch office if possible. If you work from home, have meetings in a public place like a coffee shop or library instead.
*Be prepared to face failure and adversity. Eight out of ten small businesses fail. The odds are against you, and you’re sure to face adversity. To come out successful, you need tenacity and determination. Don’t be afraid to take risks. You need to be relentless and fearless to overcome the challenges ahead. If you aren’t that kind of person, being an entrepreneur may not be for you.
*Find motivation to keep going. Have a personal mantra, a pump up song, a person in your life to push you, or an inner flame that keeps you going. Whatever it is, you need to be strong and motivated.
*If you fail, get up and try again. It may take you a couple tries to get a successful business off the ground. Don’t be discouraged if you fail the first time.