Entrepreneurs are creative individuals who use their business techniques and leadership skills to cultivate productive and profitable enterprises. Achieving success as an entrepreneur can look vastly different depending on the nature of the business, location and even the state of the economy, but there are still basic ways to encourage others to succeed in your organization. If you’re an aspiring entrepreneur, it can be helpful to familiarize yourself with tips for improving your skills as a leader and as a business professional.In this article, we define what makes someone a successful entrepreneur and provide a list of 32 tips you can use to maximize your chances of succeeding when overseeing and profiting from a business or enterprise.
Patrick McKenna, a co-founder and partner at Comeback Capital, has some great tips for success when you are just starting out in your career or starting your own business.
What makes a successful entrepreneur?
An entrepreneur is an individual who creates and oversees the major business decisions of an enterprise, with many of the risks associated with that project falling directly on them should issues occur.There’s no clear way to decide how successful someone is in their entrepreneurial activities. While some may use sales as a metric for success, others may consider elements like total revenue, investments and market competition to gauge performance. You can determine how successful an entrepreneur is in several ways, including:
- Having the right business skills and intuition to generate a company profit
- Constantly creating new business ideas and designs that can generate customer demand and investor interest
- Creating a motivating work atmosphere
- The magnitude of their assets, including the size of their operation in terms of employees, brick and mortar facilities, machinery or investments
Being profitable, innovative and inspiring helps make an entrepreneur successful and helps them to continue developing in their career. Related: How To Become an Online Entrepreneur: Definition, Steps and Skills
How to be a successful entrepreneur
Here are 32 tips that can help you become a successful entrepreneur:
1. Be flexible
Staying flexible is important for entrepreneurs who are constantly generating business plans. The ability to adapt to unexpected circumstances can help keep their ideas new and innovative by forcing you to look for alternatives. Being receptive to others’ input or understanding that your idea may have to change are two simple ways you can practice flexibility.
2. Learn from others
Whether you’re starting your career or you already have relevant entrepreneurial experience, learning from others is a great way to improve your business skills and help make your company more profitable. Try reaching out to any successful entrepreneurs in your life and asking them about their career motivations and advice. You might consider reading a book by an entrepreneur you admire or listening to a podcast that’s relevant to your field in order to learn more.
3. Deliver quality
When you’re generating reports for investors, creating products for customers or creating a business plan, it’s key to deliver quality work. This helps others see your passion and dedication to becoming a successful entrepreneur. Consistent quality work will also ensure you develop a reputation for being reliable.
4. Find a mentor
If you’re hoping to improve your entrepreneurial skills while gaining professional contacts, consider looking for a mentor. Your mentor can be anyone you trust that has industry experience related to your career or personal goals. Mentors who have experience in the business and entrepreneurial field can relay their knowledge to you and help you grow in your career.Read more: How To Find a Mentor in 5 Steps
5. Be ambitious
Consider demonstrating your ambition by talking with other entrepreneurs and business owners. Try asking them questions and communicating your desire to become a successful entrepreneur. Being ambitious in the entrepreneurial field can help you find new business opportunities and earn job positions and roles that offer entrepreneurial experience and networking possibilities.
6. Stay updated
Successful entrepreneurs stay up-to-date with the world’s technological and business advancements. Every year, companies may use new software and different techniques to continue gaining customers and generating profits. It’s important to be adaptable to change, so consider adopting some of these advancements into your own business.Related: 14 Entrepreneur Resources for Starting a Successful Business
7. Give yourself creative space
Successful entrepreneurs are constantly generating new and exciting business opportunities. One way to accomplish this is by giving yourself creative time and space away from your business and other distractions. Focusing your attention on creative ingenuity can help you continue to develop new ideas when you return to your work.Related: How To Increase Creativity in the Workplace (With Tips)
8. Take risks
Taking risks can lead to new and beneficial opportunities. Pitching your business ideas to investors or creating a company within a competitive market might feel risky, but those opportunities could present you with startup money for your business or a highly profitable entrepreneurial endeavor. While you can still analyze the situation and determine the pros and cons of taking a risk, you may surprise yourself with how much you can benefit.
9. Set goals
Goals can turn your business ventures or ideas into achievable objectives. By creating a set of goals for your career as an entrepreneur, you can establish steps to help your businesses launch and grow. It may be useful to identify a long-term goal, then work backward by setting smaller milestones you can accomplish in the near future.Read more: How To Successfully Set Goals
10. Challenge yourself
Challenging yourself can be important as an entrepreneur because it can make some other challenges feel more achievable. For example, if you want to find startup money for your business, challenge yourself to create a business plan that would impress a highly reputable venture capital firm. Even if you’re not able to present your plan to that firm specifically, it’s possible that you’ll create something very professional that can help attract other investors.
11. Find your passion
Being passionate about your career as an entrepreneur can help you achieve your goals, generate new ideas and create professional business plans. Discovering why you care about your job, whether it’s the love for your ideas or the desire to be your own boss, can keep you excited about your work and help you complete your daily responsibilities. Identify what about your career in particular makes you happy and focus on that when developing future career goals.
12. Trust yourself
Being able to trust yourself as an entrepreneur is important because it can allow you to make decisions and pitch new ideas without hesitation. Having the ability to make quick and smart decisions can help your entrepreneurial skills grow and your business succeed. Trust your intuition while also taking the necessary measures to analyze and determine the risks when making decisions. Related: 14 Ways To Build Trust in the Workplace
13. Surround yourself with hard workers
It’s beneficial to work with other individuals who are just as dedicated and passionate about an entrepreneurial career as you are. Colleagues can motivate each other to succeed through friendly competition and a drive for success. Whether you partner with these individuals or hire them as key staff for your business, surrounding yourself with hard workers can help boost your business’ productivity.
14. Take action
If you find an opportunity that can benefit your entrepreneurial career or business, it can be important to act on it. Try taking quick and decisive action, whether it’s approving an investment opportunity or accepting the help of a marketing company. This can help your business grow more quickly and continue to generate profits.
15. Understand your finances
Knowing how much money you and your business have available to spend can help you prioritize what’s most important and how to help your company grow most efficiently. One way to do this efficiently is to create a budget and set-up a time every month to review your finances. Consider hiring a financial advisor or other professional to analyze your finances and explain them to you in everyday terms.Related: 7 Reasons Why Budgeting Is Important
16. Learn to inspire
When employees or coworkers feel inspired in their workplace, it can increase productivity and can create a pleasant work atmosphere. Affirming an individual’s work ethic, providing bonuses or rewards for meeting goals and complimenting completed tasks can help inspire employees and boost workplace morale. When employees have inspiration, they may feel more inclined to excel in their assignments and work productively.
17. Know who you’re selling to
Creating a potential customer profile is a great way to understand your customer base and create a product or service that’s easily marketable. If you know certain information like the age and occupation of your target clientele, you can develop a more beneficial product. With specific information about the interests, needs and behaviors of your target demographic, you can make more informed decisions when developing products or services.
18. Keep innovating
It can be important for an entrepreneur to keep creating innovative ideas and products for customers to help their company or business stay relevant in the competitive market. By staying competitive, you can increase your company’s customer base and profitability. The more you innovate, the more you’re likely to advance. Related: Three Types of Innovation: Definitions and Details
19. Get feedback
Listening to the opinions of other individuals on an idea or decision can help an entrepreneur make smart choices that can benefit their business and career. Asking for feedback can be a great way to learn new ideas and expand your thinking. If you already have parts of your business or enterprise on the market, consider gathering feedback from customers to gain even more insights.
20. Exceed your goals
When you set goals, it can be helpful to not just achieve the goal, but exceed your own expectations of achievement. This can help your career and business develop more quickly and demonstrate your determination. Try working towards your goals by identifying them specifically and creating milestones you plan on meeting by certain timeframes.
21. Do your research
Whether you’re finding out more information on potential investors or you’re trying to understand how to best sell to your target customers, conducting research can be very helpful. Researching an investment company can better prepare you for a potential pitch meeting. Researching your customer base can help you market your products and services more efficiently.
22. Know how to promote yourself
Promoting yourself and your entrepreneurial skills is key. It can show investors and potential employers your determination, and it informs them about your business ideas. Practice your self-promotion as often as you can so that when an opportunity presents itself, like an investor meeting, you can talk about yourself and your ideas with confidence.Related: 9 Low-Cost Ways To Promote Your Business Online
23. Build a professional network
Building a network of professional contacts can benefit you as an entrepreneur by providing you with possible career and investment opportunities. You can use social media, job networking sites or communication in person, by phone or via email to stay connected with your network. Not only is it helpful to build your network, but when you maintain that network by checking in with individuals and offering your help, you establish yourself as a generous and reputable entrepreneur.
24. Pace yourself
A great way to continue pursuing your career as an entrepreneur is to achieve modest goals. Try to gradually increase your skills and experience in small increments to make milestones more attainable. This can help you gain a solid, basic understanding of the subjects you need to master to reach your larger objectives.
25. Stay organized
It’s important for entrepreneurs to stay organized because they might have many ideas that they’re pitching to several investors at the same time. You may also have to spread your time between different meetings and professional obligations, so it’s important to have a schedule you can reference regularly. Depending on your own personal preferences, you might use a spreadsheet, notebook or other documents to track your important commitments.Related: 14 Ways To Get Organized at Work
26. Get the right equipment
As an entrepreneur, it’s important to have access to the right equipment. Whether it’s computers, printers or other specialized machines, entrepreneurs need the right tools to continue to grow their company and present their ideas to investors and other businesses. Budgeting is another important component of this, as you need funds to purchase and update equipment over time.
27. Stay active
Exercising is a great way for an entrepreneur to stay active. While exercising, you can keep your mind running while you continue to generate new ideas and business opportunities. Even going for a brief run every other day can help an entrepreneur in their daily responsibilities.Related: 30 Ways To Exercise at Your Desk (And Why It’s Important)
28. Take breaks
Breaks help entrepreneurs avoid frustration and burnout. Something as small as a quick snack break during the workday or something larger like a vacation can make a massive difference in your productivity. It can help to get away from work for short durations in order to stay productive and passionate about the job.
29. Ask questions
Asking questions about a business idea, product or service is a great way for entrepreneurs to best serve their clientele. Consider asking questions to colleagues or industry professionals to gain additional insights. Sending out surveys to customers or talking with investors and coworkers can help an entrepreneur know if they need to make adjustments to improve their ideas or services. Related: Survey Templates and How To Use Them Effectively
30. Trust your instinct
Entrepreneurs have to make important decisions concerning finances, employment, projects and marketing, all of which can benefit from the use of intuition. Instincts, when paired with experience and knowledge, can help entrepreneurs develop their businesses. If you have a good feeling that a decision will benefit your company, even if others disagree, sometimes that feeling comes from strong business knowledge, and it might be helpful to follow it.
31. Create a business plan
Create a professional business plan so you can present your entrepreneurial ideas to other businesses, mentors and potential investors. A business plan can include your company’s mission, target customer base and competitive market strategy. Follow your business plan while also acknowledging the importance of adaptability should unforeseen circumstances appear.
32. Find a business location
Having a set location where you conduct your business can help you pursue your career as an entrepreneur. It’s important to have a work environment where people feel comfortable, supported and excited to show up every day. Whether you’re working out of your garage or renting office space, a business location can increase your clientele, attract investors and boost your productivity.
