Today, many youths in America have passion, desire and creativity to take the world by storm and bring in new innovations. This simply explains why you can find many of them being entrepreneurs in different fields and aspects of life. However, owing to their lack of experiences and indestructible naivety attitudes, lots of these young businessmen and women are victims of business failures and debacles today.
This is a great challenge but the good news is that there is a solution for it. You can wade through the liabilities and overcome them in order to successfully launch your business and also ensure that you make huge success even until your retirement. How do you achieve these purposes? Below are some takes on achieving it.
Develop your social network
Social networks provide entrepreneurs with the experiences and professionalism which their teams cannot really offer. Therefore, the most valuable resource an entrepreneur can have when setting up a business is a social network. When establishing a social network, you do not need to go for people within your age group or the same level of experiences. Go for people who have the skills which you are yet to develop.
The owner of Nuts About Granola in York, Pa, Sarah Lanphier, started her business as a college graduate. According to her, her network provided guidance, capital funds and various other important things that helped her to achieve success in the business.
Your young age can be used to your advantage. Lots of older and more experienced businessmen are willing to mentor younger entrepreneurs. This can help in brining you to new contacts that would expand your business further.
Gain mastery in your field
United Bank Card, Inc was founded by Jared Isaacman at 16 years old in his parent’s basement. The company is now a multibillion company. Jared was notable for his proficiency in writing articles on bank processing industry for blogs and magazines.
By conducting business through phone, Jared hid his young age and established himself as an expert on bank processing. However, his young age was less important when he was renowned as an expert.
Build on your business acumen
You can find lots of inexpensive workshops and courses for developing one’s business skills available out there. A good example of this is your local SCORE chapter which provides cheap workshops on writing business plan, marketing and lots of other topics. These can go a long way in helping you to achieve success.
Lanphier conceived her business as a student in the college and in every class project she was given, she applies her business. Her understanding of her industry was very deep and also she understands perfectly the market and has become well acquainted with the kind of customers she will be dealing with by the time she is through with her degree.
According to her, the successes she achieved at the early stage of her business streamed from her ability to apply some things she learned in the classroom to the business.
To be successful as an entrepreneur, you should be able to welcome lifelong learning idea. You must understand that learning is not a one-time time and that it continues every day for greater success to be achieved.
You can classify businesses in different industries into two groups. These include growing businesses and dying ones. There is hardly a business occupying middle grounds in this model. Your business will definitely decline and continue doing so if you assume that you already know everything there is to know when launching your business.
10 Keys to Success as an Entrepreneur
1. A well-defined purpose
It is the main secret of each and every successful entrepreneur. All have started their business with great personal purposes, dreams to pursue, with a great mission and with clear goals to achieve.
Making money is ultimately the goal of every business, but entrepreneurs must base their initiatives on purposes far more valuable than money. Making money is more a consequence of doing things with passion and determination, but should not be seen as the raison d’être of the business or you can easily surrender when finances do not go very well.
2. Deployment speed
Doing things quickly and taking action at the right time is a fundamental skill to achieve the goals and objectives in our business, this is known as “implementation speed”. Entrepreneurs must be determined and do things in the moment, with efficiency and effort until they finish what they started. Entrepreneurship is more about doing, being productive and having the ability to take ideas to action.
3. Good management of finances
It is important to be efficient in handling money and finances, both personally and in our business. It is key to have budgets assigned to each important item in the business models, thus optimizing the use of financial resources and avoiding unnecessary expenses. Before spending money on something, think twice and ask yourself if that spending will positively influence the company in the long run.
Another tip is to save in times of plenty (instead of spending the profits on luxuries and eccentricities) to cope with times of “skinny cows,” remember that a foreclosed businessman is worth two and financial planning is critical to growth Of a company. The first years must be sacrifices, then there will be time and money for luxuries.
4. Social Skills
Networking is another key element for business success. Having a directory with the most influential and powerful people in the industry, represents an immense potential for the development of your company. Imagine being able to solve problems in the company just by making a call! As entrepreneurs we must be in constant relationship with the environment and establish relationships with other entrepreneurs. Creating alliances in the business environment is a great advantage to expand the reach of your business.
Self-discipline is the basis of success in whatever we want to undertake. Without discipline it is impossible to achieve great goals, even if you have a great talent and very good ideas. With discipline you can overcome any obstacles that stand in our way and that of our business.
It is possible that when we embark, we are stalked by insecurity, fears, criticism and many other factors that would render more than one, but it is there that determination becomes the best tool for entrepreneurs to fight tirelessly to achieve his objectives. We must be determined enough to get up again and again even if things get difficult, because in the end everything comes down to working as no one would do to achieve things that no one else would achieve; That’s what it’s all about.
7. Adapt to change
Nothing worse in the business environment than “falling asleep” or fearing the changes. The world is becoming more dynamic and requires entrepreneurs prepared for change and ready to adapt to market trends.
The changes are like “meteorites” that end with “dinosaur companies” and open the door to new markets made up of more flexible and open organizations. As entrepreneurs, we must constantly be aware of the environment, trends and changes that may affect the industry to which our business belongs, so that we can go one step ahead of the competition and take advantage of the changes in our favor.
8. Ability to raise capital
Cash flow is the blood of a business, therefore, a company that does not have enough capital to develop its business model is bound to fail. According to Robert Kiyosaki, “The main duty of an entrepreneur is to raise capital. An entrepreneur who can not obtain capital ceases to be an entrepreneur.”
Financial skills are crucial to efficiently managing a business, not only to be able to raise capital but also to make the best use of resources and continuously increase the capital of investors and suppliers and in this way to create more value For customers.
Lack of focus is the main cause of business failure. It is common for an entrepreneur to have in mind various business opportunities, but to become a successful entrepreneur it is necessary to focus on one business and give the best of us to get it ahead.
It is worth dreaming from the beginning and maintaining a great vision, but the key is to work with your feet on the ground and do one thing at a time. Wanting to do everything at the time will only complicate your life. Remember that success is built step by step; There are no shortcuts!
If you do not believe in yourself Who will do it? … An entrepreneur must be constantly making decisions and taking risks, so it is important that you have confidence in yourself and that the decisions taken will positively impact your business. “The most profitable investments are those that represent the greatest risk”, and only those willing to take big risks will achieve big goals. You must believe in yourself and your abilities, you must be the leader who guides the business to success.
As you can see, business success is not achieved with luck, it is about discipline, hard work, perseverance and determination. Be sure that every day you can be better, think outside the box, innovate and be different. Take risks, learn from your mistakes and, above all, enjoy what you do.