This is a guest post by JonJon.
There are a good and growing number of entrepreneurs who are making a success of what they want to do. However, for every Richard Branson and Jack Dorsey, there are thousands of one-man-bands and wannabe business owners who are floundering in the seas of commerce. What is it that the most successful entrepreneurs have in common? Let’s take a look at the top five secrets shared by them all.
1) Decide where it is you want to be. Probably the biggest obstacle to success is fear. If you want your business to succeed, then you’ve got to think big and outside the box. If you think small and conventional, then you’ll only achieve small and conventional things. A great part of your journey involves dedication and an almost obsessive approach to what you do. If you know where you want to end up, then the likelihood is that you will put the wheels in motion long before any of your peers do. The big picture gives you a goal, and having a goal is the first step towards having a plan. While some may perceive this sort of attitude as arrogant, it’s more to do with self-belief than showing off.
2) Understand money. Although many entrepreneurs are driven by a passion for their product or service, the ultimate aim is to make money. However, you can’t make money unless you understand how it works and how to make it work for you. It’s certainly worth getting an accountancy program onboard as soon as you even think about starting a business. QuickBooks from Intuit is aimed at SMEs, but Intuit has given it the facility to expand with you. Set yourself targets to understand the complexities of finance; stick to your budgets and, if you can, underspend. Don’t be afraid to negotiate deals and haggle; the more experience you have with money, the better you’ll know how to handle it.
3) Be passionate. If you really care about what you have to offer, then each challenge you face will be less of an obstacle and more of a test of your creative resources. Passion means that you will join the dots between A and Z – possibly not taking the traditional route – but ending up where you want to be nevertheless. Passion is the thing that will carry you through the dark times. According to research by Thomas J Stanley, author of The Millionaire Mind, 80% of successful entrepreneurs say they would have given up if they weren’t passionate about what they were doing.
4) Invest in yourself. As soon as money starts to come in, it’s easy to spend it – perhaps on a little reward or a celebration. However, that mindset is shortsighted. The most successful entrepreneurs have long range vision. Rather than blowing their profits, they will re-invest them in their business, helping it to grow and prosper. Never spend needlessly.
5) Be prepared to take risks. Opportunities come in many different guises and it’s the successful entrepreneurs who roll the dice and embrace them. Some may not work out, but unless you’re prepared to have a go, you’ll never find out about the ones that will, and reap those awesome benefits of success.
About the Author
JonJon Yeung enjoys writing and specialises in entrepreneurship and small business tips.