We live in an entrepreneurship era, where entrepreneurship is considered essential to the growth of the national economy. In India, the startup ecosystem has accelerated its pace becoming the hot favorite space for many young entrepreneurs and startups to make their mark. As India is witnessing a steady rise in women entrepreneurship, more women are pursuing their career in this direction. There are many successful entrepreneurs who soared high spreading their wings wide and those who also have stories to proclaim. While these stories serve the basic starters for the aspirant entrepreneurs, here we have few tips that can be the main course for such aspirants.
Below are the 10 tips to become a successful entrepreneur:
1) Be Passionate: “People with great passion can make the impossible happen.” Passion is like an oxygen to the soul. When you love what you do, you find higher levels of satisfaction that can compensate for anything. Being an entrepreneur is no easy job; it requires one to stretch for long hours and make sacrifices for your business. When you’re not passionate about what you’re doing, you feel stressed, demotivated and often lack your purpose. Hence, give power to the calling, make it your heart’s desire, breathe it, chase it and live with it.
2) Build/Hire the right team: “Great things in business are never done by one person. They’re done by a team of people.” Successful entrepreneurs are successful only when they have a team who supports. Hence, it is always important to build a perfect team with the right people who share the vision of the entrepreneur and thrive towards it. Hire the right people with the right attitude who can work for long hours with you and support you during the stressful decisions. Choose wisely and hire the right partners/team.
3) Believe in yourself: “To be a champ you have to believe in yourself when no one else will.” Believing in yourself is the first step to success. You need to have faith in yourself, your brand and what you’re doing in order to succeed in your business. Only when you believe in yourself, your intuition and your wisdom to make decisions, your team starts building the trust in you. A man with self-confidence is trusted by his team. So, don’t stop believing in yourself no matter what happens. Believe in yourself, listen to your gut, and do what you love.
4) Learn from the best: “Learning is an experience. Everything else is just information.” A person grows only when he learns. Not everyone knows everything and he needs someone to learn from; be it a mentor, or mistakes of others or self-made mistakes. The more you learn, the wiser you become. Hence, do not ever hesitate to ask for help or a piece of advice from mentors or others. Try to make more connections and more networking, because the more connections you make the easier it will be for you to grow as an entrepreneur and your business too. Learning from the best will always help you to be the best.
5) Inspire: “By doing what you love, you inspire and awaken the hearts of others.” Inspire and get inspired. When you inspire others to work, you are actually giving people a reason to be excited to work for your company. Inspire and invest in your team and by doing so, you’re helping them to grow and your business as well. Make it a goal to inspire others, compliment your team and invest in them.
6) Innovate: “The only way to thrive is to innovate.” Any business that does not innovate will fail over time. It is very important to know yourself, your brand, your customer and innovate. A successful entrepreneur knows his customer as there is no business without a customer. Introduce new products, services, ideas but also make sure your customers are satisfied and you achieve great results from it.
7) Build long-term relationships: “Business follows relationships.” Businesses prefer to work with the companies they know, like and trust. It is very crucial to build and nurture long-term relationships with the companies and to earn their loyalty. Develop lasting relationships with companies, other entrepreneurs, customers, and vendors. Relationship networking is about who you know and more importantly, who knows you.
8) Position yourself as a Leader: “A leader is one who knows the way, goes the way and shows the way.” It is very important for an entrepreneur to position himself as a leader in order to succeed. Be a leader, take a stand and be willing to make tough decisions when needed. Be a person of trust where your whole team relies on your confidence against all odds. So, position yourself as a leader and not a boss, because a leader leads the way, whereas a boss drives.
9) Stay hungry and ambitious: “Ambition is the path to success. Persistence is the vehicle you arrive in.” An entrepreneur or a business should never stop but has to be relentless in bringing fresh products or ideas every time. Their zeal to grow and provide better services for their customers keeps them hungry and ambitious every time. Be humble. Be hungry. And always be the hardest worker in the room.
10) Manage risks: “The biggest risk a person can take is doing nothing.” A successful entrepreneur will be willing to take risks anytime as taking risk is a part of his/her job. Being an entrepreneur also requires to recognize the risks that one should take. Hence, it is necessary for an entrepreneur to identify those risks which benefit the organization and those which do not.