Ten Things Every Entrepreneur Should Know

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Ten Things Every Entrepreneur Should Know

I have shared with you several keys to business success on this platform. In this feature, I want to show you ten things every entrepreneur should know. While there is no sure-fire formula for success under the sun, studies have shown that successful entrepreneurs share these ten characteristics. 

Check if you possess any one of them:

Running a one-person business is a creative, flexible and challenging way to become your own boss and chart your own future. It is about creating a life, as it is about making a living. It takes courage, determination and foresight to decide to become an entrepreneur. From the relatively safe cocoon of the corporate world, where pay checks arrive regularly, venturing into the unknown territories of business ownership is an act of courage.

Is there a way to determine whether you will be a successful entrepreneur or not? Alas, there is no formula for success. However, most successful entrepreneurs share these ten characteristics. Check if you possess any one of them:

Think Success

To attain the kind of success that you want, you need to dream big. Every success story starts with big dreams. You need to have a clear vision of what you want to achieve. But it doesn't stop in dreaming alone. You should actively visualize success in your mind that you can almost feel it, touch it or it is within your reach. Play this image back at every opportunity.

Successful entrepreneurs possess an attitude of openness and faith that you can have what you want if you can simply envision it as the first step on the path of action to acquiring it. If you want to be a successful writer, envision yourself signing books for a throng of people who have lined up to have your autograph. If you want to be rich, picture yourself in luxurious surroundings holding a fat bank account. And the process of envisioning success for you should be a constant activity!

You need to think that you are successful (or will be one) every single waking hour. This has been my secret as a writer, speaker and business advisor/coach.

Be Passionate With What You Do

You start a business to change some or all aspects of your life. To attain this change, you need to develop or uncover an intense, personal passion to change the way things are and to live life to the fullest.

Focus On Your Strengths

Let's face it; you cannot be everything to everybody. Each of us has our own strengths and weaknesses. To be effective, you need to identify your strengths and concentrate on them.

You will become more successful if you are able to channel your efforts to areas that you do best. In business, for example, if you know you have good marketing instincts, then harness this strength and make full use of it.

Never Consider The Possibility Of Failure

Ayn Rand, in her novel "The Fountainhead," wrote, "It is not in the nature of man - nor of any living entity, to start out by giving up." As an entrepreneur, you need to fully believe in your goals, and that you can do it. Think that what you are doing will contribute to the betterment of your environment and your personal self.

Plan Accordingly

You have a vision, and you have enough faith in yourself to believe that you can achieve your vision. But do you know how to get to your vision? To achieve your vision, you need to have concrete goals that will provide the stepping-stone towards your ultimate vision. Put your goals in writing; not doing so just makes them as intangible fantasies. You need to plan each day in such a way that your every action contributes to the attainment of your vision. Plan and plan - because without planning failure is guaranteed.

Work Hard

Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day. Working hard will be easy if you have a vision, clear goals, and are passionate with what you do.

Constantly Look For Ways To Network

In business, you are judged by the company you keep - from your management team, board of directors, to strategic partners. Businesses always need assistance, more so, small businesses. It is important to form alliances with people who can help you, and who you can help in return. To succeed in business, you need to possess good networking skills and always be alert to opportunities to expand your contacts.

Willingness To Learn

You need not carry an MBA certificate or PhD degree to succeed in business. In fact, there are a lot of entrepreneurs who did not even finish secondary education. Studies show that most self-made millionaires have average intelligence. Nonetheless, these people reached their full potentials, achieved their financial and personal goals in business because they are willing to learn. This willingness to learn becomes more crucial given the rapid changes in technologies and the ways business is run.

Persevere And Have Faith

No one said that the road to success is easy. Despite your good intentions and diligence, sometimes you will fail. Some successful entrepreneurs suffered setbacks and resounding defeats, even bankruptcy, yet they managed to quickly stand up to make it big in their fields. Your courage to persist in the face of adversity and ability to bounce back after a temporary disappointment will assure you success.

Discipline Yourself

Thomas Huxley once said, "Do what you should do, when you should do it, whether you like it or not." Self-discipline is the key to success. The strength of will to force yourself to pay the price of success - doing what others don't like to do, going the extra mile, fighting and winning the lonely battle with yourself will take you to the top.

You will succeed!