In today’s world, everybody wants to be an entrepreneur “successful entrepreneur”. No one thinks of working under a boss or making a few bucks. We all aspire to make a huge profit on our own terms and conditions. This is possible only if we do our own business(Business Startup). In order to become the one, one has to make a few extra miles than others. So here are 10 must have’s which will help you to become a Successful Entrepreneur.
- Have a Vision
Having a vision is the first, most important part of being a successful entrepreneur. One needs to know, what exactly he/she wants to achieve. How do they see their business in next coming years? All these add up in the long run. Having a vision for all your endeavors, imagine yourself in the position you want to be and decide on the necessary steps that need to be taken to reach that threshold.
- Make a concrete planIn order to achieve the vision, one has to have a plan to take steps ahead. A business without any concrete plan can never succeed. A to-do list for short-term plans and the long-term plan in black and white. A concrete plan is of the essence when we talk about entrepreneurship, it’s not for others but for you. A concrete plan keeps you focused.
- Take small steps.
No one gets a 7 digit profit on the first day of starting a business. Everybody has to start with small. And then take one step after another, be it in any industry. Take little baby steps, check the waters before diving in and always keep a check on your health as well.
- Analyzing the Industry
In whatsoever field you want to start with, take a deep knowledge of the industry. That is, where the industry is going. And who all will be your competitors. The industry is packed with vultures and scavengers, be safe and choose what’s best for you.
- Having a Competitive advantage
In order to sustain in the market, one should have a competitive advantage. Since in today’s competitive world, you need to be unique if you want to be in the market. Otherwise, why would people switch from one product/service to yours? Since we all know, humans are not very adaptable to changes.
- Risk taker
We all have heard, higher the risk higher will be the return. Same goes for an entrepreneur. An entrepreneur should always be a risk taker, in order to reap maximum profit. No pain, No gain, that how things should be done. Risking is you preparing yourself for the long haul. Because if don’t risk for it, it means you are not ready to start off.
- Channelize the Profit
Merrily profit making won’t suffice. The first and foremost reason for choosing entrepreneurship as a passion should never be to earn money, it is also important but there are far more important agendas an entrepreneur should be investing in. The most important being ‘Compounding’, As Einstein says, ‘Compounding’ the 8th wonder of the world. Compounding is when you channelize your profits to make more profits. It’s as simple as that. The mantra of every entrepreneur should be nothing but ‘Compounding’.
- Select people wisely
Birds of feather flock together. Choose your company wisely. Psychology plays an important role when it comes to being an entrepreneur, the most important decision any entrepreneur ever takes is taking the risk. One should be able to break the mental barrier and take the risk. This cannot be achieved is with people who are underachievers or demotivators. It’s not that you need to be with successful people to be successful, it’s just that you need to have people who make you feel confident and good about yourself around you at all times.
- Bring Transparency
Transparency equals honesty an honest boss is a respected boss. An entrepreneur can only be as clear as water and as hard as stone. Simply looking after your employees isn’t enough. You need to take a step further. Palms open and an open door policy is a way to go. Everything should either exist in black and white or not exist at all and for everyone to see. Say what you mean and mean what you say. Workplace ethics are the most important decisions. Being open and honest takes the company to its heights.
- Always have an alternative plan
Go Big or Go Home is a long gone concept. Go big but don’t go home if it doesn’t work. Just try harder next time at an alternate angle. Persistence and perseverance is the key to becoming successful. Don’t believe me, take any entrepreneur and read about their journey. You will be shocked at how many times they failed to do what they thought they would.