Today we are going to learn about; How to be a Successful Entrepreneur
Here are some definitions about Entrepreneur
a person who sets up a business or businesses, taking on financial risks in the hope of profit.
(From Investo Pedia)
What is an Entrepreneur?
An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services and business/or procedures.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. Those who fail suffer losses and become less prevalent in the markets.
Being an Entrepreneur is a great choice. Before we start to do anything we need to understand about that; being an Entrepreneur is also the same. This is not just Today you want to be an Entrepreneur and tomorrow you will become an Entrepreneur. Before starting or diving into anything in this world, you need to have some knowledge about that particular thing you are diving into.
Here is a short and Motivational Video you must watch before reading the whole article.
In this article we are going to cover most of the points needed to be a Successful Entrepreneur.
Here we go:
1. Knowledge is more important than Money/Capital.
Most of the newbie Entrepreneur focus on Capital more than knowledge, but the truth is; if you have Capital and don’t have enough knowledge to use that Money/Capital so very soon you will lose your Capital, therefore, knowledge is crucial.
For example; if you want to be a software developer so you have to learn about developing software and you are not going to learn it overnight, you have to spend some time on this to learn properly to master in your field.
2. Start a Business with a mentor.
Now, if you for example have decided to be a software developer and you have learnt enough and now you are almost master in your field so it does not mean that you can start your software Company right away. You now need Mentors to start with. For example; you have experience of few years in your field so this is not enough, find out at least 2 (TWO) Mentors who who can work with you, here we are not talking about only Mentors but the Mentor with the experience of 10 to 15 years, just imagine; if you have the experience of few years and you found at least two Mentors with the experience of lets say; 10 years of each so for 2 (TWO) Mentors it is 20 years and including you it is about 30 Years of experience.
3. Keep friends and relatives away.
Now you will think what is this about? keeping friends and relatives away has nothing to do with our Business strategy. But you should learn from experienced people because whatever they say is for a reason and keeping them away is also a reason.
For example; usually, we discuss everything with the people are close to us and your Business idea can be revealed during the emotional talk/discussions, so it is crucial to be careful that you never reveal your idea specially in front of your close circle.
4. Never expose your weakness.
Every person in the world has some weakness in some prospects, you should determine your weak points and try to keep them unexposed and keep working on fixing your weak points, because we should keep improving our self everyday.
5. Never stop learning.
There is a famous saying; Educate yourself from Birth till Death. we should learn new things each and everyday because the world is full of information and nobody knows everything but everybody knows something, that’s why we should keep learning specially regarding our project. because technology never remains same. it changes time to time so we have to follow the trend because Trend is Friend. as we keep learning soon we will be able to invent things in a new way.
6. Find a good Co-Founder.
When you start your journey as an Entrepreneur, you will have to face lots of challenges time to time, therefore, you need a Co-Founder with the same vision and mission and the person who is cooperative. when we face some challenges so we need people with solution, not with complain, so a good Co-Founder is a key for your Success who will stand with you in every situation and will encourage you to move on and step ahead, Therefore, having a good Co-Founder is also beneficial towards our dream.
7. Aim High and think Big.
When we talk about innovations, we have to think out of Box. if you think Big so it does not mean that; you are a day dreamer. but as much you can dream so do it, because, if we dream so we can get some kind of courage to push our self to reach our goals in our own way and if we depend/relay on others, then there is no room for innovations, we should innovate our own ways with the combination of some useful researches.
8. Hard work is the way to Success.
The way some people think to do/get something overnight is a way to be unrealistic, we live in the real world and we live a real life so we should be real as well with our Business life. Therefore, we have to accept that; working hard is crucial to be Succeed in our goals, the point i want to mention here is; we should not only work hard but also work smart, when both of them come together, we get smart results.
9. Do a Market survey and have expert opinion.
There is a famous saying; “Trend is Friend” if we do not want to follow the Market so this is fine but if we are not in touch with the Market so we cannot make a perfect strategy, therefore, Market survey is crucial and you should not relay only on Market survey but also take some expert opinion as well, By doing these steps you can even create your own ways but for sure you need to know first that; what is the requirement of Market, What people want and for this you have to look into Market and New ideas will born in your Mind by doing your Smart Analyzing.
Successful entrepreneurs are those started their vision and never gave up on them. Now they are well-known by the World.
How can I become entrepreneur?
Follow these steps to become an entrepreneur:
Step 1 : Find your interest. Step 2 : Research and dig as deep as you can. Step 3 : Have an entrepreneur mindset. Step 4 : Know the fundamentals and technical’s. Step 5 : Start your business model at a slow phase. Step 6 : Have patience and never give up.