Staying successful: what does it take to make it as an entrepreneur?
Lots of people have great ideas and can turn them into a business. And there is a lot of support out there for new businesses, with reduced business rates and government-backed start up loans.
The main challenge facing entrepreneurs isn’t getting started. It is staying successful.
The difficulties come when you’ve run your business for a while and you’re looking to take the next step. Changing your business model and expanding your team are big steps to take.
It’s not impossible at all. It just takes thought, consideration and careful planning. Successful entrepreneurs do the following five things:
- Care about their business.
- Love to learn.
- Stay ahead of the game.
- Accept help.
- Adapt to change.
Caring about your business
Above all, you have to be passionate about what you do. You need your enthusiasm to rub off on people so they buy into your products and ideas.
You have probably heard people talk about having an ‘entrepreneurial spirit’. The phrase suggests passion and resilience – caring deeply about a business and doing what it takes to make it work.
If you have entrepreneurial spirit, don’t lose it. As the challenges mount up, never lose sight of what you set out to achieve.
Love to learn
Most people are not born and bred entrepreneurs. It takes a lot of hard work to become successful and you will probably have to pick up new skills and new concepts along the way.
Whether you’re looking for ways to break into new markets or you need to learn how to manage a team, being willing is the first step. Take advice from those who have experience and learn as much as you can from them.
Stay ahead of the game
As an entrepreneur, you may have a head filled with ideas. Deciding how to turn these ideas into a reality is essential, or they’ll remain in your head as background noise.
It’s never too soon to start thinking about your future strategy. Plan, adapt and formulate new ideas, and explore all avenues. It’s a team effort – no good entrepreneur works alone. Devise strategies with the people around you and take all their advice on board. Everybody has different strengths, so draw on people’s abilities and use them to move forward.
Accepting help can feel hard when you’re a successful, standalone businessperson. You need to remember that there is absolutely no shame in it and if you are truly dedicated to growing your business, the input of others is going to be invaluable.
If you are committed to expanding your existing business portfolio, now might be a good time to engage a professional business coach. Choose someone commercially minded who has a great track record for success. They know the world of business inside out and can provide solutions you could never have come up with alone.
Adapt to change
In business, no two days are the same. A successful entrepreneur will be able to deal with change and adapt to it skilfully.
The secret to success here is unlocking the potential in new situations. Your business coach could be just the right person to help you do this. Knowing your business so intimately can sometimes make it harder for you to think outside the box and come up with new ideas. Consider all options and take on board professional opinions.