The dictionary defines an entrepreneur as “a person who sets up a business or businesses, taking on financial risks in the hope of profit.” But, if you ask most people to describe what it really takes to be a successful entrepreneur, you’ll probably get a lot of different answers.
Ask any successful entrepreneur how they made it and they’ll probably have a different answer for you. But there are some commonalities among the greats. Bill Gates, for example, has said that his success was due in part to always hiring people who were smarter than him.
In a recent Inc. article, author and mentor, experienced entrepreneur, and investor, Tim Berry wrote about the ten things he’s learned from years of helping entrepreneurs. They are:
1. Entrepreneurship is mostly about people.
2. The best entrepreneurs solve problems for themselves first.
3. The biggest mistakes entrepreneurs make are usually people related.
4. The biggest risk for entrepreneurs is running out of cash.
5. The key to being a successful entrepreneur is to focus on the things that you’re good at and delegate or outsource the rest.
6. Having a great idea is important, but it’s not enough. You also need to be able to execute.
7. Being an entrepreneur is a lot like being a parent—it’s a 24/7 job.
8. You need to have a thick skin to be an entrepreneur.
9. You can’t do it all alone—you need a great team.
10. The most successful entrepreneurs are always learning.
So, what does it really take to be a successful entrepreneur? It takes hard work, dedication, and a willingness to learn and grow. It takes focus and the ability to delegate. It takes a great team. Most importantly, it takes a willingness to take risks.
If you’re ready to take the plunge and become an entrepreneur, here are a few things you can do to increase your chances of success:
1. Define your goals and objectives. What are you trying to achieve? What problem are you solving? What need are you filling?
2. Do your research. Learn as much as you can about your industry, your target market, and your competition.
3. Create a business plan. This will be your road map to success.
4. Build a great team. Surround yourself with people who are experts in their field and who share your vision.
5. Stay focused. Don’t try to do everything at once. Prioritize and stay on course.
6. Be flexible. Things will change and you will need to pivot along the way.
7. Be prepared for bumps in the road. There will be hurdles and setbacks. Don’t give up.
8. Keep learning. The most successful entrepreneurs are always learning and growing.
9. Celebrate your successes. Take time to enjoy your accomplishments along the way.
10. Persevere. The journey to success is not always easy, but it’s worth it.
If you’re ready to take the plunge and become an entrepreneur, remember that it takes hard work, dedication, and a willingness to learn and grow. Define your goals, do your research, create a business plan, build a great team, and stay focused. Be flexible, be prepared for bumps in the road, and keep learning. Most importantly, don’t give up. Persevere and you will achieve your goals.
