Becoming an entrepreneur is a dream for many people. When they think of entrepreneurship, they picture lavish riches, expensive cars, opulent homes and designer clothing. Sure, for some, this might become a reality; however, it shouldn’t be the primary motivation for someone wishing to break into the entrepreneurial scene. To become a successful entrepreneur, one needs commitment, dedication and a propensity for some degree of risk taking. So, if you’re someone who wants to become an entrepreneur, or alternatively, you just want to learn something new about the field, be sure to read through the following tips.
Build your business around your values
You can’t build a business that sells something you hate. It simply won’t work. If you want the satisfaction of having created something meaningful, you at least have to like what you’re selling or what you’re providing. Your business’ mission statement and values should closely resemble your own. If you care about the environment, then frame your business around programs and solutions that seek to improve environmental sustainability. The purpose of this is to unlock your passion. You need passion to be an entrepreneur who runs a business. Build a business model that is centred on what you value in today’s society and the passion and determination to succeed will naturally come.
Trust your instincts
The most successful entrepreneurs trust their instincts. If they feel their time at a particular business has run its course, then they often leave. Take for example Hari Ravichandran – an engineer in practice yet a successful entrepreneur by nature. He founded Endurance International Group in 1997 and built it as a start-up company from the ground up. Today, the company is worth over $3.5b and has over 3500 employees. However, Mr. Ravichandran knew when to leave and left the company because he wanted to be challenged and to be solving real problems. He missed being an engineer, applying his trade to individual consumer issues. Sometimes, it’s important to not get caught up in all the hype and to be constantly following your passion: trust your instincts and back yourself.
The sky is the limit
When it comes to the world of entrepreneurship, the sky is truly the limit. For the most successful business ventures, there can be no end in sight when it comes to growth and profitability. To be a successful entrepreneur, you genuinely have to believe that the impossible can become the possible. Sometimes, you have to be a dreamer and ponder the “what ifs” in order to give your business the best chance of long-term success.
Don’t forget your purpose
If you can recall the first tip, you’ll remember that the art of entrepreneurship is heavily focused on building a business centred on your values and mission. You simply can’t forget this. You can’t forget why you started your business in the first place. A casing example of a company having lost its way is Facebook. They marketed themselves as a social media network that was all about bringing people together and breaking down boundaries. Recent developments, however, would suggest that their advertising revenue model began to consume their business, ultimately, at the expense of individual privacy and liberty. In essence, they lost their way and now face an uphill battle in order to win the public relations battle and win back society’s trust.
Never think you’re above anything
If you start to believe that you are above others, then you’ll struggle to network and capitalise on opportunities. You can never think that you are better than others, particularly those who work in your business. Likewise, you can never think that you are bigger than the market itself. We can never truly know or predict with 100% accuracy what the market will do and how to combat such movements. Instead, build a corporate environment that revolves around trust and acceptance, where everyone is equal and respected. This will do so much for your corporate culture, particularly in terms of bringing a greater level of innovation to your business’ core operations.
The customer is always right
You might have a great idea that you are genuinely passionate about. You might have a great business model that makes logical sense. However, if you haven’t considered what the customer wants, then you’re in trouble. The old adage “the customer is always right” continues to be true in the modern world of business. Build a brand message that makes your customers feel valued and appreciated when they make a purchase. Build those relationships based on specific buyer traits and you’ll soon have a loyal customer base.
Megan DeGrom was born and raised in New Jersey just outside the Pine Barrons. As a journalist, Megan has contributed to many online publications including Rotten Tomatoes and Variety. In regards to academics, Megan earned a degree in business from St. John’s University. Megan covers economy stories here at Clear Publicist.