It is not easy to succeed instantly in business.
There are a couple of reasons why businesses fail, and some of these reasons are unavoidable and inevitable. However, there are entrepreneurs who know how to move their business in the success path. But it is not an easy path. Sometimes, entrepreneurs do things that are unimaginable and beyond their capacity just to ensure they succeed in their chosen endeavor.
Learn more of some of the reasons why most entrepreneurs were able to ace the business game and build a steady venture.
They have time for their business.
Aside from money, time is the most critical business resource that entrepreneurs have. If you don’t have time for your business, how will you expect your business to grow? Building and managing a business is a demanding job. If you cannot give your 100 percent attention and focus, you are bound to fail. That is why most successful entrepreneurs take the risk of leaving their full time and steady jobs just to focus on their business. They understand that if they want to win the business game, they need to be 100 percent in the game.
Entrepreneurs who have time for their business can manage their business without difficulty. They have time to think of a business plan, look for clients, talk to a prospect, build a team, create a valuable product, etc.
According to the founder of Milo.Co Preston Lee, time and focus is very important in the success of a business. Lee says if an entrepreneur doesn’t have both, their business is just a hobby.
They don’t have a corporate mentality.
If you are in the corporate world, then you have specific tasks that you need to accomplish. If you are an accountant, your role is to bookkeep, create payroll, and manage cash flow, among others. If you are in the recruitment department, your role is to find the right people for the job. If you are in the marketing team, you may be responsible for the graphics, visuals or multimedia content of the company or you are in charge of creating a sales funnel for your sales team. In the corporate world, you play a specific role, which is not the same when you are an entrepreneur.
When you decide to be an entrepreneur, you have to understand that you are a one-man team. You don’t have an assistant, and you don’t have a specific role to do because you will need to do everything - from recruitment, accounting, marketing, sales, etc.
Successful entrepreneurs started by doing everything by themselves. When their business gets bigger, that is the time that they started to hire the right people to help him.
They know their market.
One of the reasons why successful entrepreneurs succeed is because they know their target market very well.
- They have conducted prior research about the business that they want to build and pursue.
- They create a customer persona.
- They know very well the demographics of their customers.
- They talk to their customers, and they put themselves on the shoe of their customers.
- They understand what they need, and they figure out a way on how they will be able to fulfill these needs.
For inspiring entrepreneurs out there, before jumping into the entrepreneurial world, it is best to know your target market and how to deal with them.
According to Vasil Azarov, CEO of Startup Socials, it is not enough that you know all the business slang in the industry. You should also know your customer and how to connect with them.
Jumping into the business world without knowing how your target market behaves is like jumping on a cliff without a harness. You’re just brave to jump, but you are not prepared to take the fall.
They believe in their product and/or services
According to The Huffington co-founder and New Your Times best-selling author Arianna Huffington, when you start a business, you really need to love it. Not everyone will love your product, so be the first one who will believe and love it. You will have many critics and detractors. Also, there will be times that you will lose hope in it. That is the time you need to remember to believe in what you have created.
They network and make friends with the right people.
Successful entrepreneurs surround themselves with people that will help their business grow. It can be a mentor or an adviser. It can also be other successful entrepreneurs or business owners. It can be suppliers and influencers to boost their marketing.
Successful entrepreneurs already know that in order to grow they need to grow their network in the industry as well. If you have the right connection and network, it is easy to penetrate the market. That is why, one of the best pieces of advice of Tim Ferriss, New-York Times best-selling author, and investor, to first-time entrepreneurs, is to choose their friends wisely.
“You are the average of the five people you associate with most,” said Tim Ferris.
Also, don’t be afraid to ask for help. Ask help from the right people in your network and make sure to nurture these relationships. This is one of the best pieces of advice writer and entrepreneur Chris Winfield give to first-time entrepreneurs.
They love what they do.
Building a business is not easy. You will get tired, frustrated and lose hope in the long run. That is why it’s important to choose a business that you actually love.
According to the advice, the entrepreneur and investor of ABC’s Shark Tank Mark Cuban give to first-time entrepreneurs, choose something that you love and something that you are good at. It is really terrifying to start a business. But if you know that you are good at it and it is something that you’ve wanted for a long time, then everything will be less terrifying and a lot easier.
They get out of their comfort zones.
Successful entrepreneurs are not afraid to try something new. They don’t get easily comfortable with where they are. They continue to try something new and explore something different. According to Tomas Laurinavicius, a lifestyle entrepreneur, try new things and travel. Explore and get out of your comfort zone. Let yourself wander.
They know how to use digital marketing to their advantage
The digital revolution we are experiencing today has greatly changed how we do business. If you are an entrepreneur, you need to understand that digital marketing is a critical element that you need to incorporate with your business plan. Most entrepreneurs succeed in their business because they know how to use digital marketing in building their audience, connecting with their target market, and grow their cash flow.
According to Neil Patel, a successful digital entrepreneur, using digital marketing tactics on businesses will help entrepreneurs be able to do several things like connecting with customers online, reaching (mobile customers), increasing return-of-investment (ROI), tracking consumer interactions and getting higher conversions.
They use automation.
Email marketing is another digital disruption that helped many entrepreneurs today to succeed in their business. It helped them to convert leads and increase sales. It is also a cost-effective way to helped them scale their business.
But email marketing can be a lot of work. That is why wise entrepreneurs know how to take advantage of automation. With automation, they are able to save time and make more money. They were also able to convert leads easily. They were even able to create a valuable database.
They are optimistic.
Bad things will come your way, whether you are building a business or not. That is why it’s important to have a positive attitude. Successful entrepreneurs are optimistic. Their optimism helped them to see good things in every mistake that they experience. Aside from that, their positive attitude helped them to make better and more informed decisions.
CEO of Owler, Jim Fowler, suggests to all entrepreneurs to become an optimistic realist.