The first thing we will be talking
about is the definition of entrepreneurship and the skills required.
Definition: The ability and readiness to grow,
organize and manage a business venture along with any of its risks in order to
make a profit. The most obvious example of entrepreneurship is the starting of
new businesses.
In
economics, free enterprise is combined with land, labour, natural resources and
capital can produce profit. Entrepreneurial spirit is characterized by
innovation and risk-taking, and is an essential part of a nation's ability to
succeed in an ever changing and increasingly competitive global marketplace.
Being
successful often means learning from those who have already achieved their
goals. Having a mentor is an amazing blessing to an entrepreneur, but not
everyone can find one in person.
If you
haven’t yet found your personal business guru, here are 21 tips for young or
aspiring entrepreneur to help get you started.
1.
Challenge yourself.
Richard
Branson says his biggest motivation is to keep challenging himself. He treats
life like one long university education, where he can learn more every day. You
can too! Go on challenge your selfnow.
2. Do
work you care about.
There’s no
doubt that running a business take a lot of time. Steve Jobs noted that the
only way to be satisfied in your life is to do work that you truly believe in.
3. Take
the risk.
We never
know the outcome of our efforts unless we actually do it. Jeff Bezos said it
helped to know that he wouldn’t regret failure, but he would regret not trying.
4.
Believe in yourself.
As Henry
Ford famously said, “Whether you think you can, or think you can’t, you’re
right.” Believe that you can succeed, and you’ll find ways through different
obstacles. If you don’t, you’ll just find excuses.
5. Have a
vision.
The founder
and CEO of Tumblr, David Karp, notes that an entrepreneur is someone who
has a vision for something and a desire to create it. Keep your vision clear at
all times.
6. Find
good people.
Who you’re
with is who you become. Reid Hoffman, co-founder of LinkedIn, noted that the
fastest way to change yourself is to hang out with people who are already the
way you want to be.
7. Face
your fears.
Overcoming
fear isn’t easy, but it must be done. Arianna Huffington
once said that she found fearlessness was like a muscle -- the more
she exercised it, the stronger it became.
8. Take
action.
The world is
full of great ideas, but success only comes through action. Walt Disney once
said that the easiest way to get started is to quit talking and start doing.
That’s true for your success as well.
9. Do the
time.
No one
succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely
noted, “If you look closely, most overnight successes took a long time.” Don’t
be afraid to invest time in your company.
10.
Manage energy, not time.
Your energy
limits what you can do with your time, so manage it wisely.
11. Build
a great team.
No one
succeeds in business alone, and those who try will lose to a great team every
time. Build your own great team to bolster your success.
12. Hire
character.
As you build
your team, hire for character and values. You can always train someone on
skills, but you can’t make someone’s values fit your company after the fact.
13. Plan
for raising capital.
Richard
Harroch, a venture capitalist, has this advice for upcoming entrepreneurs:
“It’s almost always harder to raise capital than you thought it would be, and
it always takes longer. So plan for that.”
14. Know
your goals.
Ryan Allis,
co-founder of iContact, pointed out that having the end in mind every day
ensures you’re working toward it. Set goals and remind yourself of them each
day.
15. Learn
from mistakes.
Many
entrepreneurs point to mistakes as being their best teacher. When you learn
from your mistakes, you move closer to success -- even though you
initially failed.
16. Know
your customer.
Dave Thomas,
the founder of Wendy’s, cited knowing your customer as one of his three keys to
success. Know those you serve better than anyone else, and you’ll be able to
deliver the solutions they need.
17. Learn
from complaints.
Bill Gates
once said that your most unhappy customers are your greatest source of
learning. Let unhappy customers teach you where the holes in your service are.
18. Ask
for customers’ input.
Assuming
what customers want or need will never lead to success. You must ask them
directly, and then carefully listen to what they say.
19. Spend
wisely.
When you
spend money on your business, be careful to spend it wisely. It’s easy to spend
too much on foolish things and run out of capital too soon.
20.
Understand your industry.
Tony Hsieh,
the founder of Zappos, once said, “Don’t play games you don’t understand, even
if you see lots of other people making money from them.” Truly understanding
your industry is key to having success.
21.
Deliver more than expected.
Google's
Larry Page encourages entrepreneurs to deliver more than customers expect. It’s
a great way to get noticed in your industry and build a loyal following of
advocates.
Being a
successful entrepreneur takes a lot of work, a lot of vision and a lot of
perseverance. These 21 tips, from entrepreneurs who have already found success,
will help you navigate the path much more easily.
