How to be a Successful Entrepreneur

Entrepreneurship often refers to as running your own business but Entrepreneurship is much broader than the creation of a new business venture, At its core, it is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value. To make the world a better place.Regardless of how you define an “entrepreneur,” one thing is certain: becoming a successful entrepreneur isn’t easy.

So, how does one person successfully take advantage of an opportunity, while another, equally knowledgeable person does not? Do entrepreneurs have a different genetic makeup? Or do they operate from a different vantage point, that somehow directs their decisions for them?

Though many researchers have studied the subject, there are no definitive answers. What we do know is that successful entrepreneurs seem to have certain traits in common. Entrepreneurship is the pursuit of opportunity beyond resources controlled.

 


Entrepreneurial Myths

Here’s a bit more on the perceived hurdles:

  • Innovation/Idea: most ideas have been thought of before, and all will have competition. Success comes down to executing on your idea well and finding the right customers where you can solve their needs better. Think of all your favorite companies, and chances are, there was already someone doing a startup very similar when they founded.
  • Time: starting a company does take time, and this just comes down to managing your time well. Focus on the things that matter most, and remember that perfect is the enemy of done. Recall also that many great ventures start as side projects, which is why companies like Google allow their employees 20% of their time to work on projects they think will benefit the company. Check out this article for more on when to go all-in with your startup, and this one for why the overnight success myth isn’t real.
  • Team: you can do a lot on your own, though when you do go to find teammates, understand the gravity of this decision and what is most important in choosing a great team. Check out this post for more.
  • Funding: the average amount to start a company is only about $10,000 – $30,000 (depending on the source — Kaufman Foundation estimates $30,000, while the Small Business Association quotes smaller numbers). Most entrepreneurs fund their company either on their own, or with a small loan from friends and family. Media skews what is needed to start something with the few outliers who raise millions of dollars, but the truth is, it usually requires much less.

 

Points to consider while starting your own company:-

  • Pursuit: the actions of an individual entrepreneur — drive, resiliency, focus, discipline, and balance
  • Opportunity: the type of venture — a better, cheaper, or more efficient offering for the customer
  • Beyond resources controlled: managing the risks of external constraints


2. Interpersonal Skills

  • Leadership and Motivation
  • Good Communication Skills
  • Good Listening skills
  • Negotiation
  • Ethics


Finding Opportunities

Look for ways that current customers of the market aren’t fully satisfied with the solutions available, plus look for potential customers who do not have access or skills for current offerings.

  • List your own underserved needs or frustrations
  • Listen to customers in this market about their frustrations
  • Watch your competitors — both top companies and newly hyped companies in the industry, assessing their strengths and weaknesses. Read online customer reviews of current offerings and identify their biggest unmet needs.
  • Assess barriers to being a customer to see if there are certain skills, access, awareness, etc. that makes the offering accessible to these customers, but prevent it from being desirable or accessible to others.

 

 Mindset 

  • Optimism
  • Vision
  • Resilience
  • Drive and Persistence

 

Teaming

Relationships are hard, and this is especially true in startups, when the ups and downs of the process cause emotions and tensions to run high. Startups are much more likely to fail due to issues within the founding team than any other problem. Sixty-five percent of startup failures result from “people problems,” compared with only thirty-five percent failing for any other reason—including funding, customer acquisition, and product development.

You can minimize interpersonal challenges by finding the right co-founders and setting up expectations for how you’ll work together. The success of a team can be broken down into three parts:

  • Design – finding the right complementary co-founders.
  • Launch – setting expectations and norms.
  • Process – managing the culture relative to norms and expectations.

While you may be tempted to startup your company alone, keep in mind that there can be a lot of potentially valuable reasons to have co-founders: complementing your skills, getting a more well-rounded perspective, having support through the ups and downs of a startup, and more.

 

 Critical and Creative Thinking Skills

  • Creative Thinking
  • Problem Solving
  • Recognizing Opportunities

 

Team Design

Team design is about having the right people—finding co-founders with a similar vision and values, and with complementary personalities and skills. Many entrepreneurs start by finding others who have similar interests, like their friends. Instead, entrepreneurs should start look for people who have the same values and reasons for wanting to start a business. Skills can be learned and interests can change, but shared values and motivation create a strong foundation.

  1. Shared vision – have a common “why”. The best cofounder teams have similar drives for starting their company, and this plays out in their decisions as they develop and grow the business.
  2. Complementary skills – we refer to three types: the builder, brander, and business developer
    • The builder is the technical co-founder and product developer. This may include skills of coding or product prototyping.
    • The brander connects the customer to your offering, including marketing, brand guidelines, and visual design.
    • The business developer is the operations, finance, and sales person. This person hustles to get the right partners and customers.
  3. Shared interests – (least important) Once you’ve aligned with compatible teammates around similar values, it becomes surprisingly easier to find common ground to develop business ideas.

While there is no one “right” set of characteristics for being a successful entrepreneur, certain general traits and practical skills will help you succeed.

By examining your own personal strengths and weaknesses and comparing these with those of the typical entrepreneur, you can get a sense of how well this career will fit with your personality.

Remember, becoming an entrepreneur is a career decision like any other. Do your homework, look at your needs and desires, and then decide whether this path is for you.

 

 

17 Motivational Quotes to help you achieve your Goal

Motivation is like bathing, It doesn’t last long. That is why we recommend it daily. Here are 17 motivational quotes to get you pumped up for the rest of your day, so that you can get one step closer to that dream of yours.

 

1.“Attitude is a choice. Happiness is a choice. Optimism is a choice. Kindness is a choice. Giving is a choice. Respect is a choice. Whatever choice you make makes you. Choose wisely.” 

― Roy T. Bennett


2. “If you can dream it, you can do it.”

– Walt Disney


3. “Where there is a will, there is a way. If there is a chance in a million that you can do something, anything, to keep what you want from ending, do it. Pry the door open or, if need be, wedge your foot in that door and keep it open.”

—Pauline Kael


4. “Do not wait; the time will never be ‘just right.’ Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.”

—George Herbert


5. “Success seems to be connected to action. Successful people keep moving. They make mistakes, but they don’t quit.”

– Conrad Hilton


6. “I can accept failure, everyone fails at something. But I can’t accept not trying.”

– Michael Jordan


7. “If you’ll not settle for anything less than your best, you will be amazed at what you can accomplish in your lives.”

– Vince Lombardi


8. “It is never too late to be what you might have been.”

– George Eliot

 


9. “Only those who dare to fail greatly can ever achieve greatly.”

– Robert F. Kennedy


10. “Success is the sum of small efforts, repeated day in and day out.”

– Robert Collier


11. “Two things define you: Your patience when you have nothing, and your attitude when you have everything.”


12. “You cannot escape the responsibility of tomorrow by evading it today.”

-Abraham Lincoln


13. “Aim for the moon. If you miss, you may hit a star.”

—W. Clement Stone

 


 

14. “There will be obstacles. There will be doubters. There will be mistakes. But with hard work, there are no limits.”

—Michael Phelps


15. “Trust because you are willing to accept the risk, not because it’s safe or certain.”

 – Anonymous


16. “Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.” 

– Swami Vivekananda


17. “You can’t make footprints on the sands of time by sitting on your butt… and who wants to make buttprints? “

 

20 Motivational Quote to get you Out of Your Bed Right now

Everyone requires motivation, It is the first step towards achieving great things as without motivation you might get started but to finish the task you have to be extremely motivated to keep going during the ups and downs.

Here are a few Motivational Quotes to help get you motivated to get out of your bed and start building the life you always wanted:-

1. “People Who Are Crazy Enough To Think They Can Change The World, Are The Ones Who Do.”

– Rob Siltanen

2. “We May Encounter Many Defeats But We Must Not Be Defeated.”

– Maya Angelou

3. “Knowing Is Not Enough; We Must Apply. Wishing Is Not Enough; We Must Do.”

– Johann Wolfgang Von Goethe

4. “Where there is a will, there is a way. If there is a chance in a million  that you can do something, anything, to keep what you want from ending, do it. Pry the door open or, if need be, wedge your foot in that door and keep it open.”

– Pauline Kael

5. “Do not wait; the time will never be ‘just right.’ Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.”

– George Herbert

6. “Imagine Your Life Is Perfect In Every Respect; What Would It Look Like?”

– Brian Tracy

7. “Security Is Mostly A Superstition. Life Is Either A Daring Adventure Or Nothing.”

– Helen Keller

8. “The Only Limit To Our Realization Of Tomorrow Will Be Our Doubts Of Today.”

– Franklin D. Roosevelt

 

9. “Aim for the moon. If you miss, you may hit a star.”

– W. Clement Stone

10. “What You Lack In Talent Can Be Made Up With Desire, Hustle And Giving 110% All The Time.”

– Don Zimmer

11. “You Are Never Too Old To Set Another Goal Or To Dream A New Dream.”

– C.S. Lewis

12. “There will be obstacles. There will be doubters. There will be mistakes. But with hard work, there are no limits.”

– Michael Phelps

13. “Change your life today. Don’t gamble on the future, act now, without delay.”

– Simone de Beauvoir

14. “Why should you continue going after your dreams? Because seeing the look on the faces of the people who said you couldn’t… will be priceless.”

– Kevin Ngo

15. “To See What Is Right And Not Do It Is A Lack Of Courage.”

– Confucious

16. “When you want to succeed as bad as you want to breathe, then you’ll be successful.”

– Eric Thomas

 

17.  “A man can be as great as he wants to be. If you believe in yourself and have the courage, the determination, the dedication, the competitive drive and if you are willing to sacrifice the little things in life and pay the price for the things that are worthwhile, it can be done.

– Vince Lombardi

18. ” Every great story on the planet happened when someone decided not to give up, but kept going no matter what.”

– Spryte Loriano

19. “The ones who are crazy enough to think they can change the world, are the ones who do.”

– Unknown

20. “It does not matter how slowly you go, so long as you do not stop.”

– Confucius