Five Golden Rules On How To Become A Successful Entrepreneur

Five Golden Rules On How To Become A Successful Entrepreneur

In case you are thinking about becoming an entrepreneur, that means you are more than likely wondering what it truly takes. There's no cookie-cutter answer that applies to everyone. Here are five golden rules to follow if you desire to be a very successful entrepreneur:

1. WORK SMARTER, NOT HARDER
So many people see an entrepreneur as being someone who works 18-hour days, doing nothing but eating, sleeping and breathing his or her business. We often tend to paint the picture of someone so driven to succeed that their entire life involves working. But it doesn't quite look like that in reality: When you are working every waking minute of the day is not going to automatically make you a successful entrepreneur. This approach simply mean that the entrepreneur is responsible for doing everything, like the old adage, “If you want something done right, do it yourself.”

That approach doesn't work at all times, but a large number of entrepreneurs aren’t capable of sustaining such a backbreaking pace for a very long period of time. Overworking can often lead to fatigue, which leads to errors in planning and business. Furthermore, how many people truly have the skills to do everything? Nobody i guess. Most of us can do a couple of things really well but we cannot do everything. There are so many things we are average at, and plenty of things that we are just not good at. You must learn how to work smarter, not harder if you want success as an entrepreneur, this is a mindset that will take some time to adjust to.

2. HIRE PEOPLE WHO CAN HANDLE TASKS THAT YOU AREN’T GOOD AT
In trying to succeed as an Entrepreneur, you must hire people to do the things you are not good at. You can hire people to design your logo, marketing, make business plan, do market research, etc. By doing this, you will be allowed to focus on the areas of your business that you bring the most value to, while you have people in place focusing their attention on the areas that they can bring the most value to in the business. It’s a win-win situation. Great entrepreneurs understand the importance of delegation. It sometimes takes becoming overwhelmed (and failing) before you fully understand why it’s so important.

Sometimes, the thought of adding additional team members and employees can be very scary, due to the cost associated with building a large staff. But thanks to the virtual economy we live in and the internet, you can find the help you need in the form of freelancers and contractors. Websites like Freelancer.com and Upwork.com will help you find talented workers to handle tasks like graphic design, web development, sales prospecting, financial analysis, copywriting, multimedia production or virtually any other need.

3. GET MORE DONE AND SPEND LESS
In my opinion, using freelancers is not the most ideal situation for an established company, when your company is at its early stage, using freelancers and third-party contractors can be highly effective and cheap too. In fact, it can be very cheap affordable, thanks to basic supply and demand of goods and services. This dynamic is reinforced by the fact that many of the freelancers are based in markets of other countries. The cost of living in those countries are lower. This particular approach is much more cost-friendly when compared to full-time employees because freelancers are compensated only for the work they've completed.

4. LEARN TO NOT BE AFRAID OF FAILING (BECAUSE YOU WILL)
I don't care about what your pastors, Alphas, Imams and Bishops must have told you about failure, i am not still interested in the amount of tithe you pay in the Churches and Mosques, some businesses are meant to fail. Maybe there is something you are not doing right. Although working smart, finding the right people to get the work done and doing more with less are some of the keys to being a successful entrepreneur. Unfortunately, they do not guarantee success. You have to be realistic — not every business will succeed. Sometimes the concept and timing just wasn’t right or the competition was tougher than expecting. Oftentimes, completely unforeseeable situations occur, ruining your forward momentum. You just have to be prepared to fail in a business, but more importantly, do not be afraid of failing.

5. WAKE UP WITH PURPOSE DAILY, AND BE RELENTLESS
One of the largest contributor to the success of an entrepreneur is the fact that they simply did it. They woke up each day working hard until they made it happen. They don't give up, they keep trying. They pushed through, even during some of the difficult times. Tech guru, Steve Jobs once said, “Life can be much broader, once you discover one simple fact, and that is that everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use. Once you learn that, you’ll never be the same again.”

Following all of the steps above won’t guarantee you automatic success, they can help stack the odds in your favor. If you fail this time, you have a good chance to succeed next time. Remember that, every problem has a solution. Just concentrate on what you are good at in the business, and put  the right people in place to do the rest for you. You have to make it a habit to do more with less, and focus on working smarter instead of working harder.

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