How To Be A Successful Entrepreneur In 2020
So, what does it take to be an entrepreneur in 2020? What can you do to ensure that your business succeeds? Well, there is no rough guide to ensure the success of a business and neither is there a manual that can tell you exactly what to do. This article will focus on what you should understand about being an entrepreneur and what can possibly help you succeed once you decide to take the plunge.
Entrepreneurship is the most exciting adventure activity one might partake in. Entrepreneurship ensures that the craziest ideas get realized and those that are considered absurd for their times become the norm. Owning your own venture also gives you a feeling of empowerment and the first steps towards bringing a world-class solution to the masses.
Entrepreneurs are usually considered to be hardworking visionaries that believe in the success of their idea more than anyone else. A classic example of such a visionary was Steve Jobs. It is because of this man’s eccentric ideas that constantly challenged the ordinary and gave us revolutionary devices that we consider an indispensable part of our lives today.
Most entrepreneurs usually become one trying to solve a problem or to fill a gap with a solution that does not exist yet. These individuals know exactly what they are doing and how they wish to approach the problem at hand with the most logical solution around and a sound business plan. Others might be stuck in a dead-end job and feel that their ideas are getting wasted at the workplace. No matter what the reason may be, being an entrepreneur is possibly one of the most challenging and exciting decisions you will ever make, and it will change your life forever, mostly for the better.
Here is our eleven-pointer that will help you through your entrepreneurial journey no matter when you wish to take it.
1. Find your niche
It is important to find a reason you think your product is needed. A niche market is an effective way to see if your product or your idea makes sense before you can push it further. There is always something that is missing. Find the missing something, see if you are good at it and get going.
Networking is the best way to ensure success. You get to meet like-minded people and get inspired by their way of working and how they found success. Networking also helps you sell your idea or your product to potential investors or clients. So, get cracking!
3. Work Smart
This is a mantra for anyone, regardless of their domain or field of work. Most people believe that entrepreneurs usually work all the time and have no time for themselves. This is true for most, but successful entrepreneurs work smart and not hard. Hard work will ensure that you get to your destination someday but working smart will ensure that you get there quickly and with minimal effort. Working the smart way will ensure that you end up spending time where it matters the most and thinking of better ways to grow your business rather than doing everything yourself.
4. Take the risk that is needed
Some risks need to be taken to test the waters. If you think your idea is worth a fortune, you will not be able to realize it until you take the plunge. So, do. Successful entrepreneurs take risks as part of their job. Taking your first risk will also reduce the inherent fear of the first plunge into the world of entrepreneurship.
5. Love your idea
Love can move mountains! This was proven in India by a guy who literally cut a path through a mountain using only a hammer and a chisel over two decades so he could shorten the distance from his village to a big town nearby. Honestly, if you do not absolutely LOVE your idea, there is little chance that your business partners, customers, and your co-workers will either. When you find an opportunity to make something great, work long hours and make sacrifices until you can finally make it happen. This energy and fire can only come when you absolutely love your idea to bits. So, find your love!
Let us face it – There are many tasks that we might be terrible at and there are those that we consider child’s play. Understand that there might be someone who thinks that the mountain you are trying to conquer is something they consider a walk in the park. Hire someone to do things you are bad at. This will also ensure that you have some free time for yourself and you can put that time to better use than hitting your head against the wall trying to complete something you are not particularly good at. If you are bad with numbers, hire an accountant! If you cannot test well, hire a tester! Remember, teamwork gets work done faster.
The word outsourcing is not as bad as it seems. There might be tasks that your existing team might not have the expertise for and you as a company might not have the financial resources to hire a full-time resource(s) to take care of the job. Outsourcing these jobs to freelancers is a good option here that can help you get the work at hand done in time while not having to bother with full-time employees for this activity. This will also help you save some money in the long run.
Having a long-term vision is important for any entrepreneur. If you cannot visualize your long-term goal, you might not be able to achieve it. Visualizing a real and tangible goal is as important as the goal itself. A good start is by writing it down or drawing it on a piece of paper. Once you can express a tangible, achievable goal, you are sorted.
9. Challenge yourself
Challenging yourself is important. Unless you challenge yourself, you will not able to accomplish the impossible. Sometimes, the impossible is what is required to run a successful business. Running a business has hundreds of facets, one of which is to be prepared for a new challenge that might come your way every day.
10. Fail often
All entrepreneurs must understand that their idea, no matter how good it may be, might fail. Customers might just not cozy up to your innovation, no matter how good you think it may be for them. Failing has a number of advantages. Failing ensures that you know what is not working out for you – whether it is your existing team, your field of work or your product, failure will give you the time and the data that you need to reflect on to ensure that you become a stronger, better entrepreneur the next time around.
11. Just do it!
Entrepreneurship is about being relentless and not giving up, even when the times are tough. Entrepreneurs understand that every problem has a solution. It might not be the solution that they are offering right now, it might not be what they think the solution should be, but they will not give up trying until they find that solution. There is an incredibly famous quote by Steve Jobs that you must read:
“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.”
In a nutshell, be the change you wish to be if you wish the change the world. That is the mantra that every entrepreneur must swear by if they wish to succeed. We at Volumetree have found our niche in building innovative products for individuals and organizations that needed a partner that could create an impact through technology. Contact us today if you think your innovative idea needs to be brought to the market.