5 Ways to Become a Better and More Successful Entrepreneur
Are you ready to invest in your business growth? Here are 5 rules that every successful entrepreneur follows to achieve that goal.
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People whose ambitions include building up a business rarely settle for mediocre results. After all, it’s at the very core of the entrepreneurial spirit to always be pushing for something better. But, in today’s dog-eat-dog world, success can be challenging to achieve.
Becoming a better and more successful entrepreneur, thus, requires knowledge, hard work, and, more often than not, sacrifice. And even with all these ingredients, some people never make it big. So, if your goal is to grow your business, then having some ground rules to stick to may come in handy when the seas get rough.
If you’re ready to invest in your growth as a business owner and leader, then the following tips are perfect for you.
Do what you love
It should go without saying that for you to do something well, you need to have a genuine interest in the topic. It doesn’t matter if your passion is mobile app development, ecommerce, or getting people a heavenly cup of coffee in the morning. What matters is that you invested yourself in your job.
But why is this so?
Well, according to a 2014 Deloitte report, only around 12,3% of America’s workforce is passionate about their job. And while they may be engaged, there’s still a significant difference in motivation between engagement and enthusiasm.
According to the same report, three key characteristics make someone passionate about their work:
- Commitment to a domain – an internal motivation to contribute to a specific area of business.
- Questing – the willingness to go above and beyond.
- Connecting – seeking out people in similar fields of work to share ideas and find ways to innovate.
Do you recognize these three traits in yourself? If the answer is yes, then your job as an entrepreneur is to nourish them. If, however, you feel underwhelmed about your business ventures, it may be time to find ways to bring them closer to heart. Because, in the end, a moment will come when you’d rather take a break. And in those times, having that passion fueling your actions is going to make a huge difference.
When it comes to technological progress, we’ve come far in the past century, even just in the past couple of decades. Nowadays, we can do things that were unimaginable only 50 years back. Think about it: you likely have a smartphone in your pocket, a device more powerful than the computers that took men to the Moon.
With this in mind, it doesn’t take much to realize this type of progress is only likely to continue at a similar (or faster) pace.
So, why not future-proof your success?
Try to learn as much as you possibly can. Whether you choose to research marketing or SEO, read literature by your favorite entrepreneurs and performance coaches, or simply decide to keep your brain sharp by playing an instrument is entirely up to you as long as you do make an effort to learn and grow.
Of course, in addition to keeping your mind in top shape, don’t forget to do the same for your body. The stress of running a business can cause severe consequences, so do your best to manage it effectively. Eat a healthy, antioxidant-rich diet, move as much as you can throughout the day, get a healthy amount of sleep, and dedicate time to your friends and hobbies. This way, you’ll be in much better physical shape, which will automatically lead to better work performance.
Be a great leader
One of the most common pieces of advice entrepreneurs get is to hire the right talent. But, even if you do find a superstar in your industry and get them to work for you, you’ll still have to know how to steer them in the right direction.
Great leadership isn’t just about efficiently assigning tasks. It’s also about learning how to listen, being a mentor, taking great care of your team, as well as being open to learning something new from everyone in your organization. It is only with this type of approach that you can truly become a better and more successful entrepreneur.
Plus, if you build your company culture on trust, you’ll have an extra advantage over most entrepreneurs: you’ll know that even when you’re busy putting out fires, your employees will be keeping down the fort.
Set SMART goals
One of the main requirements for being an entrepreneur is that you have to have a vision. However, it can be challenging to set things into motion when you’re too focused on the end goal.
That’s why, sometimes, it’s good to dial things back a notch.
When setting your goals (which includes writing your business plan, coming up with marketing strategies, developing a product, or anything else on your list of duties), look for ways to make things easier for yourself.
One way to do just that is to adopt the practice of setting SMART goals. This tactic aims to make any aspiration easier to attain by altering not the ambition itself, but the path you take towards it. A SMART goal is:
So, if your goal is to become a better entrepreneur, you’d have to define what being a better entrepreneur meant for you. Additionally, you’d decide on the way you’d measure whether you’ve achieved what you set out to do, made sure that the end destination was in line with your core values, and, of course, you’d give yourself a timeframe for doing what needs to be done.
Don’t be afraid of spending money
The last piece of advice for anyone wanting to become a more successful entrepreneur is to know that making money requires spending it first.
Startups and small businesses often look for ways to cut costs. And of course, being mindful of your budget is the right approach. But, be careful not to take it too far.
Instead of sacrificing an investment that might provide a high ROI, such as content marketing, look, instead, for ways to make it more affordable. If you don’t have the time or skill to DIY the process, you can easily outsource and get a high-quality result, at a fraction of the price it would cost to do the same job in-house.
Moreover, don’t hesitate to ask for advice. A financial advisor or experienced bookkeeper will be able to tell you how to fine-tune your budget in a way that will make room for growth. Because, when everything is said and done, your objective isn’t just to go with the flow and survive. You are looking towards becoming the best in your niche.
Everyone’s definition of success is different. For some, it may be financial wealth, but for others, being a successful entrepreneur is all about leading an organization with a positive culture.
So don’t feel like your idea of making it needs to fit into someone else’s mold.
Once you’ve set your SMART goals, and know precisely what you’re after, seek out ways to bring your dreams to life. Your road to great things doesn’t have to be conventional. But it’s surely going to require passion, leadership, management skills, and a sharp eye for making the most of your budget. So start with these basics, and you’ll be off to an excellent start.