Most aspiring entrepreneurs are a talented lot – their minds are filled with great ideas worth pursuing! Every year, thousands of Americans set up shop to pursue their entrepreneurial dreams. But only a few survive beyond the second or third year. Their entrepreneurial careers are cut short due to a variety of reasons that range from flawed strategies to lack of funds.
This article is dedicated to those entrepreneurs who:
- are just starting out and don’t know what to expect
- are on the verge of abandoning their entrepreneurial dreams by shutting down their start-ups
- had to make significant changes to their entrepreneurial dreams to survive against competition
The purpose of this article is to help entrepreneurs deal with the complexities of business in a better manner. These 5 tips will place you on the path to greater entrepreneurial success:
- Imagine the entrepreneurial world to be a bed of thorns!
You have probably heard Bon Jovi’s “Bed of roses” a lot of times. It’s a popular and catchy song that quickly won fans around the world. The entrepreneurial world is no bed of roses though. It is like a bed of prickly thorns – you will have to be on your toes all the time to overcome new challenges thrown at you.
An experienced and successful entrepreneur is an individual who has seen it all. He has spent a lot of time on his bed of thorns that he doesn’t feel the pain anymore. He is a quick decision maker, leading his team from the front.
- Analyze the achievability of your entrepreneurial dreams before launching them
Let’s face it – a lot of entrepreneurs are not really sure about the success rate of their business goals. All they know is that they have a strong passion to pursue the dreams of their choice. This passion can serve as a catalyst to achieve the impossible! But what if the business goal is really impossible to achieve?
Ask yourself the following questions before pursuing your goals:
- “Does my offering have a genuine target audience to make it financially viable?”
- “Can I secure a steady stream of funds that can last a couple of years?”
Answer these questions and proceed with your entrepreneurial goals only if you are confident about its success in the real world. If necessary, make changes to your business goals so that they become easier to achieve.
- Master the art of saying NO when you have to!
Young entrepreneurs are usually given a lot of advice when they are starting out. It’s a good thing because there are a lot of insights that can be learnt from experts in your domain. But it’s important to weed out bad advice from the good ones. This is a skill that can take a couple of months to master.
As you mature as an entrepreneur, you will be able to:
- take decisions on your own, saying no to people at crucial moments
- fight off temptations to take unnecessary risks
- Stare at fear and failure in the eyes!
Most young entrepreneurs are apprehensive about how things will turn out. This is natural since they spend a lot of time, money and effort to launch their businesses.
It’s healthy to have a good dose of fear – it helps to keep you grounded and free of arrogance. But an excess amount of fear will destroy your career. You will lose confidence in your capabilities and go into a shell at the first sight of failure.
Here are some tips to understand whether you are too fearful:
- “Do I frequently hesitate to take simple decisions fearing the outcome?”
- “How many risks have I taken so far? Am I ready to take calculated risks for my business in the future?”
- “How often do I speak about my ideas without fearing what others think about them?”
- “Am I mentally strong enough to bounce back from failure?”
I hope you answered the questions above to your satisfaction. Make yourself stronger to take on all kinds of challenges and failures!
- Surround yourself with people who care about you
Make a list of people who genuinely care for you. The list should include family members, friends and colleagues. Share your stories and concerns with them – they will provide you with a shoulder to lean on whenever you feel down.
I hope the insights featured here help you plan your business more efficiently. Share your queries or feedback with me in the comment box below!