Building a company on your own is not the easiest thing but it’s not impossible either. It requires immense hard work, focus and enthusiasm. As an entrepreneur there are many key responsibilities such as finding the finance, identifying and creating a team, marketing and public relations but above all a clear vision of what your business will do. Some of us might just need that bit of luck too! After talking and researching this topic as a young person interested in owning a business someday, I have identified a few key points that are worth thinking about:
Passion: A successful entrepreneur is always driven by unlimited enthusiasm and passion for his/her work. One must stand firm despite the risk of failure to achieve your dream. All successful entrepreneurs give a 100 percent to their work. A half hearted person will never achieve their goal. Many successful entrepreneurs started late in life, so age – whether you are young or old – does not really matter. J. K. Rowling (Harry Potter author) and Sam Walton (Wal-Mart) all started their successful brands at a much later stage in life while Mark Zuckerberg started young. It’s never too late or too early to act on your passion.
Planning: Planning what you do is a very important aspect of life. From writing an essay to developing a business plan, planning plays an integral role in the success and failure of a project. A successful plan does not need to be an entire book, just a few pages of the key ideas of your business will help you develop and process as you go along.
About 65 percent of businesses fail due to financial issues. Having a plan always helps. Find a mentor if need be or intern in a business of your interest but you should not fail due to lack of planning and research.
Team: At the base of any good business is the strength of its team. Loyal and motivated people on a team can make or break your business. One person alone cannot achieve everything. With a well distributed team that has the passion and dream to achieve a common goal, the path to entrepreneurial success is half won.
Attitude: A positive mindset is very important to succeed as an entrepreneur. Avoid negativity and negative people. Not only will it discourage you but also dampen the spirit of your team. There will always be challenges but one should face ongoing challenges with their head up instead of trying to escape it. Maintain a daily schedule where you are mentally and physically prepared to take on anything that comes your way.
Mistakes: Mistakes are inevitable. In our society, they are frowned upon. However, a successful entrepreneur will always take failure as a learning opportunity and work towards success.
Competition: Before initiating any startup, thorough research of your competition will give you an edge. Healthy competition is always great. It makes you work harder and smarter, and helps you innovate and grow as a person and as a business.
Business is not easy but it’s definitely worth it. Think thoroughly whether you have the right mindset to become an entrepreneur. It’s not for everyone. Timing plays a critical factor in business success as do discipline and hard work. You must be mentally tough and ready to take on challenges on everyday basis.