What Does It Take To Be An Entrepreneur

Successful entrepreneurs often earn their fortunes when there is a depression or economic downturn. Colonel Sanders creator of Kentucky Fried Chicken, base ball player Babe Ruth, and Monopoly game designer Charles Darrow earned the bulk of their fortunes during the depression. Here are thirteen ways that self-employed earners and business owners can be successful in any industry.

Solve Complex Problems

Being a natural problem solver makes it challenging for most business owners to fit into corporate America or a traditional 9 to 5 job. People who earn a higher than average income are those who solve the most complex or painful problems.

Do not Ignore Opportunities

Business owners must be able to view problems in the market as an opportunity. When a problem is identified within the business create a product or service to draw in people who are already buying in that particular industry.

Self Motivation and Determination

Determination is the only way to complete complex projects and to stick with things when things may not go as planned. Never expect others to be motivated about a business vision they did not create.

Business Plan

Many entrepreneurs fail to make concrete business plans. These plans need to be written and put into a printed document. Use this business plan to show the goals and structure of the company to potential investors.

Action Oriented

Entrepreneurs must be action oriented, procrastination will quickly bring all potential progress to a halt.

Continuing Education

Learning new skills to apply to the business is an ongoing tasks. Invest a portion of the profits into seminars, local continuing education classes, books, instructional videos, and audio trainings.

Use Technology

Embrace technology to keep current with how technology is used to attract new customers and make it easier for customers to interact with the customer service department of the business.

Outsource

Entrepreneurs have to let go of activities that can be done by other professionals. Business owner must manage their business and spend their time on the proven activities that make money.

Reward Customers or Clients

Develop ways to interact with customers where they feel acknowledged and appreciated. Reward customers for being loyal through discounts, specialized products, or giving exclusive access to private sales.

Healthy Ego

Entrepreneurs by nature may have a healthy self-esteem. Never let the ego get in the way of making improvements that are suggested by a professional consultant or a colleague to improve the business.

Good Habits

Strive through daily actions to meet the business goals. Being successful is directly related to the habits done consistently, examples include marketing, creating new products, and reviewing the health of the business finances.

Idea Stream

Thinking outside of the current business model is hard for entrepreneurs who have a clear vision of what they to offer to the world. Create idea streams that by encouraging customers to share their ideas.

Time Off

Prevent burn out by learning how to stop working. Schedule time to work and time for relaxing and spending time with loved ones. Clear boundaries must exist between personal life and professional life.

Passive Income

Create passive income sources to experience true financial stability. It can take several months years before a business idea can completely support an individual or a household.

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What Are the Secrets of Being a Successful Person?

What makes one person successful, and another not? It’s easy to point to education, inherited privilege, and other fairly obvious reasons. But other factors are also at play. There are no big secrets. No hidden legends. It’s not something that you can snap your fingers and achieve. It starts by establishing your goals and taking that first step towards achieving them. It’s about one’s mindset. It’s about taking responsibility for setbacks. It’s about finding solutions instead of dwelling on problems. There is no clear road map, but the following may help a lot of people figure out what they want to do and work on getting there without giving up.

First, figure out what your goals are. Success is defined a lot of different ways by a lot of different people. Some see it as achieving financial wealth. For others, it’s about doing something that they enjoy, no matter the pay. Others are lucky and the thing that they enjoy also earns them financial wealth. Figure out what’s important to you and what your own definition of success is. Once you do, do your homework and figure out what the first step should be in achieving that goal. It may be getting an education. It may be starting a business. It may be finding a new job. It can be lots of things. Whatever it is, go for it.

Once you figure out what you want to do and start down that path, don’t make excuses or blame something or somebody else for any setbacks or failures. Successful people fail. A lot of them fail all of the time. But they are focused on solutions, rather than dwelling on the problem. There’s no harm in thinking about what went wrong, as well as once you figure it out you pick yourself up and try again with that knowledge. Laziness, procrastination, and whining are the enemy. Admit that you made a mistake and move on.

Those who find success in life often do so through hard work that takes them to many different places—physically and metaphorically—and allows them to continue learning well after they complete their formal education. Success can also come from knowing one’s limitations, and learning when to walk away. That is not to say that they give up, but if you strive towards a goal and know that you did everything you could and tried in every conceivable way to get there, but in the end you were unable to, walking away is a lot easier. And that next journey won’t seem so daunting.