These days, it seems like everyone is hoping to become an entrepreneur and come up with ‘the next big thing,’ and become one of the greatest entrepreneurs of the current decade. If you have a start-up or you want to be the CEO of a big company and with so many people choosing business as their primary career of choice, there are things you must know before hitting the milestone. As an entrepreneur, there are numerous benefits of such a career and these benefits are quite distinct like creating something from scratch, being your own boss, making some money and bringing some value to those who are around you. The only question left to answer, how to be a successful entrepreneur or CEO?
Too often, start-ups fail – 75 percent of them, to be exact, suggests a Harvard Business study, unfortunately, not everyone can pursue business as a career. While there’s no benefit to wallowing in despair day in and day out and the failure doesn’t prevent you from ultimately succeeding. To do business, one must start acting and doing things the proper way, you have to be able to assume the proper role and truly learn from a mistake, however embarrassing, without first acknowledging what went wrong and putting a plan in place to ensure it doesn’t happen again. The risk failing like that 75 percent remains there but also there’s plenty of opportunities to do so while you’re still relatively young.
Below are the valuable tips from great entrepreneurs and CEO of our times which are prerequisites to becoming a successful entrepreneur.
First and foremost, a great barrier to success, excuses. A lot of people dream of becoming entrepreneurs, they never accomplish this because of excuses. Most of them are burdened with fears of failing. Excuses can stem from anything, you only need to look. From the lack of money to the lack of time, you can prepare a list of things and assign excuse to each thing. To some people being your own boss is scary as the person has little insights about the business and future landscape. Excuses are only good to prevent you from achieving what you want to achieve.
A lot of people can talk about big things and how they are going to do it. If only words did the things, no one would have put in efforts. Humans are prone to talking big and doing only a little. This is the case with most of the people who want to be entrepreneurs and CEOs but got a little action in them. One of the best examples is Steve Jobs who always personally showed the functions of his products to millions of people several times a year. He knew the product and understood it so well that he became the best promoter of all time. Speaking personally at presentations of the new product, explaining how it works, being well informed and competent in the matter will eventually lead you to the road of success.
This should not come as a surprise to anyone who is a business owner or just beginning on the path. Having smarter people around will not only push the boundaries of your thinking but also, for some part of your venture, these people might just keep you out of trouble or even going bankrupt. There are always people who are book smart and those who are street smart. Using a delicate balance between these two will go a long way and you will rise beyond fancy degrees.
Niche and learning
Successful entrepreneurs and CEOs study their respective niche before making the launch of a new product or service. Many start-ups succeed because they have identified a niche and have cornered that market with an innovative and unique product or service. This enables them to leverage the market efficiently as they already possess important knowledge about the niche. As an entrepreneur, you should always be ready to learn and experiment. You must be willing to take advice, learn from others and learn from those who have made mistakes before, this will ease your unnecessary pain points, therefore, learn from people who are ahead of you.