Imagine this: your startup has just launched. You've poured a lot of hard work into your new business and hired a stellar team — and now you're ready to share your great products. Your to-do list is long, but you make all these decisions yourself. Freedom and ambition fuel you each day.
This is only a snippet of what it's like to be an entrepreneur. But you won't get there without listening to these smart entrepreneur tips.
13 tips to become a successful entrepreneur
Now that you have the entrepreneurial bug, it's time to learn some entrepreneurship tips to help you grow. These tips won't all be ideal for you, but that's okay. Not all of them will teach you how to become successful, but they'll at least make you think about your entrepreneur mindset and what you want to achieve. Think about which ones are attainable now and which ones you'd like to aim for in the future.
Here are 13 tips to teach you how to become a successful entrepreneur:
1. Face your fears
Fears exist for a reason, but they're never unconquerable. You may feel reassured to know that many entrepreneurs start a little hesitant and fearful. What matters is that you channel that fear into purposeful actions.
Start by making a list of what scares you. Then, consider why each item on your list makes you feel fearful. Follow this up with a brainstorming session and develop strategies to overcome them.
2. Take action
Aspiring entrepreneurs know that nobody is going to do the work for them. No small business owner can flourish without taking action. That means it's up to you to widen your skill sets or reach out to new potential customers. Never be afraid to try something new, even if it's a short-term arrangement.
3. Prepare for financial challenges
Even the best businesses occasionally face financial challenges. Maybe your first marketing strategy didn't work out, but that doesn't mean you should quit. When taking on new projects, you must keep your costs and budgets in mind to prepare yourself for any challenges you might face.
4. Find a trusted mentor
Mentors can be great role models for young entrepreneurs. Don't underestimate the power of the mentor-mentee relationship: someone seasoned and experienced can provide success tips and business advice that may never occur to you.
Reach out to people on social media apps such as LinkedIn to schedule a virtual or in-person chat to foster a new relationship.
5. Have your goals in mind
It would be best if you had something to work towards achieving. Each day, it's vital to have something in the back of your mind that you're trying to achieve. Successful entrepreneurs always have short-term and long-term goals in mind that help keeps their focus.
Write your goals down and stick them somewhere you frequently see throughout the day, like the wall in front of your desk. This way, you'll never forget why you work hard.
6. Embrace your mistakes
Your entrepreneurial journey is going to be one big learning curve. As a first-time entrepreneur, you'll make plenty of big and small mistakes. But why let them define you?
Instead, turn setbacks into opportunities to strengthen your business model and yourself. It may take time to learn from costly mistakes, but they won't haunt you forever.
7. Do work that you love
You're an entrepreneur because you want to chase your passion. Frame your days around topics and projects that fill you with the most happiness. Successful businesses don’t need to persuade new customers that they're passionate about their work. Each task might not thrill you, but it makes a big difference when you mix in little things that bring you joy. It’s easy to love what you do when you do what you love.
8. Keep on networking
The industry is always changing, and you need to keep up with those changes as best you can. Networking can enlighten you, help with your challenges, and find you friends who can relate to what you're going through.
It can be uncomfortable initially, but connecting with people over LinkedIn and Twitter can be a great start. Conferences and events are other great places to form connections.
9. Look for tools to use
No need to reinvent the wheel: many tools are available to help you with the tasks involved in starting a company. At the beginning of your startup, you may not want to spend lots of money on working platforms. It's understandable, but many tools are free or have free trials. A website like Hootsuite can help with your social media and SEO tactics, saving you time, money, and energy.
10. Create a business plan
The creative ideas and dreams you have in your head are great, but they're only in your head. Developing a business plan means taking those ideas and dreams and putting them on paper. It helps your startup have a focus or mission that's clear. You become more specific with a set plan, which helps you stay organized.
Think about your product or service, company values, goals for the next year and beyond, where your business will operate, and more.
11. Be frugal with your spending
Learning how to become an entrepreneur includes studying how best to spend your money when your first start out. You'll have to spend money to make money, but that doesn't mean you have the all-clear to spend more than you can afford.
Review your business plan and think about what purchases will most impact your business. Is there a way to achieve your plan for a lower cost without cutting quality? How badly do you need this item? Make an effort to make your money count.
12. Listen to high-quality information
Everyone on the internet has something to say, but not all of it is true or in alignment with your specific interests. Some information might tell you how to become an overnight success but it's far from being achievable or possible.
Rather you should take your time with your research. Read and listen to people with proven experience and who you feel comfortable with. Some entrepreneurs are all about taking big risks, but maybe you're not. Make sure your information is factual and comes from credible sources as well, so your business plan and strategies are thought out.
13. Take care of yourself
The transition to being your boss can be tricky. You may find your work-life balance fading into one significant overload of work. It's important to make mindful decisions to take care of your well-being.
Find ways to unplug every so often, like going for a walk or eating your favorite food — anything to be kind to yourself and reward yourself for your hard work.
What are the benefits of being an entrepreneur?
First-time entrepreneurs are in for a radical change.
Think about your previous 9-5 job and throw it out the window. Company culture is different because you set the company culture. Entrepreneurship doesn't have any set rules on how you should conduct your business, so you have the opportunity to do what's best for you. Your weekends could be in the middle of the week if you want.
Entrepreneurship also allows you to be your most creative self; you're the one thinking of marketing strategies and the next steps for your first business adventure. If you hear some great entrepreneurial tips that work for you, nobody's stopping you from pursuing them.
While there may be a lot on your to-do list, remember that you don't have to do this alone. The relationships you develop with other new entrepreneurs or through mentors can positively impact your personal and professional life.
If you're looking for a relationship to help your personal and professional life, consider connecting with our coaches here at BetterUp. They're ready to step up, providing tools to help you map out a strategy and maximize your potential. We want to see you succeed in any aspect of your career and life.
Best advice from top entrepreneurs
Before starting your entrepreneurial journey, know that many people have walked similar paths. They embody entrepreneurial characteristics wherever they go and with whatever business adventure they take on.
As you begin your journey, listening and learning from people who demonstrate the entrepreneurial spirit is inspiring, motivating, and educating.
To help you with that, here are some tips from successful entrepreneurs:
Vivian Kaye
Before Vivian Kaye launched her own business, she learned the tricks of the trade from working for other startups. She started her first business, Vivian's Decor & Designs, in 2006 as a side hustle and then started working on it full-time. She's also started KinkyCurlyYaki to fill a gap in the market for high-quality hair extensions and loves to share her story with others.
"I believe that being grateful is the gateway to all successes in life." - Vivian Kaye
Guy Kawasaki
Guy Kawasaki works as an executive fellow at UC Berkeley, a professor at the University of New South Wales, and is the chief evangelist of Canva. He's written thirteen books about how to become an entrepreneur and what entrepreneurs do for the world. Kawasaki gives over 50 speeches a year about innovation, social media, and of course, entrepreneurship.
"Simple and to the point is always the best way to get your point across." - Guy Kawasaki
Syed Balkhi
Syed Balkhi has been an entrepreneur since he was seven years old, when he would sell holiday greeting cards for Eid. In 2009, he created WPBeginner, which is the largest free WordPress resource site. And he didn't stop there. Since he's launched products like OptinMonster and WPForms and has continued to work in e-commerce to develop business solutions for others.
"Perfect is a curse. Innovation is messy. Test, learn, and improve." - Syed Balkhi
Tony Robbins
Tony Robbins is an award-winning author, life and business strategist, philanthropist, and most importantly, an entrepreneur. He works to empower people as they pursue personal development and reach their goals.
"Setting goals is the first step in turning the invisible into visible." - Tony Robbins
How hard is entrepreneurship? Is it worth it?
The bottom line is that successful entrepreneurs aren't born overnight. It takes time, hard work, and plenty of discipline to experience entrepreneurial success. You could follow all the entrepreneur tips you read, but success still takes time. You may not feel your success immediately if your business idea doesn't turn out as you'd hoped.
You can expect to face many challenges on your journey as an entrepreneur, including lack of knowledge, the state of the industry, and the employees you've hired.
It can take some trial and error to get into the groove of what works best for you as a new entrepreneur.
One challenge that can impact any entrepreneur of any experience level is stress. Small business owners can feel the weight of their business on their shoulders every day. The pressure can be overwhelming.
The Global Entrepreneurship Model said in their 2020-2022 report that more than half of entrepreneurs said the pandemic made starting a new business more difficult. But at the same time, more entrepreneurs surveyed said that the pandemic has led to new business and entrepreneurship opportunities. They've identified gaps in the market for certain services and have been inspired to take charge and make great products for others.
Knowing what can negatively impact your well-being can help you build strategies to protect it. Your hard work and dedication will be worth it when you value your well-being and energy. Remember, you can't do your best work if you aren't taking care of yourself.
That's where BetterUp can be a helpful support system as you tackle your first entrepreneurial venture. Through a relationship with a BetterUp coach, you can get insight into how to prioritize your wellness, face setbacks with grace, and grow a successful startup.
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