Many people have opted to become entrepreneurs because they have realized the vastness of the opportunities awaiting them. Nevertheless, when one engages in entrepreneurship, it helps to know that along the way, you are bound to meet a lot of challenges and will have your own frustrations to deal with.
Every entrepreneur out there has experienced good times and bad times in the process of building his business, and every ounce of learning we get through our experiences is always very essential.
Although these experiences make us better entrepreneurs, it is without doubt, very helpful for us to be aware of certain entrepreneurship secrets that have brought success to entrepreneurs.
These secrets have been created by established entrepreneurs, who through their own vision, attitude, and efforts, have grown their businesses to significant proportions and have their net worth increase by several folds.
In this article, you will learn about entrepreneurship secrets that, when coupled with the right attitude and the right mindset, will guarantee your success in the world of business.
5 Entrepreneurship Secrets to Live By
In truth, there is no magic formula for success. There has to be a combination of several factors that will help you reach your goals for success. Among the many secrets that many of today’s self-made entrepreneurs share, here are the top five.
1. Develop a mindset that revolves around success. The film entitled, “The Secret,” talked about the Law of Attraction which basically says that whatever you think, you will attract to yourself. In essence, if you develop a mindset of success, you will attract opportunities that will lead you to success. Build a dream that focuses on your success as an entrepreneur and envision your dream everyday, as vividly as possible. This will constantly remind you to keep going and motivate you should things not turn out as planned.
2. Create a vision, develop a plan, and act on it. Dreaming and visualizing are not enough. True, it attracts opportunities however if you do not do anything about it, nothing will happen to you. Once you have realized what it is you want to achieve, draft some plans and make sure you exert every effort to succeed. Nobody became rich and successful just sitting around doing nothing. Planning is very important because it is the foundation by which your business is going to be built upon. If you have no plan then you are not going to be successful in the long run. Then, as soon as you have your plans ready, be quick to act, act, act because if you procrastinate and keep putting things off, you might lose your chance at success over a brilliant idea and plan you have.
3. Manage your time wisely. Everybody gets 24 hours everyday but how come some people accomplish more than others? Well, the reason for this is that some people know how to budget their time while others do not. Know your priorities and always organize your daily tasks. Maximize your time and increase your productivity by delegating tasks to others. This way you can focus on the more important things instead of wasting time on those that you can simply assign to others.
4. Never quit. About 50% of businesses close down on the first five years. This is a fact, and something every entrepreneur must know. However, this should not be an excuse to just give up. If you fail in one business, find out where you went wrong, learn from it, and try again. Even bankruptcies should not get in the way of your goals. Perseverance is the key and if you use this well, it will give you greater rewards later on.
5. Discipline yourself. Many entrepreneurs start up small and are usually home-based. One of the reasons why others never see success is their lack of discipline. When you are your own boss, one of your greatest enemies is laziness. You must never slack off just because nobody else is watching you. Self-discipline is something you have to teach yourself. Do your job when you need to, whether you like it or not.
Be Immune to Criticism
The problem with startup entrepreneurs is worrying too much on what others think. You should realize that no matter what you say or do, there will always be people who will not agree with you. If you are too concerned about what others will say then you might limit yourself and what you can do because you are afraid you will not get their approval.
Stop worrying and tell yourself that you are capable of success, regardless of what others think.
Business Financing Secret for Entrepreneurs
One of the strengths required of an entrepreneur is knowledge and good grasp of “money language.” This means that you need to be financially literate and know what it takes to profit and grow your money.
The bottom line on money management is to live below your means. Many new entrepreneurs hit the jackpot and earn a lot of money only to lose it in a short period of time because they spend more and save less.
According to Robert Kiyosaki, even if your income grows, your spending should not grow along with it. You have to live just as you did before you earned extra income.
Additionally, you should also put aside money first before spending. Many people make the mistake of spending first before saving, and you need to do the exact opposite. Ideally, you need to set aside 10-25% of your income, save it or put it in a smart investment plan.