How to Make It as an Entrepreneur

These traits need to be inherent in the individual but the experiences of other entrepreneurs and the entrepreneurial process can be taught so as to ease the path towards being a successful entrepreneur.”

It’s the entrepreneur’s inner drive, not training programs and advisers that determines whether or not the strong starting momentum will not be lost with every bump along the way.

As a cautionary note, young entrepreneurs should be wary of the various scams and predators that are out there ready to take advantage of their naivety and eagerness to have their first big break; success doesn’t happen overnight. With finances and a future at risk, entrepreneurs must be conscientious about their decisions and ready to handle the pressure.

Entrepreneurs who have the passion and desire to succeed will quickly come to learn the value of being careful when engaging in research and development for their ideas, and thereby avoid being persuaded into situations that could cost them their entire venture.

Ensuring Success

While dreams of success are nice, the reality of entrepreneurship is that it will be a grueling endeavour that requires effort and patience to understand the mechanics of starting a business and interacting with the market. It’s easy to get caught up in the rush and forget about the downsides of risky decisions; at the same time, it can be hard not to question if it is even worth it to continue.

As an aspiring entrepreneur gains experience, it is an entrepreneurial spirit tempered by business sense that forms the crux of a successful venture. This blend forms the base requirements of what it takes to be an entrepreneur.

On a practical note, it is important for an entrepreneur to maintain control. You must own your idea every step of the way. Be ready for any obstacle, financial or otherwise, and have a well-thought out business plan.

The early stages should focus on investing in the legal and physical aspects of the venture to develop ideas, rather than paying outsiders for services that will not contribute to the growth of your business. Managing your resources responsibly will go a long way in gaining credibility and future investments. The application of entrepreneurialism requires constant reflection of what adjustments can be made to improve your product or service—to make an idea work always consider the value added.

Sustaining Your Vision

When it comes down to it, an entrepreneurial spirit is necessary for success; business sense can be seen as a spirit guide. Be sure the goals you set are realistic, practical, and with an actual purpose to benefit both your life and your venture.

With over 20 years of business experience, serial entrepreneur and past Global President of the Entrepreneurs’ Organisation, Troy Hazard has experienced both the lows and highs of business ownership and entrepreneurism. For him, being an entrepreneur is more than having business smarts; it is a lifestyle, one that needs a vision in order to achieve success:

“I had to determine a vision that included a personal plan, a life plan, a business plan and a people plan. With clarity of purpose you create a greater opportunity to match your personal vision with your business vision. Then your business is working for you, you are not working for it.”

He adds that rather than being controlled by fear, blame, and ego, it is confidence that allows entrepreneurs to lead through values, vision, and vulnerability, and that being creative and adaptable to change is the key to long-term success. Being an entrepreneur is about being conscious of the changes in the market to position oneself accordingly.