5 Things You MUST Do in Order to be a Successful Entrepreneur
Today I wanted to go in a little broader direction. We’re going to talk about 5 things you MUST do in order to be a Successful Entrepreneur.
These are relevant across business models…so regardless of what your focus is on, these will apply to you.
1. Give yourself permission to make your own decisions
This is a huge one I see across the board. Too many people that want to start working for themselves need guidance on every little decision they make.
What color should my website be?
Should I buy this product?
Insert question here…
Now, don’t get me wrong, asking questions & getting mentorship can be great. That’s NOT what I mean. But you have to give yourself permission to make your OWN choices too. One trait that I see that ALL (yes ALL) successful Entrepreneurs have is the ability to make swift decisions…and the ability to solve their own problems.
That doesn’t mean their decisions are always right, but it does mean they’ll either make the right decision, or they’ll learn what not to do very quickly. They don’t need anyone to hold their hands…and if you want to be successful working for yourself, you have to accept this reality too. A GREAT book on this is Relentless by Tim Grover.
2. Take calculated risks
You must be willing to take calculated risks & bet on yourself & your business….otherwise, you’ll never move it forward. You have to get comfortable with potential failure if you want to succeed at the highest levels.
You have to be willing to purchase the inventory to see if you can turn a profit, even if that means risking your last hundred dollars at the time.
You have to be willing to hire an employee if you want to scale your business out of your comfort zone.
You have to have the courage to put yourself out there on YouTube or Instagram, even if some people you know might talk behind your back & make fun you.
Whatever business you’re interested in, take the leap. Learn to fly on the way down. I PROMISE. You will.
3. Focus on giving more value to customers (or really just everyone)
There’s two different questions you can wake up and ask yourself everyday when you’re an Entrepreneur…
1) How can I sell more of my product today?
2) How can I help my target customer more today?
There’s absolutely nothing wrong selling your products or services. But, if you’re constantly focused on selling, you’re forgetting about the most important part of a business…the customers!
This was a revelation for me in my Entrepreneurship journey. Instead of solely focusing on how I could make more money (which often led to mediocre products, less rapport with current customers, & less customer satisfaction), I began to focus on how to make my products & services the best they could be for customers. To my amazement, sales actually increased with less effort. Also, When I did sell, it felt more authentic because I genuinely knew my products could help people…and my customers got better results.
There’s only one way to run a sustainable business that works long term….a relentless focus on the customer. Focus on improving your products. Focus on giving more to your customers. Focus on doing more for the people around you. As they say, “you can have everything YOU want, if you just help other people get what THEY want.”
Moral of the story: focus on giving more to your customers & improving your products & services, NOT fancy marketing schemes & complicated sales funnels.
4. Avoid shiny object syndrome
This plagues EVERY Entrepreneur on their way to the top. Shiny object syndrome is the tendency to chase something new & exciting, rather than what you’re already doing. That means if you’re focused on Arbitrage for example, and you see someone on Instagram is flashing their lambo saying they paid for it doing shopify drop shipping, you don’t bite. That means if you see a YouTube Ad of someone holding cash & saying they made that money super easy by flipping their last rental property, you hit the skip button.
There’s nothing wrong with any particular business model. But the key is to stick to what you’re already doing & progressing at it. So, find out what business model you like, decide to become the best you can be at it, & ignore EVERYTHING else.
5. Understand your competing for ACTUAL MONEY. This isn’t a game.
Mark Cuban said it best, “if you start a Business, you better know your company & industry better than anyone else…because you’re competing. And to think that who ever it is you’re competing with is just going to come in & let you take their business, obviously that’s naïve & I think most people don’t recognize that. If you’re going to compete with me & one of my businesses, you better realize that I’m working 24 hours a day to kick your butt.”
That doesn’t mean you have to work 24 hours a day full throttle to ever see any success. But what it does mean, is you better recognize that you have many many many competitors out there all fighting for a piece of the pie you also want. It’s not a game. And If you want any real shot at that pie, you better work for it.
Too many Entrepreneurs have this mentality now that you can just find a profitable shopify product and press the “on” button for facebook ads…and wallah! You’re a millionaire. Or, another one I see quite often, people think they can do a little bit of product research on Amazon, manufacture a product that’s selling well, & slap their own private label on that same exact product…wallah! You’re a millionaire.
Any real business, DOES NOT work that way.
Now, you can make money with both of those business models…or any business model that has a proven track record. Ppeople do it everyday. But you’d better realize that you’re competing against the rest of the market to win that customer.
What are you offering that they aren’t?
What are giving that they aren’t?
Why should a customer buy your product or services compared to your competitor?
If you can’t answer that right now, you need to come up with legitimate reasons why…then work to substantiate those reasons.
So, there you have it 5 things your MUST do in order t be a Successful Entrepreneur. If you want to check out the video version of this Article, you can watch it directly below.