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Key Elements on becoming a Successful Entrepreneur

  • Update Time : Monday, January 27, 2020
  • 157 Time View
martes

Being an entrepreneur means to start a business or multiple business organization to while creating and generating revenue. This act in modern times can also be defined as changing the world perception and transform it to better state by solving complexity with a suitable solution. Thus taking this huge responsibility becomes a huge number of burden for the entrepreneurs, and they must undergo several obstacles along their journey. Lets take a look at some of the elements and factors that are very common, shared from the experiences of these entrepreneurs: –

 

1) Lack of Self Instinct –

Prottashito_Alo_Marla Beck
Marla Beck, CEO of Bluemercury

Most Entrepreneurs struggles to flow and play their role smoothly. This is because they tend to get lost on several different advices, which they have collected from separate individuals. It is important to know about the surroundings but following your own instinct has far more importance than any other’s opinion.

Marla Beck, CEO of Bluemercury, expressed that, at the beginning, she wanted to expand and create retail stores to support her online business. It was a risky step, and many considered crazy, at that time, but they are successful with 200 specialty stores along with their digital and online business. (Bruneau, Megan ; Forbes, 2019)

 

2) Ignorance of daily factors that affects the business –

It is a well-known concept that passion, ambition and unique ideas are essential, but these don’t really guarantee a success.

Prottashito_Alo_Matt_Mead
Matt Mead, founder and CEO at Drivonic

According to Matt Mead, founder and CEO at Drivonic, stated that the elements and tasks that are separate from daily operations, which helps the business to grow and endure unpredictable circumstances, can be considered as a real struggle for the business. (Reynolds, Nick ; Star Tribune, 2018)

Keeping track of numbers and data, determining the tax fluctuations, develop ownership and management skills as well as negotiation skills. An entrepreneur who knows the solution to their challenges, has more chances in ascending their business to a next level.

 

 

3) Mistakes are important as experience –

It is a human nature to make mistakes, but the most crucial factor to consider is how much a person can learn from it.

Jay Leno, who is considered one of the most successful comedians, star of “Jay Leno’s Garage” on CNBC, and former host of NBC’s show “The Tonight Show.”, stated that,

Prottashito_Alo_Jay_Leno
Jay Leno, star of “Jay Leno’s Garage” on CNBC, and former host of NBC’s show “The Tonight Show.”

“I made some stupid decisions growing up, but I probably wouldn’t be as successful if I hadn’t made them. So I would tell my younger self that mistakes are OK, as long as you learn from them.Some things you just have to learn for yourself. You can tell people like me not to touch a hot stove, but we’ll still do it. Given a chance, I’d probably touch it again — because that’s how you learn.” (HEAD TOPICS, 2020)

 

4) Accepting Loss

This element refers to the entrepreneur being aware of the risk that are about to embark upon. In order to accomplish something, the entrepreneur must be prepared to face loss and casualties. They must have backup plans and most steps must calculated as well as considering the fact that there will loss along the way, and proceed accordingly.

Patch Baker, founder and CEO of Mobius Media Solutions; former U.S. Marine, stated that,

Patch Baker, founder and CEO of Mobius Media Solutions

“You can’t save your way to wealth or cut costs to become more profitable. You have to spend money to grow it. Most entrepreneurs focus on their return on investment rather than what they need to spend to reach their goals — and what they might have to lose along the way.” (Entrepreneur Asia Pacific, 2019)

 

5) Fixate on the expectation, rather than reality –

Usually most entrepreneurs tend to be caught up in their imagination and the fact that it is their passion, but in order to succeed, the entrepreneur must aware of how to do it.

Sometimes the entrepreneur might develop obsession towards their creation, and get lost in their dreams rather than planning systems, designing process, sort out strategies. This forces the entrepreneurs to see through a tunnel vision, and thus miss out great opportunities.

 

 

 

References

Bruneau, Megan ; Forbes, 2019. Failure Gave Bluemercury Cofounder And CEO Marla Beck An Edge. Here’s What We Should Learn From Her. Forbes, 17 Feb.

Entrepreneur Asia Pacific, 2019. ‘Building a Business Is Just as Hard as Combat’: How a Life in the Military Gave Patch Baker the Skills to Help Veterans Excel at Becoming Entrepreneurs. Entrepreneur Asia Pacific, 20 November.

HEAD TOPICS, 2020. Jay Leno and 9 other millionaires on what they’d tell their 20s selves – Business Insider. HEAD TOPICS, 3 January.

Reynolds, Nick ; Star Tribune, 2018. On his way out of office, Gov. Matt Mead reflects on Endow’s future. Star Tribune, 8 December.

 

 

By Masum Mahmud

Mass Media Activist

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