The Concept of Entrepreneurship
Entrepreneurship, today is far more difficult than it was in the past, even though there are more opportunities. There are always ups and downs in any business. It’s how you handle those failures that determine your future success. What powered me through those dips was a long-term vision combined with the power of my network and not wanting to disappoint those people. The long-term consequences of an action can be quite different from what we initially observe.
The truth is that adversity can serve as both a learning experience and a masked opportunity. In fact, I would take it one step further and say that there is an offsetting opportunity in every adversity and every obstacle. The trick is to develop the habit of automatically looking for the positive in every negative situation. Some of the unexpected roads this has taken me down are nothing short of miraculous.
What initially appeared to be an enormous adversity was, in fact, a hidden opportunity. All that was required of me was to apply action and resourcefulness to an apparent obstacle, and the result shocked the publishing industry. The major obstacles I have experienced have turned out to be great opportunities waiting to be exploited. And the more I’ve done it, the more I’ve learned. Best of all, each new learning experience makes it that much easier the next time around.
What people forget about entrepreneurship is the opportunity to be free. This means you have freedom of choice to work when you want to, delegate to other people things you do not want to do, and the opportunity to make this much money as you want to with out someone else telling you what your salary is. Remember, the more effort you put into your business the more successful you will be.
Skills Needed to Be a Successful Entrepreneur
- Resiliency. The ability to weather the ups and downs of any business since it never goes exactly the way the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak.
- Focus. After setting a long term vision, knowing how to “laser focus” on the very next step to get closer to the ultimate goal. There are so many distracting forces when trying to build a business that this skill is not easy to master.
- Invest for the long-term. Most entrepreneurs are not patient and focus only on what comes next, rather than where the company needs to go. Overnight success may take 7 to 10 years. Entrepreneurs need to stop, pause and plan on a quarterly basis.
- Find and manage people. Only by learning to leverage employees, vendors and other resources will an entrepreneur build a scalable company. They need to learn to network to meet the right people. Entrepreneurs strive to guarantee they will get honest and timely feedback from all these sources.
- Sell. Every entrepreneur is a sales person whether they want to be or not. They are either selling their ideas, products or services to customers, investors or employees. They work to be there when customers are ready to buy. Alternately, they know how to let go and move on when they are not.
- Learn. Successful entrepreneurs realize they don’t know everything and the market is constantly changing. They stay up to date on new systems, technology, and industry trends.
- Self-reflection. Allow downtime to reflect on the past and plan for the future. Always working only leads to burnout physically and emotionally.
- Self-reliance: While there is a lot of help for the entrepreneur, in the end, they need to be resourceful enough to depend on themselves.
Building a Successful Business Online
Having a successful business doesn’t mean having just a brick and mortar store, it also means using and incorporating technology into your business where you have a presence on the Internet and you could do with e-commerce which allows you to have a business open 24/7.
it also gives you an opportunity to create multiple streams of income. This means when people are traveling and they can’t get to your store to pick up what they need, they can go online and purchase your products at their convenience. Many people who have had a brick and mortar store, have closed those locations and just sold their products through a website or a storefront on the Internet because the overhead is low and the ROI is high.
It is also important when you have a small business to have a mentor because the Mentor will keep you accountable. This means that when you say you will write a business plan you will write a business plan. This also means that since you know you are accountable for your actions you will do the things you say you will do that will help move your business in the right direction.
We all learn from our failures, so don’t expect everything you do to be successful. Just take from that failure the lessons learned so you will not repeat them the next time.
Being aware of the importance of marketing & utilizing software and tools available to help you promote your business can help you build relationships with new customers, as well as, old customers.