If you are entertaining the thoughts of building an entrepreneurial empire, or have already taken the first steps into it, then you might be wondering how can you reach the peak of success as an entrepreneur. Is it better business insurance? Better observational skills? Or, is trying to be more innovative?
Truth be told, each entrepreneur has his/her own formula to opulence. It is difficult to follow a template that would lead you through the winding roads of struggles and perseverance. That said, there are some strategies you can adapt to increase your likelihood of becoming an accomplished business person.
Step 1. Business Insurance
The United States Small Business Administration data show us that there are more than 30 million ventures enlisted as small businesses in the country, and half of them are categorized as home-based businesses. Roughly 40% of these home-based businesses have business insurance, meaning the rest of them has no contingency plan for their businesses.
A homeowner’s insurance will not cover your business endeavors on the property. So, if you are under the impression that you don’t need separate insurance for your home-based business you are wrong. Protect your business with proper business insurance coverage, and minimize the risk of unforeseen damages in the future.
Step 2. Don’t Shy Away From Taking An Action
You have an idea, but you are reluctant to act upon it. This, right here, is what differentiates a successful entrepreneur from one who is yet chasing after the dream. You have to be pro-active and have the guts to take action. Without doing so, your vision will never come to fruition.
Step 3. Always Look For Improvements
So, you are doing great! Your business is booming, revenues are coming in generously, so there is no need to change things up, right? WRONG! You can never feel complacent about your business. Businesses evolve, trends change, and if you can’t catch up to it, you would be wiped out of the scenario just like dinosaurs got extinct by a meteor hit.
Step 4. Value Your Team
Business is a coordinated effort. You need to have employees who care for the business as much as you do. With all hands on deck, your business will perform better and expand to a greater size. As an entrepreneur, you have to be appreciative of your team. You would have to see them as your colleagues, rather than subordinates.
Step 5. Be Open To Different Opinions
A successful entrepreneur will listen to insights from others, learn from them, and won’t be hesitant to implement those ideas. That doesn’t necessarily mean that anyone coming up with advice would have groundbreaking ideas. But, you would never know unless you listen to them.
The most important suggestions would come from your clientele. Sometimes, customer reviews would be harsh. But, instead of being disappointed, address the flaws pointed out in negative reviews. Show the world that you are courageous enough to admit mistakes and make amends, instead of cocooning into a shell of denial.
Step 6. Treat Failure As A Certainty
Many people get dispirited by failure, but an entrepreneur must prepare himself/herself for one heck of a bumpy ride. Failures are almost a certainty in the world of entrepreneurship. How you are dealing with it would define your career as an entrepreneur.
Step 7. Take Failure As A Learning Opportunity
In fact, leading entrepreneurs relish failures as a valuable source of wisdom. Without failures, some of them might have never become the role models they are today. Evan Williams (Twitter), Reid Hoffman(LinkedIn), Akio Morita (Sony), Milton Hershey (Hershey)-all these people got their big breaks after initial failures.
Step 8. Implement What You Learn
As you pick up experience, you have to incorporate it into your entrepreneurial philosophy. It is essential to stay ahead of the curve. It is essential to become a quintessential figure in your industry. Always remember, your observations are no good if you don’t make use of them.
Step 9. Study Success Stories
As we mentioned earlier, there is no uniform way to success. But, that doesn’t mean you can’t learn anything useful from the success story of another entrepreneur. Even if you can’t find any relevant information that would help you in your own pursuits, success stories would always make you feel more motivated.
Step 10. Don’t Lose Enthusiasm Halfway Through
Perseverance is the most prized possession of an entrepreneur. Upon undertaking a project, you would have to be prepared to see it through. The initial results might not come as you had expected, but if you give up without seeing it out, you would never know how it would have panned out in the end.
*GasanMamo Insurance Limited is authorised under the Insurance Business Act and regulated by the MFSA