7 Key Elements Needed to Become a Successful Entrepreneur

Do you have what it takes to be a successful entrepreneur?

Let’s see now. You have a great product idea. You’ve identified your target audience and the best market that will readily receive your company’s products and services. You have a fair view about how to source the raw materials for producing the goods. As for the other tasks like accounting, taxation, managing the workforce, and various others, you can hire the services of expert personnel who can perform them for you.

But, should you check this article on MindTools, you will learn that the successful entrepreneur of today’s times needs to develop the right attitude, determination, and commitment to achieving her goals.

1. Dress the Part of a Smart Successful Professional

Before you step into the world of business, you need to prepare yourself mentally to succeed. As your business coach will advise, to develop the mindset of a successful entrepreneur, you need perfect grooming. Even if you work from home, lounging in a pair of sweatpants isn’t going to spur you on to work hard. Set a fixed schedule for waking up in the morning, shower, eat a healthy breakfast, and dress like a professional. Choose a smart shirt and pants, and put on a tie for that extra edge. Take care to get regular haircuts, shave or maintain a well-groomed beard, and pay careful attention to those hands and fingernails.

Each time you step out to meet with prospective customers or vendors, the well-dressed persona you project will inspire confidence and trust in you and your projects. Remember that first impressions can create a world of difference in how people view you and the company you represent.

2. Develop the Personal Drive and Determination to Succeed

Maintain the motivation and drive to attain your goals. Work with your business coach to set short-term objectives and stay accountable for them while working towards attaining the bigger goals. You may also want to learn to project motivation and drive to your team so they follow your lead when it comes to working hard and achieving the tasks you set before them. Remember, workers always perform in reflection of the ideals they see you working towards. Only a competent leader can develop and lead a competent team.

3. Learn to Take Failure in Your Stride

Every successful entrepreneur is aware that when working to accomplish his goals, there will be setbacks. And, as you go along setting up a new business, you’ll have to deal with challenges every step of the way. How you handle those challenges will ultimately affect the growth of your company. Remain resilient and find your way around the problems. Look for ways and means to solve the issues welcoming ideas from your team. Every idea you have may not work quite like you imagined it would. And, customers may or may not welcome the initial product designs. Simply keep at it until you find the one that works.

4. Learn How to Communicate

Like this feature in the Entrepreneur magazine explains, the skill of proper communication is indispensable for the successful entrepreneur. You will need this skill every step of the way. Here are only some of the spheres where you absolutely should know how to express yourself concisely and clearly:

  • When pitching your business ideas and vision to possible financiers during presentations designed to raise funding for your projects
  • Talking about the positives of your products and services to possible customers and proving that they have that special USP that sets them apart from the offerings of your competitors
  • Explaining what you need from your team when directing them on the production processes
  • Discussing your requirements with suppliers of raw materials
  • Conducting efficient negotiations for the best prices for inputs, best interest rates for loans and funding, and best selling prices for your products
  • Providing encouragement and motivating your team to work for your company objectives
  • Providing feedback to your workers in a positive and educational way so they understand and learn from their mistakes and strive to do better

5. Observe Business Ethics in Your Dealings

To be truly successful at what you do, the one factor you cannot compromise on is ethics. Be honest in all your dealings whether with vendors, customers, staff members, or any other people you work with. Maintain complete transparency when receiving and making payments. And, offer exceptional customer support. Deliver on your promises when you sell products and don’t make false claims about their usage, prices, or any other facets. When you’re looking to build a brand and company reputation, ethics and straightforward dealings must form the foundations.

6. Never Stop Evolving and Innovating

Simply coming up with an awesome product idea and having it sell in the market is not enough. In a world of cut-throat competition, it won’t be long before competing companies develop newer and better products than yours. Stagnation is an important mistake that all successful entrepreneurs avoid. Take a cue from Theodore Henderson on Forbes who explains that you must keep working on how to make your products better and more economical. Think of all the peripherals and accessories you can create and supply. Focusing on the better services you can provide to your customers is also a smart move.

7. Keep a Close Watch on Market Conditions

The folks at The Motley Fool estimate that just 50% of new enterprises continue to remain operational after the first 5 years. So, what are they doing right that the others aren’t? Successful entrepreneurs keep their finger on the pulse of the market. They keep track of how the trends are changing and prepare for them before major changes actually occur. Whether it is the taste and needs of the audience, changing economic conditions, or even marketing strategies, if your business can keep pace with the moving markets, your products will always remain in demand. You could even become the trend setter in your particular field.

Follow these key rules that every successful entrepreneur adopts. And, there’s no reason why your company won’t be one of the third of companies that will survive beyond their 10-year anniversary.