The Planned Pursuit of Entrepreneurial Success

You’ve heard the tales of tech start-ups becoming household names and achieving billion-dollar valuations seemingly overnight. The truth is that many start-ups never achieve this level of success. In fact, many start-ups fail entirely. To achieve entrepreneurial success, there’s no secret sauce; it takes a lot of hard work and dedication. But if you’re willing to put in the effort and take some risks, there’s no reason why you can’t join the ranks of the world’s most successful entrepreneurs.

Before we dive in, what is an Entrepreneur? What do we mean by Success?

·         Entrepreneur: ”one who organises, manages, and assumes the risks of a business or enterprise” [1]

·         Success: “degree or measure of succeeding” OR “favourable or desired outcome”[2]

Whatever the definition of Success, there are a few things that are needed for any entrepreneur to stay in the game and achieve victory:

1.       PASSION

Success is a relative term, and the attainment of it will vary from entrepreneur to entrepreneur. For some it may mean the attainment of sustainable monthly income, for others, it may mean significant wealth. For others, it may be the production of award-winning services or products. And for a small percentage, entrepreneurial success is simply the attainment of personal fulfillment and joy.

The first step is finding your passion. What do you want to do? What are you good at? What beneficial thing would you still do even if you were not paid to do it? Answering these questions will help you identify your passion or gift. Once you find your passion, you can start thinking about how to turn that passion into a business. If you’re not sure what your passion is, that’s okay! Find ways to help the people around you. Serving others is one of the fastest ways to find your fit. Help and serve others until you find something that feels right. Your passion is what will fuel you to keep going in the tough times!

2.       A GREAT IDEA

You need to have a great idea for a business. Just because you are passionate about something does not mean that it is a good business idea! You would be surprised how many people try to start businesses without any clear vision or direction. Without a great idea, your business will struggle to gain traction and grow. How does your idea benefit the people around you? What value does your idea add?

3.       BUSINESS PLAN

You need to create a business plan. A business plan is a roadmap for how you want your business to run. It should include your goals, strategies, target market, and financial projections. Creating a business plan will help you figure out how to turn your passion into a money-making endeavour.

4.       TENACITY

It takes a lot of hard work. The late nights, the endless hustle, and the sacrifices you must make to get your business off the ground are not for everybody. But if you’re willing to put in the work, it can pay off handsomely.

5.       RESOURCES

You need to be able to execute on your idea. Having a great idea is one thing but being able to turn that idea into a reality is another. For this, you need resources, including financial, I.T. and human resources. You’ll need to put together a strong team of people who share your vision and who are experts in their respective fields.

6.       NUMBERS KNOWLEDGE

It is important to know your numbers. Not just how much you need to get started, i.e., your investment capital; but you need to keep track of all figures related to your business such as your incoming revenue, the outgoing expenses, etc. Keeping track of every cent is important. Even if you are using an accountant or accounting software, some general knowledge is still required as the owner.

7.       LEARNING

An entrepreneur must be constantly learning. It’s important that you learn from the many mistakes that you make along the way. In fact, seeing these ‘failures’ as learning opportunities will greatly benefit you and the company. Being aware of what is going on with your industry, with the competition, and with associated businesses is also required. You should also be learning from the mistakes of others.

8.       ADAPTABILITY

The world is constantly changing and so will your industry. In fact, the rate at which changes are occurring seems to have dramatically accelerated in recent times. Covid alone brought worldwide changes into effect. As a business person, you must learn how to flow with the tide and adjust and restructure as needed.

9.       RISK-TAKING

You must be willing to take risks. Many people are hesitant to take risks because they don’t want to fail. But the truth is that taking calculated risks is essential for any business owner who wants to achieve success. Without taking risks, you’ll never reach your full potential as an entrepreneur.

10.   LIFE BALANCE

One of the dangers that accompany the entrepreneurial journey is the loss of work-life balance. Especially during the early days of 10-hour workdays. It is easy for your health and family to get lost in the melee. Even though some sacrifice may be required in these start-up days, it is important to ensure that the other areas of your life are being attended to. Otherwise in the long run the very business too will suffer, as the other areas crumble.

Taking the first steps toward entrepreneurship can be scary, but it doesn’t have to be. By implementing the requirements above, you can increase your chances of achieving success. And remember, the best way to get started is just…to get started! So, what are you waiting for? Start climbing the entrepreneurial ladder today! Don’t wait for the perfect moment or for everything to be in place. You will never feel fully ready, but that doesn’t mean you shouldn’t get started. Take the plunge and see where it takes you!

[1] https://www.merriam-webster.com/dictionary/entrepreneur

[2] https://www.merriam-webster.com/dictionary/success