5 Reasons Why Entrepreneurs Succeed

As an entrepreneur, you know that half your time is devoted to the daily hustle, making things happen, accomplishing goals.

In some cases, like myself, you may spend just a bit more than half your time.

The other half is looking ahead, knowing where you want to be and in what time frame.

For some entrepreneurs, overcoming the mental anxiety of uncertainty is the first big step.

Om Malik, a tech business writer six years ago, faced these uncertainties when he set up his own media site GigaOM. Om recalled the early day of his entrepreneurial venture to Ventureburn recently. He wrote:

“Those nights of self-reflection during the early startup phase exposed me to a lot of my own demons and made me realize how little I knew. The biggest outcome of that conversation was the realization that companies and startups are essentially a reflection of a founder. If a founder doesn’t realize that, then it is going to be extremely difficult to build a long-term business.”

For some of you, your business is a direct reflection of your passions, your interests and how you want to earn income in your life. For others, being an entrepreneur means taking quick advantage of a trend that no one else saw, and making it into a great exit strategy.

That’s what Bleacher Report founder Bryan Goldberg did. He founded a sports content site, worked it hard and turned it into a big financial gain. Goldberg writes at PandoDaily that he wants to do another content site to gain even more financial windfalls. He reasons that content sites are easy to start, easy to run, and the model works better than other Web models in business. “Even a reasonably small content company can bring in a few million dollars per year early in its existence, to keep itself healthy,” he wrote.

So how can you strike it rich as an entrepreneur? What does it take to succeed?

Those who do succeed have left behind a trail of best practices to explore. Lately, I’ve been telling people to get real about their entrepreneurial capacity. Take a long look at your financial status, your connections, your online presence and your energy. If you can understand your entrepreneurial strengths, the financial incentives you can operate within, and the exit outcome you’re hoping to achieve, then you’re already on the way there.

Here are some attributes you must have to move ahead with good financial sense and a big vision to drive your business ahead.

1|Have a Positive Mindset

Embrace a millionaire’s mindset. You just gotta know it’s going to work, so believe in yourself. Imagine yourself with credit for the business and money to do with what you please. Believer! It can work. Make a few phone calls, share your vision with other like-minded individuals and ask for help in getting to realize the dream.

The greatest ideas of the past 25 years often have seemed far-fetched at some point, and yet the founders pursued their individual vision with others who could help. Had these thinkers been too rational, practical or realistic, they may never have made their dreams a reality.

2|Manage Your Ego

Ego works only as far as you’re willing to let it. As a founder/entrepreneur, it’s often the ego that gets everyone around you committed to getting onboard with the business. But left unchecked, an entrepreneur’s ego can also get in the way of good business savvy.

Good entrepreneurs find it easier to diminish that hungry ego in favor of sharing and caring.

Successful tech whiz-kids often bring more stable, level-headed pros to manage certain operational aspects of fast-growing businesses. A driven entrepreneur needs to know that having the right team around him, without a rampant ego, can bring a greater sense of fulfillment.

3|Obtain Financial Guidance

If you’re a creative whiz kid with a head for sales but no brain for your financials, you might find yourself steering near a rocky coast. Retain a tax professional to put aside tax money for you, and keep track of your income and expenses with a good credit card. Using the services of American Express, for instance, itemizes professional purchases and provides year-end statements with expenses broken down by categories, which may help you save on an accountant’s fees. And make for better financial sense.

4|Delegate, Delegate, Delegate

Too often, entrepreneurs feel they can handle everything. To everyone else it’s apparent they can’t, so pay attention to the warning signs of job burnout, and don’t be afraid to delegate work or shake up your schedule. For example, instead of scheduling meetings for an hour allotment, cut that in half. Knowing you have two back-to-back 30-minute meetings can stimulate a sluggish schedule.

5|Remember Your King

Your client, partner or customer is King. Don’t forget that. Knowing who you need to impress or sell is key to a successful entrepreneurial venture. Make sure you remember to put 90 percent of your efforts into pleasing the king. You’ll certainly have a win in the end.

Follow some of these tips and you’ll find that your path to entrepreneurial success will move a little smoother, a little easier. Erase the difficulty and follow your dreams.

Jeff Rose

 

Jeff Rose is a financial Planner, co-founder of Alliance Wealth Management author of the “Good Financial Cents” blog and a featured contributor here on the “CIF Blog”.

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