Did you know the average entrepreneur makes around $67,000 a year while working 66 hours a week on average? Are these numbers the same for successful entrepreneurs?
So what makes over 400 million people worldwide want to start a business? People may start a business for many reasons. But the top reason people decided to start their own business was… money.
This is one of the reasons why 90 percent of all startups fail. If you would like to learn how to be a successful entrepreneur and be a part of the 10 percent succeeding, keep reading these seven essential tips.
1. Find Your Passion
Entrepreneurship is defined as the process of finding new ways to combine resources. But it is in that “process” many individuals give up and fail to generate a profit.
The reason being most people are in it for the money and can’t see the value when things get tough. Steve Jobs famously quoted, “the only way to do great work is to love what you do.”
Finding your passion will give you the reason to keep going when things get tough.
Related: 10 Reasons Being An Entrepreneur Is Better Than Employment
2. Determine the Necessary Skills You Need as an Successful Entrepreneur
Another thing to keep in mind is the skills or education you will need to complete the job.
For example, if you are planning on starting a web development business, some coding skills would be helpful. Elon Musk taught himself how to code and built his first video game at 12 years of age.
Related: 15 Entrepreneurial Key Success Factors To Skyrocket Your Business
3. Build a Blueprint
After you have acquired the necessary skills, it’s time to build a business plan.
In the business plan, you will lay out goals and provide a way of meeting those goals.
Your business plan will show potential investors and banks if needed, your vision of what the company can achieve.
Related: 10 Smart Skills You Will Need Now as an Entrepreneur
4. Believe in Yourself
If you don’t believe in yourself, how can you expect anyone to believe in you?
Believing in yourself is vital to becoming a successful entrepreneur. Henry Ford once said, “Whether you think you can or think you can’t, You’re right.”
5. Find Your Market
You may have the best idea for a business, but if nobody else wants the product or service, it will never be profitable.
This is where you will need to find like-minded people and connect to them.
Related: 10 Habits of Successful Entrepreneur
6. Research
A lot of time for many entrepreneurs is spent on research and development, especially when first starting.
This is where you will need to research your market to understand the needs of the consumer better. You will also need to study the industry and take a look at what the competition is doing.
7. Never Give up if You Want to Become Successful Entrepreneur
Many famous entrepreneurs have failed early in their careers. Walt Disney, Steve Jobs, Henry Ford, and Thomas Edison all failed at one point only to go on to become very successful.
Jack Ma, self-made billionaire and founder of Alibaba, was rejected by Harvard University 10 times and couldn’t even get a job at KFC but never gave up.
Related: 87 Tips and Tricks on How to Become a Successful Entrepreneur
I don’t want to give additional comments for this inspirational video below. But, the most important thing is that you can never beat someone who never gives up. That’s the difference between successful and unsuccessful entrepreneurs.
Do You Know How to Be a Successful Entrepreneur?
Now that you have seven of the very best tips on how to be a successful entrepreneur, it’s time to put those skills to the test and see if you have what it takes.
For more tips for entrepreneurs, check out our website! Where we have business advice for people who own a business and those who are interested.
