Entrepreneurship is hard. While social media and other websites offer continuous inspiration and success stories, the truth is that half of the startup businesses fail to survive the initial five year period; perhaps that is uplifting to hear in itself, as it is common to hear higher (inaccurate) percentages of failures within the industry. While each entrepreneur has their own ideas, hopes and strategies, it is beneficial to learn from those who have already surpassed their obstacles and have reached success. Follow these tips to get started as an aspiring entrepreneur.
Find your passion. Maybe this seems a little obvious, but it is crucial. While money may be a great incentive to get started, it typically isn’t enough of a reason to struggle through setbacks and obstacles. Startups founded by people passionate about what they are doing are most likely to survive and succeed. This allows entrepreneurs to also incorporate their own knowledge and personal experiences in their business. As Mark Cuban advised, “Choose something that you both love and are good at.”
Knowledge. To truly be successful, entrepreneurs need more than passion and creativity. They require knowledge of production, marketing, financing, and sales. Entrepreneurs should know the industry they are stepping into, the product or service they are offering, and the consumer they are targeting. Find tune business knowledge to get ahead.
Finances. Look for angel startup and other investors; however, it is key to success that entrepreneurs have their finances in order. This includes building strong credit, paying off debts and student loans, and planning and executing a monthly budget.
Surround yourself with good. “Surround yourself with only people who are going to lift you higher.” Oprah Winfrey would never lead you astray. Moms across the world are saying, “I told you so.” It is simple. Attitudes, behaviors, and traits naturally rub off onto others, so if you are surrounded by positivity, you are more likely to remain positive.
Time and Patience. Understand that even the most successful of businesses had to put in the time and energy. Invest yourself in the company and understand that where you are now is not where you’ll always be. As famously said by Steve Jobs, “If you look closely, most overnight successes took a long time.”
Take action. A product or service starts as an idea. The only way they lead to a business is through taking action. Having a plan is smart and necessary. However, the planning part of the process is only the beginning and can continuously be edited. As Walt Disney best put it, “The way to get started is to quit talking and begin doing.”