Entrepreneurs are the leaders who drive real change in the world. They have a vision, one which can be outrageous and unbelievable most of the time.
This vision of a world to be moved, everybody, on a team and organization in one direction.
However, there are many promising entrepreneurs that start a business but fail. This begs the question: How to become a successful entrepreneur.
The simple fact is, successful people, leave a trace of their success journey. They are readily available to those who are genuinely ready to succeed.
In this article, I’ll share with you the exact steps you need to take on how to become a successful entrepreneur.
Let’s dive in.
1. Start with purpose
The first question you need to ask yourself is: Why do I really want to become an entrepreneur?
The formula to a successful company is simple, although it might a little bit difficult to acquire.
You need people who fit your company’s culture to all work in one direction.
But how do you define your company’s culture and how do you recruit those that fit your company’s culture.
Everything starts with your WHY.
WHY are you doing what you are doing?
WHY do you want to start your business?
What is your WHY?
Apple’s WHY is to challenge the status quo by thinking differently.
Microsoft’s WHY is to help people reach their full potential by having a computer on every desk.
This two great companies became successful because they have a WHY and everything they do is in line with their WHY.
2. Challenge yourself with something bigger than you
Can one person change the status quo?
Can one person ensure there is a computer on every desk?
The answer is no. Your WHY must be so challenging that it is no longer about you.
If your WHY is to buy a car or build a house (these things are bye-product of true success) then you’ll give up before you even reach that stage.
Those petty things are not enough to create a fulfilled life. They are not enough to build a mega-company.
If your WHY is bigger than yourself, every employee, every manager and every customer of your company will take a personal stance to drive the company forward.
That’s because the goal is not about you anymore, it is about them, it is personal.
When you successfully reach this stage then your company or business will exponentially grow. And that’s when true success comes in.
3. Be open-minded
Your WHY is the not just the start, it is everything.
It allows you to create the perfect company’s culture and recruit employee that fit into that culture.
Once you’re at the stage, the next thing is to be open-minded.
Because you’ve put together a team you can trust, you must have an open mind to different ideas from your team.
Jack Ma advice to existing and new entrepreneurs is to employ those individuals that are smarter than you.
And that is one of the best advice from a successful entrepreneur on how to become a successful entrepreneur.
4. Strive to improve yourself
Mark Zuckerberg was quoted saying “No one starts off knowing everything that they’re going to need to build something“.
No matter how long you’ve been in business, you can and must always improve yourself. You must develop your entrepreneurial mindset.
As I said before, success leaves a trace and if you want to improve yourself in your field or any other field you can do that by attending seminars and reading books.
There are leaders and there are those who lead.
In any kind of organization (unless there is no alternative) people are naturally drawn to those who lead.
Leaders are those who are in a leadership position. They are more of dictatorship figure, people follow them not because they want to but because they have to.
Those who lead inspire people around them. People follow them not because they have to but because they want to.
Those who lead do so by example, they are at the front, they start with WHY.
They know they have to improve for them to build a great organization so they constantly look for a way to improve themselves.
5. Build a great organization
The single most important step after discovering your WHY to the question, how to become a successful entrepreneur is building a great organization.
The best-trained employee makes up the best company, the second best-trained employee makes up the second-best company.
The third best-trained employee makes up the third-best company and the third-best company are on their way out of business.
That is the order of the business world.
To build a great organization, you must first start with WHY and when your WHY resonates with your team then the next step is to train.
Training your personnel make them improve their skills and that translate to the product or service you offer.
The quality of your product or service automatically increase and your staff smile and speak to your customers in a very appropriate manner.
This translates unto your customers and they’ll happily buy from you. And from there your business will continue to grow.
You’ll become a successful entrepreneur and will continue to grow exponentially if you keep on this path.
6. Compete with yourself
How do you become a successful entrepreneur? By competing with other businesses in your industry and coming out on top.
History says otherwise.
Henry Ford says “Whether you think you can or you think you can’t, you are right”.
What Henry Ford is telling every entrepreneur is that you compete with yourself and not the other way around.
The only demon capable of holding you back is yourself. When you start competing with yourself instead of competing with your competitors, things start moving in the right direction.
Your product or service quality will increase. Your functioning speed will increase. And your overall business speed and quality will increase.
Your customers will know they are getting value for their hard-earned cash.
Don’t get me wrong, you need to analyze your competitor and make a necessary plan to be the best in your industry but until you truly improve on the inside, you’ll not improve outside.
7. Inspire, don’t manipulate
People are drawn to those who lead because they inspire them. These great leaders start with WHY.
There are different strategies various companies uses to reach their milestone and the most popular one is manipulation.
Employees come to work not because they want to but because they have to.
Customers buy products not because it appeals to them on a personal level but because it is the cheapest in the market.
If this is happening to your company then it is because you’re using manipulation strategy.
And on the long run manipulation will be costly to your company. To retain your customers you’ll have to keep your cost low or reduce it if a competitor responds to your pricing.
To retain your best talent, you’ll have to pay more than any other company. They’ll be working for the paycheck, not the cause.
Inspire, don’t manipulate.
8. Take calculated risks
One of the characteristics of an entrepreneur is being a risk-taker. But contrary to popular belief, entrepreneurs take calculated risks.
Take calculated risks for your business means devising a strategy that will give you the most ROI.
You must analyse your industry, competition, and business model to ensure you’re taking a reasonable risk even when the odds are against you.
9. Cultivate trust
Trust will exponentially grow your business more than any other factor.
When you start with WHY, you’ll automatically build trust around your team.
And when everyone on your team trusts each other fully, your company will start to grow.
Cultivating trust is in your organization is a pre-requisite for success.
10. Visualize your cause
Where will your company be in the next 10 or 20 years?
The ability to properly visualize your WHY will go along way to making it a reality.
Successful entrepreneurs know the importance of visualizing their WHY and how to do that is simple and effective.
Use your mind to create your world, vision, goal or cause into reality and live it every single moment.
You’ll get whatever you attract.
11. Take consistent action
Not only must you visualize what you want, but you must also take action on it. Without actions, nothing happens.
There are so many great ideas, so many strategies that did not see the light of the day.
And the reason is simple. No one acted on those ideas and strategies.
You have ideas due to your past experiences (and these ideas are great), you visualize them and bring it a step closer to reality but without action, nothing will happen.
You must take action consistently to achieve your goals.
12. Know your customers better
Henry Ford said, “If I ask people what they want, they would have told me faster horses”.
Steve Jobs also said, “People don’t know what they want until you show it to them”.
And that’s the basic truth. People don’t know they want to travel by aeroplane until Wilbur and Orville Wright shows them the possibility.
In every industry (new or existing) there is a deep desire your customers want.
And until you’re able to crack those desires, your business won’t truly take off.
You must know WHY customers buy your product. You must know them better than they know themselves.
13. Build up your system
The difference between self-employed and entrepreneurs is that entrepreneurs put in systems in place.
These systems enable the company to keep running with or without the presence of an entrepreneur.
Systems will help your business grow exponentially.
14. Set company culture
Creating a company culture is one of the very things you must do when starting your business.
The company culture set the tone for employees, suppliers, customers, shareholders and everyone associated with the company.
Company culture determines if and how successful a company will be.
When you know your WHY, setting a culture that fits your WHY becomes easy and effective.
Your culture does not need to be the best ever, it just has to be consistent with your WHY.
15. Set the Tone
Why should people follow you?
People follow leaders who inspired them. They get inspired because the leader has a vision of a world they need.
The leaders WHY is the same as theirs. They are willing to follow the leaders because the WHY resonates with them on a personal level.
And the leader not only inspired them with WHY but he also set the tone.
He leads from the forefront.
When you lead from the front by embodying your WHY and practising every measure you set, you’ll become a successful entrepreneur.
Now you’ve all the answers you need to what your desire, how to become a successful entrepreneur
Start with Why by Simon Sinek clearly shows how to become a successful entrepreneur.
It is a book everyone need to read, embody and use in all part of their life. If you’re truly willing to become successful, you must get yourself a copy.
Over to you. Let me know in the comment section what book you’ve read and what stage you’re in your entrepreneurial journey.