How to Become One of the 18% of First-Time Entrepreneurs Who Succeed
Congratulations on deciding to jump into the exciting, ever-changing world of entrepreneurship. This journey will teach you so much about yourself and you can become a better leader from what you learn.
It’s safe to say that it’s not a walk in the park. In fact, only 18% of first-time entrepreneurs actually succeed. However, you can be one in that number. There are so many keys to entrepreneurial success. Here are four tips to get you started:
Cast a vision and set goals
It’s nice to say that you’d like to become an entrepreneur. However, if you don’t have a vision and goals you’d like to hit, your entrepreneurial journey will end faster than it began. In the entrepreneurial world, it’s up to you to decide which direction you’d like to take. And, if you bring other people on board, it’s also your responsibility to lead a team to that destination. Sit down and create the vision. Break down the vision into actionable steps that you and your team can execute. This will help you turn a lofty dream into a successful reality.
Raise money
Without money, you can’t hire the best employees. If you don’t have the financial resources, you can produce a product or service. Knowing this, find ways to create reliable income streams. Whether the company is working from investments, donor contributions or a loan, know where the money is coming from. In fact, it’s best to have multiple streams of income. Becoming fully reliant on one income stream can be dangerous.
Galvanize people
In order to experience sustainable success in the company, it’s wise to hire others to help in certain areas. Being a one-man show might be possible, but it’s exhausting. Instead of sitting through hours of YouTube videos to learn design, use the services of a design agency. They have experts in-house who can help with design needs. If you’re in need of an extra hand to manage the labor-intensive process of making products, hire a few interns to work with you. Have them sign non-disclosure agreements and protect your brand.
Expand and tap into your network
Part of an incredible marketing strategy involves using the expertise and influence of your network. If you don’t already have a strong professional network, start attending happy hours, conferences and live events. Connect with people online on websites like LinkedIn. Get out of your shell and connect with people who seem intimidating. It’s the only way to break out quickly.
It’s true that entrepreneurship isn’t for the faint of heart. You have to be willing to wear multiple hats and learn as you go. However, if you are willing to develop yourself into the leader you need to be, success is yours. Remember to stay diligent, stay focused and before you know it, you’ll be sitting at a banquet in honour the longevity of your successful entrepreneurial career.
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About the Author Hannah Whittenly
Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.