These days, thousands of small businesses are springing up daily across Africa. These businesses belong to those who called themselves entrepreneurs. It is unfortunate that over 80% of these so-called entrepreneurs’ businesses will fail before their fifth year because they lack what is required to be successful entrepreneurs. Successful entrepreneurs are not born, they are made. If you are struggling with your business or yet to breakthrough, then it is important that you look through the 10 habits of an entrepreneurs. Here they are:
Published June 21st. 2022
#1-A successful entrepreneur has a precise solution to a particular problem:
One of the traits that singles out a successful entrepreneur is that such knows
how to spot a problem and how to creatively develop the appropriate solution.
As an entrepreneur, you must be someone who can easily identify a particular
problem that is common to a lot of people, and then you must have the capacity
to develop a solution for such problem. Every successful business that you see
around you is offering solution to a problem. Yours should do the same.
#2-A successful entrepreneur has a clearly defined vision: Once you
identify a problem and create a solution, then you should have a clearly
defined vision of the kind of business you intend to build. According to
Google, vision is the ability to think about or plan the future with
imagination or wisdom. Most successful entrepreneurs have this tendency; that
ability to create the business they intend to build in their minds. And they
are able to document it on paper, and then turn it into their reality—a business.
#3-A successful entrepreneur knows how to set achievable goals: The
vision is the big picture of what you intend to achieve; the goals are the
specific things to do in order to reach the vision. As an entrepreneur, you
must be able to set S.M.A.R.T goals. This simply means your goal must be
specific, measurable, achievable, relevant and time-bound.
#4-A successful entrepreneur knows how to access capital: There are two
kinds of capital you will require in your business. They are human and
financial capital. Human capital is simply the skills, knowledge and experience
possessed by specific individuals. Successful entrepreneurs know how to spot
and gather the right talents (individuals) that will work effectively as a team
to help them achieve their goals and vision. Also, successful entrepreneurs
know how to raise money for their businesses. One of the skills you must learn
very quickly is the art of raising funds for your business. Your business will
need money when you are starting. It will need money at every stage of
expansion too. Although at some point, the business will naturally attract
money, but at the beginning stage, you have to be the one that knows how to
attract the money.
#5-A successful entrepreneur must be creative: Yes, you need to have the
ability to mix your original ideas with your imagination to create something
fantastic. There is nothing wrong with trying to match your business with that
of your competitors, however, you must be original and innovative. You must
have something that separates you from the crowd; something that stands you out
at all times. That is where your creativity comes in.
#6-A successful entrepreneur is a risk taker: Most successful businesses
you see around you are the result of those who braced through the tough challenges
by taking several risks. If you must succeed as an entrepreneur, you must be a
risk taker; you must be ready to go all out or bend over for your business to
succeed. However, your risk must be well calculated ones. Calculated or not,
you will hit road blocks, you will make mistakes, you will fail severally. But
you must learn to from them all. It is okay to feel sad, disappointed or
depressed, however, you must learn to bounce back. If you have to go back to
the drawing board, do exactly that. If you have to seek advice from a mentor,
do that. If you have to acquire specialized knowledge, go ahead and do that. Whatever
you do, don’t stay down.
#7-A successful entrepreneur is very passionate about his or her
business: Never forget this “be passionate about your business, but don’t be
emotionally attach to it. Emotion makes you rigid, passion gives you
flexibility. Passion is like a fire in your bone; it will drive you until you
succeed at what you do. Passion will keep you awake at night into the early
hours of the next day. Passion will help you see a mountain like a mole hill;
it will keep you going in the face of adversities. If there is anything you
need, you need passion.
#8-A successful entrepreneur is a salesman: If you cannot sell, you
shouldn’t be in business. Customers are the heartbeat of every business, and
the surest way to getting them is through selling. If you have to succeed as an
entrepreneur, you must know how to sell. It is a learnable skill. So, go ahead
and acquire it. If you have to take online courses on selling like a Pro, go
ahead. If you have to join a network marketing firm—they have the best of
selling strategy—join one, and learn how to sell. Selling is a lifestyle for an
entrepreneur.
#9-A successful entrepreneur is open to learning: No one has the monopoly
of knowledge; we are all work in progress. Even the greatest entrepreneurs—like
Elon and Bezos—are all work in progress. They may be the richest on this
planet, but they are still learning. You slowly die when you stop learning. So,
you have to keep learning—there is no end to learning if you are entrepreneur.
Be open to knowledge; devour books like your life depends on them. Attend
trainings, seminars, workshops and conferences where you can keep learning. Whatever
you do, keep developing yourself. It will eventually pay off on your
entrepreneurship journey.
#10-A successful entrepreneur is a networker: Networking is very
important when it comes to building a successful business. No man is an island.
Even Billionaire Richard Branson who has an island to himself still finds time
to network with people. There is a saying that you are as rich or wealthy as
your network. That’s the truth. So, as an entrepreneur, cultivate the habit of
networking with people; that will eventually help you succeed in the business
world.
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