Lessons of the Failed Entrepreneur

Becoming an entrepreneur is not always about succeeding

Becoming an entrepreneur is not always about succeeding

Strategic business tips from failed entrepreneurs that will show you how to protect your business.

A wise man once said that failure was a stepping stone to success. Becoming an entrepreneur was never going to be an easy task. However, the one thing that wise man never knew was that most successful billionaires feared failure. It was the one thing they feared because throughout their career, failure was their arch enemy. Their road to becoming an entrepreneur was a cobbled path, littered with failed attempts. None of those attempts, however, stopped them from surging ahead with determination and zest.

If you are thinking of becoming an entrepreneur, the one thing you must always keep in mind is that it is good habits and that alone that can either make or break your business’s success. You can start with a great idea, but the most successful businesses are a result of multiple adjustments, team efforts, and a whole heap of courage and determination.

Becoming an entrepreneur starts with hard work

Many businesses have gone under because the entrepreneur underestimated how much time and effort was required to make it work. One of the key things to keep in mind before embarking on a venture is to define in terms of time and money, the commitment you’re willing to make towards becoming an entrepreneur, as well as measurable goals and targets you hope to hit at successive intervals.  Remember, all of it requires determination, commitment and tons and tons of blood, sweat and hard work. If you’re unwilling to barter all those things, maybe starting a business isn’t something for you.

Focus on what you can offer, not what’s trending

Popularity is not a guarantee for increased revenue. If you don’t know the first thing about the product or service you’re promoting, it will show. Try and focus on these three questions that will help streamline your becoming an entrepreneur: (1) Is there a demand for my products or services? (2) What can I do better than anyone else? and (3) Is it unique to the market? Be true to yourself and invest your time and energy into things you are best at.

You need a great team to rely on

Behind every successful entrepreneur is a great team of people. It’s unrealistic to think you can grow your business on your own. In fact, a thought like that could be your biggest downfall. All businesses rely on a team of talented professionals to keep them going, so make sure you surround yourself with motivated, positive and like-minded individuals.

Keep an open mind, and never stop learning

Open-mindedness is an essential trait for becoming an entrepreneur. Business leaders often fail because they believe they’ve mastered it all, and overlook the importance of studying their competition and keeping track of their success. This is especially crucial if you’re keen to expand rapidly within a very short span of time.

Manage your expectations, then your responsibilities

Being the CEO of a company is not easy. Becoming an entrepreneur isn’t just about having a flashy title. Leading a business takes a lot of hard work and being at the top of any company means you are responsible for steering the ship. People are going to depend on you to put food on their table and take care of their needs. Your employees’ well-being should be way up on the list and you should be hustling every waking minute to ensure you don’t disappoint them. One fantastic way to stay on top of the sheer amount of work you need to get through on a daily basis would be to stay organized. Another way is to constantly remind yourself about how important your role is, how many lives depend on you for their survival, stay on track and keep going.

Aileen Ormoc | Contributing Writer


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