They say that true success is not in employment but in doing business. And yes, many entrepreneurs have proven that doing businesses is actually more profitable than getting employed into some company. One good example is Bill Gates – the man behind Microsoft. The man did not even graduate from college but he hit it big in the field of entrepreneurship. And although people also do hit it big in employment, they are very few and far in between.
This is the reason why many people want to venture into entrepreneurship. The problem is that very few among them have the necessary skills and knowledge base. As a result, many people venture into business without really knowing how to do things correctly. Such entrepreneurs are bound to fail.
So what should you do? Should you enroll into some university and learn the trades and secrets of entrepreneurship? Well, that is certainly a sound choice to make. But it may not be necessary. The trades of entrepreneurship can be learned even without graduating from college.
Studying in your own time, doing research, and experience are 3 things that will give you an edge in entrepreneurship, and to help you get started, we summarized some of the most helpful entrepreneurship tips out there.
This is part 1 of a series of 20 posts that will help you achieve success in your chosen field of business. Everything is written with the assumption that some readers are not well-versed in business language and terminologies, therefore, this guide is written using simple words and simple language.
Getting Into The Right Mindset
1. Practise Careful Optimism
Having a positive mind and positive outlook are crucial to being successful in business. It is optimism that drives entrepreneurs to move forward. However, there is danger in sheer and pure optimism. Excessive optimism can make one overlook risks and potential pitfalls and this is what you need to avoid. So while it is beneficial to approach business with an optimistic mindset, you also have to bear in mind that there are dangers and risks and that you must exercise caution.
2. Practise Healthy Pessimism
People will tell you that negative thinking will not get you anywhere. And yes, pessimism does breed fear and that fear can stop you from taking the necessary steps in order to be successful. But there is use in having a little bit of healthy pessimism. This means that you are pessimistic enough so as to admit and recognize that there are pitfalls and risks involved in your venture. At the same time, you are not pessimistic enough so as to allow those insights to stop you. Instead, you are driven to come up with solutions to every risks and difficulties that you encounter.
Subscribe to our newsletter to receive discounts, freebies and blog posts like this straight to your inbox!
3. Find Motivation
It is good to have ideas and be on the lookout for opportunities. But even if these things are present, nothing will come into fruition if you do not take action and to do so, it is necessary that you have motivation.
Motivation may be different from one entrepreneur to another. Find your own motivation to succeed. Your motivation must be something concrete that you want to achieve no matter what. Contemplate on this. Do you want to give your family a better life? To be recognized in a certain field or industry? Or perhaps you want to revive an old market that is close to your heart? Any of these can be a motivation.
4. Have Vision, Mission, Goal
Every business must have one. You can typically see a company’s Vision, Mission, Goal posted on the hallways of its building or on the main page of its website. In a physical setting, the Vision, Mission, Goal is typically framed beautifully which signifies how much it is valued.
The Vision describes a company’s ideals.
The Mission describes a company’s desired contribution to society, to its employees, and to others.
The Goal describes a company’s desired self-growth in the future. Having a Vision, Mission, Goal to look up to and remember helps keep your company stay on track.
5. Believe In What Yo Do
Some people may not believe in your venture but what is important is that you believe in it. If you yourself are not convinced in what you are trying to achieve, it is very likely that you will not achieve it. This is why it is important that you enter into a business venture that you believe in or have faith in.
If you are offering a product for example, do you believe in its quality, in what it can do, in what it can provide to your customers? If you yourself believe in what you offer, you will be more motivated and more driven to sell it and your customers will feel this because it will emanate from you. This will attract them to you as customers, they will trust you more and believe in your product or service just like you do.