How to be an Entrepreneur: 12 EPIC Tips

photo credit: startupphotos

“I want to be an entrepreneur.”

You hear that a lot these days. Movies like The Social Network and great startup successes like Instagram and DropBox have created a whole generation that are looking to create the next big thing. And you know what…good on them. The world needs more entrepreneurs that are willing to go the distance and change the status quo.

So, what does it take to be an entrepreneur?

Well, you do need to have an eclectic skill-set and be prepared to work super hard. Here are 12 tips that will help you along your journey.

Optimize and expand your social network. Nobody can build and operate a successful business all on their own and it helps to have other people to go to when help is needed. Other people can provide anything from expert advice, technical knowledge, cheaper supply, or even the emotional support needed to get through a difficult choice. It is impossible to predict the wide variety of benefits that another person’s input can produce in your business life. Often times people will be happy to just help out.

Failure is perfectly okay! The best entrepreneurs constantly seek to find “something positive” in what’s going on around them but always acknowledge (and sometimes even embrace) failure. Each failure is an experimental success. Never be too hard on yourself because if you drive your confidence into the ground then your business will soon reflect your attitudes.

Be wary of going-it alone. Often times the most successful entrepreneurs have mentors. There is no necessary relationship between entrepreneurship and rugged individualism. It is okay to ask for help or to seek a guiding hand. Many people have succeeded before, it is both realistic and rational to follow in their footsteps. Going-it alone often leads to overstretching one’s own time and abilities.

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Be useful to others and not just to your own wallet. Provide a real service to people. Some entrepreneurs find success in selling a useless product, and if this is what you are after then seek out advice on marketing. Otherwise, if prolonged felicity combined with a fulfilling sense of purpose is more your style then filling a social need is an excellent way to create a strong businesses that the community itself invests in both financially and emotionally.

Be flexible to market needs. Play close attention to your playing field. Your business exists in a constantly changing economic environment and needs periodic tweaks in navigation; just as you must be conscious of your own personal environment in order to continue to be. Recognize dangerous or weak areas of the market and pay close attention to why it is that way. How did it become so? It is important to pay similar attention to booming areas. Be able to efficiently adjust your overall strategy if need be. Remember; survival is a game of adaptation.

Creating a quality product is better than producing a perfect product. Quality products are consumed by the boatload while perfect projects rarely leave the drawing board. The key here is to know when it is okay to release your product and trust in your consumer loyalty. Consumers do not like shoddy products as it makes them feel disrespected, so invest the time and money into making something of great quality but don’t wait until it’s perfect to launch. Perfection really is subjective and being too much of a perfectionist when putting out a product can cost you dearly – especially if someone else is able to launch first and beat you to the punch.

Choose your team and who you do businesses with wisely. In a fast paced environment, people who always seem to be overly negative can be a burden. Being overly sceptical is not being “safe.” As a leader, it is important to recognize when a person is not performing to the standards that you require or when your business associate seems unsure to the point where your operation is being shackled. To succeed, your business depends on them just as much as it does on you so do your research and choose core members wisely. This particular aspect of business is why larger businesses have human resource departments; they are an investment.

Being close minded may be helpful in the short term, but will often turn sour in the long run. Be open minded! To be open minded, not just in one’s professional life, is to engender a lifestyle and attitude that is able to adapt more efficiently to change or adversity.

Create demand. Do not simply observe the market for needs, but actively seek to create them yourself. Fewer skills are more important in business than the ability to sell your product. For those who do not see themselves as social impact investors, make your product as desirable as possible while simultaneously remaining true to the product’s purpose. This is a large aspect of Capitalism because if it was not possible, then luxury trade would have never started trending centuries ago.

Fake it until you make it! (Well, sort of…) This is a bit harder for many people to come to terms with, but often times natural entrepreneurs have the tendency to jump into an area they are not completely familiar with. There is a learning curve with everything people do – expect it and work extra hard to achieve goals that you set. Also understand that even the most disjointed things have relation in some way, shape or form. Find that relation and push towards success.

Know your strengths and weaknesses. “Know thyself” is the key to being a strong leader and a successful entrepreneur. Know what you can handle, where you excel, and where you struggle. Seek help before you get yourself into too deep of trouble and remember that accepting past failures can be reborn as a strength here. Strength does not mean that like a hundred year oak, you are tough and deep rooted, rather, be more like a shoot of bamboo. The hundred year oak can still be toppled in a strong enough storm while the bamboo sways in the wind. The point is that strength is the ability to adapt to change, not resist it.

Find ways to improve your time efficiency. Technology today is wonderful for this as there are thousands of apps that can help with managing or speeding up everyday tasks. A quick saunter across through the fields of social media will reveal a huge amount of lists and articles that provide fairly effective time management strategies, find what works for you.

Conclusion

Entrepreneurship is not the easiest road to travel. But hey, anything worth doing isn’t easy, is it? Plus, the rewards are there for those willing to stick it out. The tips above will hold you in good stead across your ventures..use them wisely! 🙂

So, which of the tips above do you connect with most?