Originally I had this only posted over at my ThriftingForProfit.com website, which is just silly. Everyone here “Needs” to read/hear this. (audio version at bottom of this page)
It doesn’t matter what type of business you want to get involved in, you must think of yourself as an entrepreneur. Stop looking at everything you are doing as a hobby!
The entrepreneurial mindset simply cannot be explained to the average person.
You either have it or you don’t.
Business entrepreneurs generally succeed when they find a slightly different way to approach a problem or market.
Ten Tips For Aspiring Entrepreneurs
1) Eventually Successful Entrepreneurs Work Harder and Longer Than Their Peers
Long hours are never a guarantee of success. Having said that, there is no end to the number of research studies that show that entrepreneurs who are willing to work long and hard in order to reach their goals eventually out-achieve their peers by a wide margin.
An entrepreneur learns by doing, and the more work you put in, the quicker your success can materialize.
As an entrepreneur, there may be times when your current job and personal life eat up much of the 168 hours that every week offers.
But truly dedicated and eventually successful entrepreneurs understand that long and hard hours may be required for them to reach exceptional levels of success, and they are more than happy to put in the work.
2) Eventually Successful Entrepreneurs Are Not Afraid to Fail
You probably have a can of WD-40 somewhere in your home or vehicle. The wonderfully versatile spray is known for literally hundreds of uses, but was originally invented by Doctor Norm Larsen in 1953 to prevent corrosion on nuclear missiles. The WD in the product’s name actually stands for water displacement, and the only reason the number 40 appears is because he succeeded on his 40th try.
What if he would have stopped after 39 attempts? The world would not have benefited from his incredible focus and persistence, and this is what no aspiring entrepreneur should ever forget. Don’t be afraid to fail.
Dictionary.com identifies an entrepreneur as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.” That initiative in the face of great risk and possible loss can only occur when you are not afraid of failure.
3) Aspiring Entrepreneurs Are Incredibly Curious
Probably the most common characteristic of all entrepreneurs is the curiosity that they display. But those aspiring entrepreneurs who reach incredible levels of success are generally more curious than others.
They want to know why a particular system works, what makes it fail, how a particular product can be made for less cost, and how they should market their product or service.
Their curiosity always seems to be focused on helping them achieve their goals, and this curious nature is a big reason for their success.
They never stop wondering how they can be better and more successful, and this curiosity effectively fuels their desire and drive, spurring them on to greater and greater achievements.
4) Would-be Entrepreneurs Do Not Suffer from “Shiny Object Syndrome”
Shiny object syndrome will have you chasing every new system or business that comes along. Budding entrepreneurs who eventually go on to massive success understand how to keep their focus and not become distracted by the latest and greatest marketing tactics, or the Next Big Thing.
Once you have developed a plan of action, stick to it, win or lose. You will have to make changes along the way, but this certainly does not mean latching onto every new craze or fad that can distract you.
Ask yourself if this latest shiny object is right for your business, if you will have the time and energy to implement it, and if it is necessary for you to achieve your goals.
Successful entrepreneurs can quickly ascertain if a new product or strategy will help them or hinder them, and they keep laser focus on the plan of action they already have in place.
5) Budding Entrepreneurs Know What They Want … Specifically
When entrepreneurs first start out, many of them have grand designs and great plans. But when you fail to plan, you plan to fail.
Budding entrepreneurs that want to enjoy the best chance at success are very specific, and they first form their plan of action. For instance, the person who says he wants to be rich will likely never achieve great wealth.
But when you exactly state the amount of money you are going to earn in a thirty day period, in six months, in one year, in five years and in ten years, you begin to see what steps are going to be necessary to reach those individual goals. This gives your entrepreneurial mind a very specific target and plan of action, and drastically improves your chances of achieving success.
6) Aspiring Entrepreneurs Should Always Have a Mentor
The benefits of having a mentor, regardless the field you are attempting to become successful in, are well-known and plentiful. The aspiring entrepreneur understands that the quickest path to success is in limiting failures, spending time wisely, and focusing on those actions which deliver the most desired results.
There is no quicker way to achieve success in any field of endeavor, be it business or personal, than having someone who has already been successful holding your hand and giving you valuable guidance. You receive the benefit of tried and true methods and strategies, you instantly have access to contacts which you may never have developed a relationship with before, and you are looked on very favorably by others in your field.
This may be the single most important action a smart entrepreneur can take, and when you do achieve success, make sure you mentor some other budding entrepreneur on the path to success as well.
7) Budding Entrepreneurs Follow Things Through
Something that can help you achieve extreme levels of success in any area in your life is the ability to follow things through. The old saying that winners never quit and quitters never win is definitely true in the case of budding entrepreneurs.
There is a direct correlation between persistence and success, and even if your efforts end in failure, following your plan of action through to the end will eventually lead to the success that you desire. There have not been too many massive successes that were achieved which came after an error-free effort.
You are going to stumble along the way. Hurdles will appear out of nowhere. Unseen costs and roadblocks may slow you down.
But if you can keep focused on your goal and follow your plan of action through to its completion, you will eventually find the success you are looking for.
8) Aspiring Entrepreneurs Always Make Time For Working on Goal Achievement
We mentioned earlier that sometimes long and hard hours are required to achieve your entrepreneurial dreams. And that will often times mean creating time out of your busy life to work on your dreams and goals. Those driven young entrepreneurs who eventually succeed do so because they always find the time to work on goal achievement.
They will cut television viewing and other time wasting activities out of their life, listen to audio books and podcasts to and from work, and even spend their lunch hour working solely on their own entrepreneurial vision.
The true entrepreneur knows there is always more time which can be wisely invested, rather than lazily wasted.
9) Would-be Entrepreneurs Are Adaptable
The marketplace can be incredibly fickle. And this is true in all business and personal endeavors. The entrepreneurs who have left their mark successfully had to be extremely responsive to movements in the marketplace. You can love your product, love your marketing, love your customers and still find you have to make wholesale changes to be successful.
And since entrepreneurs are generally shy on start-up money and capital, they need to have a good vision of what needs to change quickly, and take action as soon as there is a problem. The truly successful entrepreneurs are those that are agile and adaptive, and willing to make changes rapidly.
10) The Aspiring Entrepreneur Needs to Have Very Thick Skin
As an entrepreneur, you have lofty dreams and goals, and probably a very specific vision. As you have probably found in life, not everyone will share your beliefs, and some will even bad-mouth you and talk down to you in the hopes that you just stick to the miserable rat race existence that the vast majority of humans have accepted as their fate.
Regardless the reason for the negative input, you need to remember that the most important opinion concerning your entrepreneurial plans is your own.
Sometimes those closest to you may be the ones that make the most negative comments concerning your dreams. You can only control one thing in life, and that is your mindset. Tell yourself that negative opinions do not matter, keep focused and persistent, and you will achieve your goals.
Budding entrepreneurs have a wealth of obstacles in their way.
There is frequently not enough time, money and resources, unpredictable problems arise, and many entrepreneurs are creating a unique market or business, so there is no plan of action to copy.
But if you truly believe in your dream and work intelligently to achieve it, these ten tips for aspiring entrepreneurs above will definitely help you on your path to success.
Keep focused, never be afraid of failure or hard work, learn to adapt when needed and find a mentor who has already achieved your desired level of success, and you will be closer to achieving your goals than ever before.