Becoming an entrepreneur is at the top of the career choices list for people who have a passion for business. Entrepreneurs can make enormous sums of money through their business ventures – if they are successful. They also have the satisfaction of having created and established a business venture, providing employment to many people, and often creating products and services that make a real difference to society.
Yet for entrepreneurs, the road to success is a rocky one. Making the right choices can help you navigate the difficulties faced by entrepreneurs, which will improve the chances that you will become a top entrepreneur – creating long-lasting businesses and enjoying the success that hard work and clever business insight brings.
A few examples of top entrepreneurs
One of the most famous entrepreneurs of all time is Oprah Winfrey, who has an incredible rags-to-riches story. She had a tough upbringing, but starting with a big break at a local radio station, Oprah used her alluring personality to host shows that attract millions of viewers. Not only that, but Oprah has also developed her television show into a sprawling media business that is worth billions of dollars.
Keith Krach, currently the chairman of DocuSign, is another example of an entrepreneur who has put their skills into practice by growing businesses. He started at General Motors and became the youngest ever VP, building his business career over many years. Ernst & Young named him National Entrepreneur of the Year in both 2010 and 2015, and his efforts have added tremendous value to businesses around the country.
Steps to successful entrepreneurship
With up to 90% of start-ups failing, entrepreneurs should be very mindful of the steps that they take as they establish their business. Here are some ways that you can ensure that your business venture is a success:
- Work hard
Building a business is hard work. Entrepreneurs invest enormous parts of their lives in achieving business success. This will come at a cost to your personal life, but as it becomes established, you will find opportunities to delegate. Be prepared to put in the hours to make a success. You may apply for a Master of commerce online and have the edge an entrepreneur can have in his/her field.
- Right product, right place
A crucial step in making a success of your new business is choosing the right product and service, and offering it to the right audience. A receptive audience is much easier to sell to, but if you’re marketing a suboptimal product to an audience that is already saturated, you will have great difficulty in drumming up a high amount of revenue.
- Be well informed
Smart entrepreneurs know a lot about the market in which they operate, their competitors, and their customers. The more informed you are, the better your ability to envision the future, which is an essential skill for business owners – and for successful entrepreneurs. Often, it is the details that can make the difference between earning well and earning a fortune, so keep close tabs on your business at all times.
- Bounce back quickly
Setbacks are a given, but successful businesspeople bounce back from these quickly. In case of adverse circumstances, try to find the best way out by means of a well-executed plan. If you experience a setback, focus on finding the next opportunity. It is the relentless focus on moving forward that sets an entrepreneur apart from merely a good business manager.
- Communicate well
Successful business communications are executed on many layers. As the commander-in-chief, you need to be able to communicate the benefits of your product to customers. You also need to build an understanding with your staff and with all the other stakeholders that have an influence on your business. This rounded ability to communicate can smoothen the road to success.
It is common for very successful businesspeople to lose their edge. A number of factors can contribute to this, but losing touch with your market and customers combined with a sense of success-derived arrogance can quickly catch up with you. The entrepreneurs that stay at the top of the game are known for their ability to reflect on themselves, and for their willingness to listen to the opinions of others.
Most important, however, is to always keep an eye on the changing business environment. Top entrepreneurs are able to detect changes in markets before they happen. At the very least, you should know when and how to steer your business away from shrinking opportunities and into growth. Only by being proactive can you continue to enjoy the outsize earnings of life as an entrepreneur.