Escaping the 9 to 5 and finding success as an entrepreneur is a goal for many. The good news is that there are plenty of opportunities out there if you’re ready to make that dream into a reality! From running your own business to building a property empire or spreading your time across multiple investments, becoming an entrepreneur is one of life’s most rewarding pursuits. The only challenge is getting to that point.
If you have your heart set on the entrepreneurial life then you can look forward to long hours and plenty of hard work, but it will all be worth it when you achieve your goals.
In this article we’re going to look at the 6 key habits that help people find success as an entrepreneur to help get your journey started!
- Focus on Passions: Choose a business area that aligns with your interests and strengths.
- Set Clear Goals: Establish specific, measurable, and time-bound goals for your business.
- Strategic Involvement: Work on the business at a strategic level, not just in daily operations.
- Learn from Mistakes: View failures as learning opportunities and stay positive.
- Nurture Networks: Build and maintain strong business networks for support and opportunities.
1. Focus On Your Passions
There’s no two ways around it. Becoming an entrepreneur requires a lot of work. Not only do you have to put your own time and money into each business you run, you’ll also be using your resources on planning, development, expansions and more. That means it’s important to genuinely enjoy what you do and work in an area that plays to your passions, interests and strengths.
If you can develop a business that meets those criteria then you are far more likely to find success as an entrepreneur and provide real value to your clients.
2. Set Goals Early On
Goals and direction are the key to your success as an entrepreneur. If you don’t know where you want to go, you will struggle to provide the leadership your business needs. Setting goals may not come naturally to everyone, but it’s a big part of developing a thriving business.
The trickiest part of setting goals is that you can’t simply rely on wanting to make money. Financial success might go hand in hand with your business’ success, but it doesn’t make a great goal. Instead, it’s better to set goals that look elsewhere. What can you do for your business? What can your business do for its customers? How is your business providing value to the community around it?
Figure out how you can help and what value you can provide, and then set short, medium and long-term goals based on that. Make sure your goals are specific, measurable and time-bound so that you can periodically revisit them to track progress and make improvements along the way.
3. Work On the Business, Not For the Business
Many of us get our entrepreneurial start by taking a great idea and turning it into a business. The challenge is that it’s easy to get lost in the day-to-day work of running the venture. After all, someone has to put in the hours, or there’s no chance that the business will be a success.
But your success as an entrepreneur depends on your ability to work on the business, not just for the business. Make sure you are setting aside time in your schedule to plan strategic-level activities. Think about the business as it stands, how things can be improved and how you can reach your short, medium and long-term goals. Working on the business at a strategic level helps you make better decisions about allocating your resources on a day-to-day level and increases your chance of long-term success.
4. Be Ready to Learn From Your Mistakes
Entrepreneurship is a constant learning experience. Even if you have run a business before, you should expect to make mistakes. The important thing here is to make sure you analyse what went wrong and what you can do better the next time. Successful entrepreneurs understand that failures are simply minor speed bumps that can help inform your next move.
Always be mindful of your attitude towards failure. As much as it can be disappointing, the important thing is to pick yourself up and keep moving. Staying confident and positive in your ability will be the key to reaching your goals, even if you suffer a few setbacks along the way.
5. Nurture Your Business Networks
You’ll never get by as an entrepreneur if you’re always working alone. Whether you’re a sole trader or running a national empire, your business networks will play a huge role in your success.
Nurturing your business networks is the best way to find new customers, suppliers, partners, mentors and the support you need. In some cases that means dedicating your time to attending networking events and meeting other entrepreneurs. Or, it might be as simple as engaging with the business community in your local area. You might be surprised to learn how much each of those relationships can do for you, and how much you can do for them in turn. Remember too that your business network is a two-way relationship. Taking every opportunity to give back to the people around you will be far more effective than simply trying to lean on others for their support.
6. Always Look for New Opportunities to Learn
Every day as an entrepreneur is going to be a lesson. Whether it’s simple things like learning how to deal with people, or complex issues like establishing company structures, there’s always new information to take on board. Those experiences are incredibly valuable to your success as an entrepreneur. But they aren’t the end of the story, and a big part of your success comes down to your personal drive to learn and evolve.
A successful entrepreneur always has an eye out for new opportunities to build their skills. That may mean engaging with a mentor from your business network. Other successful entrepreneurs are often full of helpful advice you can use to sharpen your goals and turn your ideas into success. At other times, learning might mean getting out your pad and pen for a classroom course. Educational courses are typically run by successful entrepreneurs who want to give back to their community. They can be a great way to pick up the formal skills you’ll need to take on your next challenge.
Upskill and Get Ready to Find Success as an Entrepreneur with MiTraining!
Success as an entrepreneur involves lots of good ideas, hard work and constant development. Your commitment to your businesses is going to play a major role in reaching your goals. If you are ready to break away from the 9 to 5 and pursue your entrepreneurial dreams, the team at MiTraining would love to help!
MiTraining is a registered training organisation that specialises in delivering online courses that help your business grow. Our training packages are ideal for aspiring and successful entrepreneurs alike. With courses dedicated to entrepreneurial skills, business networking, idea development and much more, we are ready to help your business evolve.