Have you ever wondered whether you have what it takes to be an entrepreneur? Do you know what makes an entrepreneur successful? Before taking the leap to launch or purchase your own business, you should consider whether you’re cut out for it. Granted, there’s no scientific formula for figuring out the exact characteristics of successful entrepreneurs, but there are some business tips for success you can take heed of from self-described “serial entrepreneurs” like Aimee Duffy of New Jersey’s Aquarius Designs.
Entrepreneur Lessons from Serial Entrepreneurs
Jump right in.
Do your ideas keep you up at night? Don’t sit around thinking about them or wishing you could bring them to life. Get out there and do something with them. Start researching. Launch that website. Join a networking group. What makes an entrepreneur successful is that they don’t just sit there. They do something.
Don’t Fear Failure
What if nobody is interested in your services? What if you get lost along the way? Fear of failure and the unknown can hold back good ideas. One of the most common characteristics of successful entrepreneurs is that they’re willing to take risks. After all, whether your business is a success or a lost cause, it’s all about the journey. Valuable entrepreneur lessons come out of failure because you can step back after the fact and gain wisdom as to why your endeavor failed.
Dreaming big will help you attain the level of success you want. Have a clear vision of what you want to achieve and visualize it coming to life. What makes an entrepreneur successful is a positive attitude, openness and belief. If you want to be a successful photographer, envision your images on the pages of National Geographic. If you want to be an inventor, picture your ideas in the hands of people around the world. Envisioning success will help you achieve it.
Expect some growing pains
Most serial entrepreneurs find it happens every time. They get their business rolling, revenue starts increasing, they hire new employees but then the growing pains start. There’s always more to be done. More processes to be strengthened. Plus, you don’t want to find yourself in a situation of arrested development where your growth happens too fast. One of the best business tips for success is to take things one step at a time.
If you’re considering an outside investment, be wary of “good deals.” The terms of angel investments, private equity or venture capital should be carefully scrutinized. A higher valuation doesn’t make for the best deal.
It could be knowledge, intuition or luck, but usually it’s the advice that gets you through. All companies run into the same kind of problems and issues. Consider sharing your most challenging issues, and take all the help you can get. Network, build relationships and be willing to swallow your pride. It makes all the difference. Firsthand experience and entrepreneur lessons from someone who’s been there are invaluable.
Launching your own business is a flexible and challenging way to be your own boss and design your own future. When it comes to characteristics of successful entrepreneurs, you need courage, determination and foresight to decide to succeed.
Do you have what it takes?