Do You Have What It Takes to Succeed As An Entrepreneur

By Dr Daleen Smal | Online Business

Jan 15
Do You Have What It Takes to Succeed As An Entrepreneur

You’ve always wanted to be an entrepreneur, but you’re stuck in this whirlpool of doubt because you wonder if you have what it takes to succeed as an entrepreneur.

What sets successful entrepreneurs apart from other people is their unique mindset. They have a certain way of thinking that’s different from others.

It’s about how you think about challenges and mistakes, learning, and improving skills. And about the way that you think about failure and the willingness to try again and again.

Success leaves clues and all you need to do is follow the footprints.

The great news is these unique traits to succeed as an entrepreneur aren't something that people are born with. It’s something you can learn and develop.  

What sets successful entrepreneurs apart from other people is their unique mindset. They have a certain way of thinking that’s different from others. It’s about the way in which you think about challenges, mistakes and failures.

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1. To Succeed As Entrepreneur You Must Face Challenges

Unfortunately, most people don’t consider becoming an entrepreneur because they have this gripping fear of failure.

Successful entrepreneurs have switched this fear into seeing a challenge. To be an entrepreneur, you need to love challenges because entrepreneurial life naturally means facing new challenges daily.

By facing down challenges are how you grow.

The way to do this is to take baby steps. Don’t aim for giant leaps because that’s when you become paralyzed with fear. Just start and take a small step outside your comfort zone.

How do you finish a journey of 1000 miles? By taking one step at a time. Putting one foot in front of the other. All you do is focus on the next step.

It’s the same principle with starting your business.

Think back and remember something you did for the first time and how terrified you were. Maybe it was making a presentation in front of a large audience. After you’ve done it a few times you can do it as effortlessly as a warm knife cut through butter.

This may sound strange, but feeling slightly uncomfortable is your new ‘comfort zone’ if you want to be an entrepreneur.

Key Points:

  • Successful entrepreneurs have switched this fear into seeing a challenge. 
  • Take small steps and move just a little outside your comfort zone.
  • This may sound strange, but feeling slightly uncomfortable is your new ‘comfort zone’ if you want to be an entrepreneur.

2. To Succeed As Entrepreneur Learn From Everything

As far back as around 350 B.C., Aristotle already proclaimed “for the things we have to learn before we can do them, we learn by doing them.”

And by doing things, it’s inevitable that you probably will fail at first before you can do it like a pro.

It’s a proven fact that most people learn much more from their mistakes and failures than from their successes.

Think back over your life and you’ll find that is probably true in your life also.

When you fail, it’s vital to analyze the failure. Figure out what went wrong so that you can do better the next time.

Successful entrepreneurs see absolutely everything as a learning experience. Whether that’s a success or a failure. Just learn from everything.

Unfortunately, your ego can stop you dead in your success track.

It’s because ego keeps you out of touch with reality. Ego stops you from hearing necessary feedback from others and lets you over-estimate your abilities.

A successful person is very good at getting their ego out of the way and be humble. Humbleness opens you up to learning from mistakes and others.

This leads to excellence in leadership. You’re better liked and are more effective in what you do.

Learning is a continuous journey and life-long habit to master. It’s vital for success.

Key Points:

  • Learn to see your successes and failures as valuable learning experiences.
  • A successful person is very good at getting their ego out of the way and be humble. Humbleness opens you up to learning from mistakes and others.
  • Learning is a continuous journey and life-long habit to master. It’s vital for success.

3. To Succeed As Entrepreneur Become Resourceful

In the 1985 hit TV show MacGyver, the action hero never had exactly the resources he needed. In each episode, he solves complex problems by making things out of ordinary objects, such as using his Swiss Army knife, duct tape, and bubble gum.

Entrepreneurs are in similar situations. There will always be problems that must be solved and a scarcity of resources to do it. You won’t have enough time, money or people. Sometimes, to-do-lists seem endless.  

It’s not about having enough resources. You probably will never have. But being resourceful with what you do have.

One of the critical elements to succeed as an entrepreneur is to be open-minded. Become willing to pursue possibilities, opportunities, thoughts, views, suggestions, and experiences outside of your normal range.

By being open-minded and resourceful puts you in a position to grow and succeed as an entrepreneur.

Key Points:

  • It’s not about having enough resources. You probably will never have. But being resourceful with what you do have.
  • By being open-minded and resourceful puts you in a position to grow and succeed as an entrepreneur.

4. To Succeed As Entrepreneur Focus On Solving Problems

Problem-solving is one of the most important aspects to you as an individual and your business. You are the founder of your business and the leader of your team. It’s your responsibility to identify and solve problems of your customers, partners, employees, and business in general.

Being able to solve problems, enables you to exert control over your environment. It’s about fixing things that are broken. This is a powerful ability to have.

Entrepreneurs can create such great products and services because they focus on solving the problems of other people. The more and the bigger the problems you can solve for others, the more income you’ll generate for your business.

The best way to do this is to listen to people and what they struggle with. Then understand the challenges of looking for solutions.

In the process of looking for solutions, stay calm. When you allow emotions to get in the way, you lose touch with your logical side and then make poor decisions.

Remember, someone who’s facing a painful problem will happily pay for a product or service that takes that problem away. As an entrepreneur, you are in the problem-solving business.

Key Points:

  • Problem-solving is one of the most important aspects to you as an individual and your business. 
  • Being able to solve problems, enables you to exert control over your environment. It’s about fixing things that are broken. This is a powerful ability to have.
  • The more and the bigger the problems you can solve for others, the more income you’ll generate for your business.

5. To Succeed As Entrepreneur Network All The Time

Building a network of people around you will prove to be useful for your business. Business is in a sense all about relationships. Relationships with suppliers, customers, employees, and peers.

Entrepreneurs know with networking they find unique opportunities that are difficult to discover elsewhere, such as partnership, employees, or investment opportunities. Even new ideas come from networks and masterminds.

As a successful business owner, you need to know many different people in many different fields. These valuable relationships can offer you expertise and help when you need it.

For this reason, successful entrepreneurs talk to everyone everywhere they go and see every person as a potential contact. This includes people outside of their industry.

You never know what kind of person might be valuable to know. If you want to grow your online business, don’t hide behind your laptop.

Get in the habit of networking and meeting new people. And it’s not a question of just taking from others. Be a giving and helpful person to whoever comes into your life.

Key Points:

  • Entrepreneurs network, even outside their industry, because they know contacts are valuable.
  • Get into the habit of networking to expand your sphere of influence. 

6. To Succeed As Entrepreneur Think Beyond A Regular Paycheck

Workers are used to being paid for their time or what they produce. They exchange time for money. Because time is limited to 24 hours a day, their income is limited.

To succeed as an entrepreneur, you have to take a longer-term view to create unlimited income.

You must understand that it’s no longer time that determines your income. Your income is determined by the value you provide. And there is no limit on the amount of value you can provide or the number of problems you can solve.  

An entrepreneur doesn't work for pay. It’s about building systems that generate income, often on autopilot.

A popular and often misunderstood phrase being used is ‘make money while you sleep’.

That will happen only after you’ve put in the hard work to create profitable systems that can run on autopilot.

As an entrepreneur, you will always be thinking about your business. What is working, what is not, and what can you do better.

Even though you may not sit behind your laptop 24/7, you will live and breathe your business, thinking about problems, solutions, and systems.

That’s why your business must be something you love to do. Fall in love with the process of building and growing a business.

Key Points:

  • Entrepreneurs think beyond a regular paycheck. Their income is determined by the value they provide. And there is no limit on the amount of value they can provide.
  • Create an unlimited mindset by thinking value provided, not time worked.
    Work to create systems that run on autopilot. 

7. To Succeed As Entrepreneur Know Action Counts, Not Words

An action is something a person does that will make a change happen. The willingness to take action is an essential characteristic of a successful entrepreneur.

Without action, nothing will happen. 

Successful entrepreneurs plan and they plan very well, but when it's time to act, they act decisively. They understand there is, first of all, a decision, and then the implementation of that decision.

They know that people learn from doing, not just by reading and thinking.

If you want to become a successful entrepreneur, you must be willing to take action fast and implement your plans. Knowing is great, but doing what counts when it counts, is where the magic happens.

We live in a world of opportunity where anything is possible. But, and this is a big But, you are required to put in the work. "Live your dreams" is only possible when it goes hand in hand with taking action.

You may have dreams, plans, and goals from here to the end of the earth, but the key to success is taking strategic action and fast implementation.

Key Points:

  • If you want to become a successful entrepreneur, you must be willing to take action fast and implement your plans.
  • Knowing is great, but doing what counts when it counts, is where the magic happens.
  • "Live your dreams" is only possible when it goes hand in hand with taking action.

Conclusion

Entrepreneurs have a unique mindset that sets them apart from the rest. They have a deep desire to help others solve problems.

In the entrepreneurial world, the bigger the problem you can solve, the higher your income would be. This sets them apart from the salary earner. Unlike paid employees, the income of an entrepreneur has no cap on the upside. Taking calculated risks and helping others are handsomely rewarded.

The key to success is taking strategic action and fast implementation.

Do You Have What It Takes to Succeed As An Entrepreneur

Learn More

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Do you have more ideas on what it is in the mindset of people that helps them to succeed as an entrepreneur? Please share your tips and tricks in the comment.

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