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4 Secrets to Success as an Entrepreneur

Posted: August 7, 2017 at 5:08 pm   /   by   /   comments (0)

Being an entrepreneur is not an easy path. Many entrepreneurs have spent years working 12+ hour days to find the success they have today.

If you are planning to become an entrepreneur or have already started your journey, then congratulations. You have joined the ranks of some of the world’s greatest minds and hardest workers.

Instead of spending years fumbling through failure to find your own success, why not take some lessons from past entrepreneurs to radically reduce how long it takes for you to “make it”.

Below are 4 secrets you will want to know about finding success as an entrepreneur.

1. Do Your Homework

Back in school, doing homework was always highly suggested, but also entirely optional. As an entrepreneur, doing your homework is mandatory.

What exactly does “doing your homework” mean?

For starters, it’s spending time to fully research the market you’re trying to tap into. This alone can take weeks, and sometimes months, to paint an in-depth picture of your target audience, their wants, desires, and needs.

The rest of your homework is putting together a business plan that spells out how you’re going to make money and the different pieces you need to do so.

2. Ask for Help

Rarely will you find a great entrepreneur that does everything alone. It’s just not feasible. Asking for helping isn’t a sign of weakness in the business world. It’s a sign of intelligence and strength.

First, you should actively be seeking mentors in everything that you do. Mentors come in a wide variety of different forms.

Some are friends you know in person. Others are famous authors or entrepreneurs that you take advice from online or through a podcast. Whatever the case, you need to ensure you have a mentor as a guide.

Next, look to build partnerships. If you’re an online business that needs to keep a bunch of client’s sensitive information, then you may want to partner with a group that does business data security.

Partners in business should mesh well with each other and complement the other’s services.

Lastly, hire people to fill your weaknesses. You can’t do everything alone, and you shouldn’t, either. Other people out there have different skills and expertise that will supplement yours for maximum effectiveness.

3. Focus on What Really Matters

You’ve probably heard of the 80/20 principle for productivity. But, did you know that it literally applies to almost anything?

Many times in business, 80% of your profits come from 20% of your customers. Also, 80% of your revenue comes from 20% of your efforts.

Focus on the 20% and ignore the rest.

4. Think Value and Customers First

As an entrepreneur, your customers are really the only thing that matters. Without them, your business fails.

You should always think about how you can add the most value to your customers. Then, deliver it in a manner that people would appreciate.

If at any time your business seems to be suffering, take a close look at how much value you’re actually providing your customers, and more often than not, you will find the reason why things aren’t going so well.

Closing Thoughts

Entrepreneurs are some of the best and brightest people on the planet. Use the tips you learned above as well as lessons from past entrepreneurs to find success in your own journey.

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