Business success is never something that happens by accident. Studies report that 70% of small businesses make it to the 5-year mark. What this also denotes is that 30% of those businesses fail.
So how can you make sure that you’re on the right side of this statistic? Entrepreneurship is like a sport. To keep up with the best and brightest, you need to always improve and fine-tune your approach.
Below are some tried and true successful entrepreneurship principles you should know about when starting a business or running one.
Competence Is Rewarded
Before focusing on the details of running a business, make sure that you’re skilled and competent. Doctors have to go through multiple degree programs, gain acceptance to medical school, graduate and undergo a comprehensive and exhaustive residency program before they can practice.
In fact, for most healthcare professionals the school never ends, and they are required to take frequent ACLS certifications in order to qualify for high positions.
Entrepreneurship doesn’t have this many barriers to entry, but don’t think for a second that you can survive long without this level of mastery. Take courses, seek mentors, and get whatever initial education you need to compete in today’s marketplace.
Prepare to Work Harder Than Ever
As an entrepreneur, you need to move out of the employee mindset. Ditch the idea of only doing what you get paid for and clocking out and forgetting about the business at the end of a workday.
Running a small business requires a lot of heavy lifting and work before even dreaming about breaking even or making a profit. Once you can make these ideas your comfort zone, you can thrive as an entrepreneur.
Become a Skilled and Emotionally Intelligent Leader
Leadership qualities should be instilled in you as you become an entrepreneur. Learning how to run a business means managing personalities and quarterbacking a lot of situations on any given business day. You need to fine-tune your communication skills, prioritize, set goals, and get the most out of the people that work for you.
Becoming a great leader requires you to become just as adept at the soft skills of human interaction as you are with hard skills like bookkeeping and industry concepts. You might also invest in innovative talent sourcing and placement so that you’re always putting together the best staff.
Always Continue Your Education
You should also strive to continue your education every step of the way. You’re never done learning once you decide to become an entrepreneur. Here are a few of the resources that you need to familiarize yourself with:
- E-book and audiobook subscriptions
- Subscriptions to business and professional publications
- Courses and coaching
- Business events and seminars
- Mentorship and shadowing opportunities
Brush up on the most important skills and mindsets that today’s entrepreneurs have. Commit to baby steps and growth, and you’ll always be able to have skin in the game.
Embrace Successful Entrepreneurship Principles
Understanding and embracing successful entrepreneurship principles will guide you no matter what aspect of business you specialize in. Nothing about entrepreneurship is as glitzy and glamorous as public perception might have you believe. Dedicate yourself to hard work and the right mindset, and you’ll go far.
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