Business

Advice For Entrepreneurs

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Many of us dream of becoming an entrepreneur some day, and although the job title sounds fancy, it can belong to anyone who starts a business and assumes most or all the risk. There are countless types of entrepreneur, and all can benefit from the tips below.

Have a good attitude.Your outlook has a huge impact on the performance of your business; common sense dictates that a business owner should have a positive attitude and take responsibility for success or failure. Accepting responsibility lets the entrepreneur change things when needed, without blaming those with whom they work.

Have passion.Becoming an entrepreneur is a vague goal; you should have a specific area in mind. You need more than a solid business plan and some money, you need a desired outcome to push you toward success.

Be disciplined.To reach any kind of goal, you’ll need a measure of discipline, but this is especially true for entrepreneurs. Starting a business and keeping it afloat takes patience, time and planning- if you’re just beginning, expect to work longer and harder than anyone else involved.

Make improvements.Every year, there are thousands of new ideas and businesses; a successful entrepreneur will know how to make their business model stand out from the rest. To do just that, try finding an established product and improving on it (much as Galileo did with the telescope, which had already been invented by a Dutchman).

Focus on success.People tend to end up where they think- to realize success, you need to focus on it and put the idea of failure out of your head. Even if your business isn’t booming, it will only truly fail if you think it has. It may sound trite, but positive thinking produces positive results.

Gain some experience in your chosen field.This is a commonality that many entrepreneurs share, and it might mean working in your field before establishing your business. For instance, Google’s co-founders began their company as a computer project at their university.

Be flexible.Flexibility is vital because an entrepreneur must rely on factors such as the economy, their market and their clientele. If you can recognize a trend and seize an opportunity when you see it, you’ll have a greater chance of success.

Get advice from other entrepreneurs. Perhaps the greatest unused source of advice is others who are successful; alumni networks, universities, and sites like SCORE.com are great places to connect with potential mentors.

To become a successful entrepreneur, you need to take action immediately when a good idea strikes. You’ll also need to be innovative and unafraid to try new things. Introducing a new idea may garner you some negative feedback, but don’t give up- today’s “bad idea” may be tomorrow’s smashing success.

This article was written by James Harper on behalf of Performance1, experts in executive coaching and leadership development. For more information on how their executive coaching or leadership development programmes could help your company, please click here.

Photo: Tax Credits

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