5 KEYS TO BECOME A SUCCESSFUL ENTREPRENEUR
1. Make sure you are investing in an industry you love
Good entrepreneurs work in a business and industry that they are passionate about. It is difficult to put your heart and soul into something you don’t love. Whether it’s health and fitness, the medical field, or the food industry, make sure that the industry you are investing in is one that interests you.
2. Do some research to identify industry trends
It is vital that you understand growth trends in an industry. Ask yourself this, is this industry growing? Am I entering it during its growth phase or is it forecasted to decline. Some industries can experience their share of peaks and troughs, while others have had a steady decline or growth. Many factors play a role in these trends such as: consumer behavior, market conditions, state of the economy, political climate, laws, etc… Take the health and fitness industry for instance. It has had consistent double digit growth over the past 20 years. This is because of the obesity epidemic in the country and the push to be healthier.
3. What are you good at?
You have to know what you can do better than anyone else. In business, these are known as core competencies. You can love doing something and be passionate about it, but are you good at it? That is the question. Some industries are very cut throat and few businesses survive after the first year, like for example restaurants. Make sure you are doing what are you good at.
4. Have an implementation plan
One of the most important things in business is implementation. The ability to set a plan in motion and execute is vital. Write down your goals with timelines on paper and know what it’s going to take to bring each one to fruition. There are those that wait for things to happen and those that make things happen. Good entrepreneurs are the latter.
5. Know your worth
Good entrepreneurs know their worth and focus their time and energy on things that they are good at. There is value in busting your butt and wanting to be involved in every aspect of starting and running your business but you must understand the value of opportunity cost. The opportunity that you miss out on when you decide to do something else. For example, say you decide to paint your business to save a dollar and it takes you a full week. What could you have been doing with your time instead? If the cost of hiring someone is $15/hour and your time is far more valuable than that, hire someone and focus on other more valuable items.