How to become a successful entrepreneur and not a failure?
Now who here doesn’t want to become a successful entrepreneur ,everyone right! The reason we all are stuck in a 9-5 job is money, that old yet shiny piece of paper. And consider yourself extremely lucky if you have been able to get out of that soul sucking monotonous routine.
Firstly, you need a business strategy or a plan. But that’s a topic for a different day. Today we’ll see what are these 10 magic formulas that can make anyone become a successful entrepreneur.
My inspiration for this post is Michael Gerber. He wrote a book called E-Myth revisited, originally published in 1986. This book has inspired tons of small businesses to grow by providing a successful business plan.
One doesn’t need to know rocket science or astrophysics to become successful. They just have to follow these really simple rules as every millionaire does. Sure everyone has a different success story but it all comes down to these basic rules.
How to become a successful entrepreneur?
1. Be Unique
You know why those big companies are so ‘big’ because they have found ways to differentiate themselves from the others. You must have heard it all comes down to that one big idea, it sure does.
Now that’s not the only thing that matters but it definitely gives a major boost to your success. Be innovative, think outside the box. But it is not as difficult as it sounds and this is why.
I’ll give you the example of the company Uber, yeah the company that made it possible for us to have a transport facility available at any point of the day or night using our phones.You know how they came up with the idea? You won’t even believe.
On a cold winter evening in Paris in December 2008, Travis Kalanick and Garrett Camp couldn’t get a ride. That’s when the idea for Uber was born.
In March 2009, the 2 entrepreneurs developed a smartphone app that let people tap a button and get a ride. And what happened afterwards, we all know. As per 2018, Uber’s annual revenue was 11.3 billion dollars.
And the idea didn’t involve any rocket science,it is as simple as it can get and it helped them become a successful entrepreneur and a millionaire.
There must be millions of people struggling to find a cab and would have thought of this idea but no one thought of executing this.You have the idea in your mind already, you’re just not seeing it. Take a quick look in that beautiful brain of yours.
2. Having A Right Mindset
The right mindset is a paradigm through which you approach building of the systems. In order to generate a successful business plan, you need to have a right mindset. In every type of company, the business development is “lead generation, lead conversion, client fulfilment.”
In other words, the core development of any business depends on 3 things:
1. How many people you attract to your door?
2. How do you convert a bigger percentage of those people to become customers?
3. And how do you convert the largest percentage of those customers to become clients?
Because once you’re able to convert those ‘people’ to become your ‘clients’, you’re in the right direction.
3. Everything Begins Right now
Don’t wait, just do it now. The biggest part of being an entrepreneur is doing it now. Don’t wait for that perfect opportunity, because nothing is going to happen if you keep waiting. Success comes to those who work for it. And the work won’t happen overnight. It is like a fortress which you have to build day by day. This is one of the most important rules that helps any entrepreneur become a successful one.
Now is the most important word you can begin to practice. Not before, Not later, but Now. Being present is the art of mastering. There is a book called The Power of Now. It tells us about how much time we loose in our present thinking about the past or the future when we don’t have control on either of it. Remember, successful entrepreneurs act.
4. The System Is the Solution
A business has 3 key components, people involved in the business, the product and the system. But in reality, the system is what makes a business successful.
All the founders like Ray Kroc(founder of McDonalds) and Walt Disney (founder of Disney Land) knew the same exact one thing. The one thing that is like the magic ingredient of the recipe to become a successful entrepreneur is the system.
You know how these millionaires or billionaires are different from businesses that fail, it’s their system. Their system allows the consumer to have control. They give their customers all the control because they know they are because of their customers.
We think that the business owner is the one with the remote control in the hand but it’s actually the consumers. You aren’t selling the product in your business, you are selling the control. If you can give exactly what the consumer wants the very first time, and replicate it faithfully, he/she will continue to buy from you.
Let’s take the example of Ray Kroc. He knew that Mc Donalds wasn’t in the business. It was the business. He realised that if he leaves it on the technical part of business i.e. the franchise, he’d be out of business.The burgers or the soft drinks or the fries are just products, one part of the business. His main aim is to consistently give the same quality that the customer received the very first time.
His ability to do it in identically the same way in a clean, organized and colorful way differentiates him from everyone else.
5. Don’t listen to the ‘Littleman’
In your journey of being an entrepreneur ,there will be a lot of people who would discourage you and tell you that this isn’t worth it. That there are thousands of other people who are better than you. But if you believe in your business plan, it’ll definitely be successful.
BUT, Don’t listen to them. If Mark Zuckerberg had listened to these ‘people’, he wouldn’t have built an empire of social media. So believe in yourself, be consistent and keep working on your dream. If you have the courage to go through the path of entrepreneurship, you certainly have the potential.
6. Get it Right from the beginning
Get your sales system right.
Get your lead generation system right.
Get your lead conversion system right.
And you know why? Because you know that you’re going to be big. And knowing that you’re going to big, it is absolutely critical that you do it right from the beginning so that you can replicate it thousands of times. And that’s what a successful business plan is all about.
7. Be the businessman/woman, not the technician
Every kind of business starts because we think that if I can do this for my boss, why not do it for myself. And that’s where they are wrong.
A technician knows only the technical part of business. He/She thinks that just because they know how to ‘work’, they can start a whole business. So they keep doing the work that they know, just doing it and doing it until they get so sick of it that they don’t want to do it anymore. And that is when they fail.
A business is much more about than being just a technician or even an entrepreneur. You have to go above them and manage both of them. You have to free yourself from the job and make others do the work. That is what real business is about.
8. Become an Incredible student
How to bring entrepreneur within yourself to life? In order to become a successful entrepreneur, you have to learn to become an incredible student first.
You should have the capacity to learn and create something incredible.And for this, you need 5 essential skills to develop:
Concentration: You should be able to focus your attention.
Discrimination: You should be able to choose what’s most important to what’s least important.
Organization: You really need to get organized in order to create a system.
Innovation: Try to find a better way to do everything that needs to be done and you can innovate in literally anything.You have the opportunity to innovate all around you.
Communication: This is absolutely essential. You have to learn how to connect with people. And this connection doesn’t only mean through social media. It means actual communication, the art of connecting with real people. You learn this by practicing, by going out and meeting people.
10. Never let the entrepreneur within you sleep
This is what happens in most of the cases. We do this because we are scared of taking the risk. We give up. Because being an entrepreneur means flying against all the odds. Doing something where many people fail, create something which you’ve never created before. This is a really difficult path but if you have it in you, you’ll make it.
So this was a gist of how Michael Gerber helped thousands small businesses to grow. But you’ve got to have a concrete plan if you want to have a business that’s successful. These rules are so easy and if you follow them faithfully, there are high chances for you to become a successful entrepreneur.
In the end, it all comes down to how badly you want this to work. If you have that passion, then nothing can stop you from achieving what you want.
What do you think is the most important thing for anyone on their path of entrepreneurship? Share with us in the comments below!