Are you an entrepreneur who really wants to succeed? We read all over why new businesses fail. But here’s how to succeed!
In case you don’t know yet, let’s quickly get you informed on the realities.
The Secrets to Entrepreneurial Success
In this article we will look at the secrets needful for success in any entrepreneurial pursuit. Indeed, you will feel better after reading these simple but effective truths.
The fact is that, becoming successful as an entrepreneur is possible. Many have stumbled on these simple secrets by mistake or instinct. Many have even spoken or heard about it but not many have applied it successfully.
The Secret of Solution
First, I’ll encourage you to think of this Secret as an important addition to your collection of success ingredients. In my business experience, no single factor is enough for success.
But certainly, there are some factors that you can never do without for long. One of these factors is this number one Secret – The Secret of Solution.
It is a statement of fact, that every human being has problems! You think that’s not true right? Well, just read on.
You will agree with me that when you have needs that you can’t meet, it’s a problem to you.Your inability to meet a need at a particular time is subject to diverse factors.
But what’s important is that you will appreciate anyone who can provide a solution right at that point when you need it. That’s correct right? Sure, it is!
So, imagine that your surrounding is full of problems, which is true by the way. But then, you are the one that has the solution. And of course, everybody is paying you to get it. Wow! Awesome right? Of course, it is. And that is what this secret is about.
In case you have not noticed, most business ideas (that eventually last into great companies), came when a problem was identified. And especially when the solution can be monetized. Yes! Money is a key factor.
Many might tell you not to put money first. But I’ll say make money your end goal! Or, do you actually know any business that is fueled just by passion? Of course not! Without reward for passion, frustration will set in and in the end, the pursuit will be abandoned.
The Secret of Knowledge
You must have heard people talk about going for apprenticeship or internship. These are great ways to get practical knowledge about running a business. As an entrepreneur who desires success, knowledge is key!
According to the my research, some of the reasons many people start new businesses include: they wanted to be their own boss, wanted to pursue their passion, dissatisfied with their job and or the opportunity presented itself.
What is however important is that irrespective of your reasons for starting, don’t start without passable knowledge. Just as the apprenticeship and internship options for learning are great, some still learn from books and YouTube videos. Trust me, these are great ways to get knowledge as well.
However, you must know that going to school alone doesn’t make anyone brilliant. There is always the need to learn more than your teacher has taught you. In other words, for you to succeed as an entrepreneur, you’ll need multiple sources of knowledge.
This is because the more you know, the better your chances of standing out, improving your craft and wooing more customers.
Please note, learning is a continuous process! Never graduate from learning!
The Secret of Money Seasons
The truth with business is that, everything rises and falls on money; how much you make, how much you keep and how much you lose!
Have you noticed people that sell little sweet to primary school children? Have you ever wondered how much gain they make? If you are to ask them, and get an answer, you will discover that the gains are not in millions per year.
In fact, they might not make a million in 15 years. Yet, you’ll see big businesses who are making big money per day still folding up after few years. While many of these sweet sellers remain in business for so long.
As an entrepreneur who desire success, having adequate knowledge about how money should be managed is important. As said earlier, many have stumbled on these secrets by mistake or instincts. But not many have applied it successfully.
When it comes to the subject of money, many people are natural managers while some are not. But irrespective of the category you belong, as an entrepreneur, you still must understand the seasons of money.
While many sweet sellers and most market women probably wouldn’t go out of business is because they understand money and its seasons. For many market women, November to December is the peak period for sales. For people selling books for school children, its probably when new sessions are to begin.
But for an entrepreneur whose business is not directly linked with similar factors, understanding that every business has its factor is key! In order words, when there is a great inflow or a peak sales period, don’t roll out all your dices. Because you’ll need them when the rains come.
Never rush into business expansion! Never rush into spending when you make good money. Instead, keep your expenses very low. Movies, Pizza, shopping etc. all counts and matters.
As a prescribed entrepreneurial rule of money management, within your first 3 years of business, spend maximum of 10% of your profit on liabilities and at least 40% on savings.
With this when business goes down (which of course might happen at some point), you will have tangible savings to sustain yourself till you’re back on your feet.
To be successful as an entrepreneur, you need to add these three secrets to your collection of ingredients for success. The Secret of Solutions says; let your business provide a service that solves known problems that people are willing to pay for.
The Secret of Knowledge says; before you start your entrepreneurial journey, learn the right skills that you need. And of course, even while you are at it, keep learning and improving. Learn about how to handle different types of Customer. Not all customers are worth the keep but every customer needs to be managed well.
Lastly the Secret of Money Season says; expect the best in patronage but plan for the worse. Business can be down sometimes, but you will always be fine financially if you have enough savings or other investments or businesses that are bringing in income.
You can succeed as an entrepreneur! It is possible!
Do you have questions? Or need consultancy on how? Do feel free to contact us or drop your comments and questions below.