I've been doing the entrepreneurial thing for quite a while now. I didn't start out as an entrepreneur, nor do I descend from entrepreneurial roots. Despite this as my background, I've still managed to become pretty successful at creating the life and work I love.
Along the way, I've discovered seven critical factors that are keys to entrepreneurial success. They are predictors of future achievement and accomplishment. In fact, these seven factors are so critical, they are equivalent to the DNA of success for your lifestyle business.
7 Critical Success Factors for Entrepreneurs
Self-Starter. Are you proactive, intentional, and driven? If not, you won't make it as an entrepreneur. To succeed, you must become your own, best, task-focused boss.
United Family. Do you have the support of your spouse and family? Starting a business, especially a lifestyle business, is an uphill battle. If you don't have the backing of your family, the hill you're climbing will quickly became Mt. Everest.
Concentration. Are you focused and not easily distracted? At the start of any entrepreneurial journey, you will likely do most tasks yourself, which means you'll have a lot on your plate. The ability to concentrate and work hard for long periods of time will be critical to getting your business off the ground. (As a side note, it is much easier to stay focused for long periods when you love your work and are passionate about it.)
Capacity. Do you have the talent to be successful in your chosen endeavor? I've experienced success as an entrepreneur in large part because my business revolves around my best skills and talents, and the same can be true for you. Do NOT pursue business just because the industry is hot or there is a lot of money to be made with a new opportunity. Make sure the business you pursue fits your best skills and abilities.
Energy. Do you have the physical and emotional energy to run a business? You will work long hours as a business owner, which means stamina is of paramount importance.
Stick-to-it-tiveness. Are you committed enough to your endeavor to invest at least 12-to-18 months of intentional focus with little or no financial reward? Most entrepreneurs tell a similar story. It took them 12-18 months to gain any real traction, and their tipping point didn't come until somewhere around year two or three.
Self-Discipline. Are you disciplined enough to do what needs to be done to grow your business, day after day, whether you feel like it or not? This kind of determination might be the most critical success factor of them all!
There you have it...seven critical success factors for entrepreneurs. I hope these prove helpful along your entrepreneurial journey.
Questions: Which success factor do you think is most critical? Are there any other success factors you would add to the list?