Have you ever taken the leap to create a product, start a business, or launch a service? What was your strategy? Was it successful?
Here's the deal: Entrepreneurship is not for everyone. It's a fact. However, entrepreneurship can be found in the very basic factor of what makes America a great nation. Being self-employed, launching a start-up, and being an entrepreneur, in general, is not always easy or glamorous. You could peruse the internet and find people who have generated millions of dollars in revenue from their products and have a successful business.
Here is the raw truth about entrepreneurship: It's not always a winning situation. You have to work your butt off to make it work. Sometimes, you lose.
There, I said it. Not everyone will or can win. Not everyone is designed to be an entrepreneur. Maybe it is because you started your pursuit long after having piled up a ton of debt and you cannot afford to break away from the typical "9-5". Go ahead and send the hate mail. I can handle it. I am telling you from experience as I have failed, tried again, failed again, and tried again.
What is the secret to success as an entrepreneur?
Well, I have identified a few very practical and proven points to guarantee your success if you are considering the shift to a lifestyle of entrepreneurship or if you are already on your journey.
1.) Persistence: Never quit. You will absolutely have setbacks, it's part of it. You will find yourself struggling, wondering what you were thinking and wanting to find another way to generate revenue. If something goes bad, pick up the pieces and keep going.
2.) Diversify: If you are depending on one single product or one single service to provide to consumers, you will likely find yourself with zero revenue in the beginning. Develop multiple streams of income for your startup. If you have a product, offer a paid service to compliment that product. If you have a service, offer a product that compliments the service. Either way, seek out ways to diversify your business so you can have more sustainable and dependable revenue.
3.) Mentorship: There will never be a time when the learning phase ends. Always seek to learn more skills, perfect what you do know, and become an expert in whatever your field is. One way you can do this is through mentorship. Seek out a mentor and be a mentor to someone else. This is an investment you will never regret, especially if you have a championship caliber mentor.
These are not all of the things you should know or need to be successful as an entrepreneur, but this is what I have learned and it has helped me tremendously. Being an entrepreneur takes creativity, tenacity, and persistence. Expect slow growth up front. It is okay. Build on what you have, create a plan, and achieve what you set out to conquer.
Photo: Flickr/Dell Inc.