Many people have the dream—to become a successful entrepreneur. Whether you’re an aspiring real estate investor, wholesaler, property flipper, tax preparation expert, or landlord, I can tell you that the road to entrepreneurship is loaded with challenges. But if you’re willing to put in the hard work, it is most certainly worth it.
So, what sets a successful entrepreneur apart from the not so successful?
Well, there are a few things actually. Keep reading as I go over the basics of entrepreneurship, as well as a few tips to help you find prosperity as a business owner.
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What Is An Entrepreneur?
Simply put, an entrepreneur is defined as a person who develops new products, services, or ideas to find solutions or solve problems for others. At the time of writing this, there are 31 million entrepreneurs in the United States—that’s approximately 16% of the overall workforce.
The road to entrepreneurship looks different for everyone, and you don’t need a formal education to be on top. However, to become successful, you do need to be on a never-ending quest for knowledge and self-improvement. Learning to effectively navigate both the highs and lows of your entrepreneurial journey will help prepare you for the future.
Tips For Finding Success As An Entrepreneur
Truthfully, there is no road map or one-size-fits-all approach for entrepreneurship, there are some key pointers though.
Here are five great tips to help you along:
1: Develop a Business Plan
A good business plan puts your thoughts and ideas on paper, which gives you a much more comprehensive idea of what your business is and how it will be operated. It should contain and answer key questions about your company.
Some of those questions include:
- What is your product, idea, or service? What does it do?
- Where do you want to be in five years? And 10 years? How about 15?
- Where do you plan on running your business? Is it virtual or a physical location?
- Who and where is your target audience?
- Why should people choose your product?
- Who are your competitors?
- What do daily operations of your company look like?
- Will you have employees? If so, how many? Where will you find them?
- How do you plan on branding and marketing your business?
- How will you monetize your product or service?
- If necessary, how will you find funding?
- How will you get started?
- How do you plan on dealing with unexpected challenges?
These are just a handful of questions you need to be asking when drawing up a strong business plan. Keep in mind that the more decisive and transparent you are, the easier it will be for you down the road. This is especially true if you plan on bringing other investors on board. They’ll feel far more confident buying into your brand if they know you’ve addressed every facet of your business.
2: Stay Educated
Really want to become a successful entrepreneur? Never stop learning.
Remember, you don’t need a college degree to be prosperous, but you do need to be educated about your field—no matter what it is.
Read a book, listen to a podcast, watch a YouTube video, connect with others in your field, attend business events, or enroll in free or paid online training courses. Tap into any and all resources designed to help you master your craft. If you’re not learning something new every day, you’re doing entrepreneurship (and life) wrong.
If you want to get a step ahead of the competition, I recommend visiting The Wealth Connect, where you’ll find tons of exclusive material and training classes for new entrepreneurs in business, real estate, and the tax industry trying to make a name for their brand.
3: Find A Healthy Work-Life Balance
Creating and sustaining a healthy work-life balance means finding time for yourself and your mental wellbeing.
As Americans, we’re so used to the grind that we often get consumed by it. Find time to relax your mind. Go on a walk, go to the gym, talk to a therapist, sit outside, meditate, do yoga, ‘unplug’ from all electronic gadgets and social media, start a journal, watch a movie, practice daily affirmations—whatever you have to do to recharge your soul and be the best version of yourself you can be.
You can’t run a successful business if you have a physical, mental, or emotional breakdown. If you’re thriving, your business undoubtedly will too.
4: Use Free Marketing Tools To Your Advantage
There are a ton of free marketing tools at business owners’ disposal—take advantage of them! Google My Business (GMB) is the best place to start. With over 8.5 billion queries processed each day, Google is by far the most popular search engine, and GMB listings give business owners the opportunity to leverage it.
If you have a physical business address that’s not a P.O. Box, set up your free GMB account. Customers will be able to see all of the important information about your company, its services, operating hours, contact and website info. People will also be able to leave reviews about your business. And while you always want to see positive feedback, be prepared from some criticism. Also be prepared to handle it eloquently—you never know who is paying attention.
Of course, second best to a GMB account is social media, specifically Facebook. Setting up a Facebook business profile is a great way to promote and spread the word about your company. You can even create peer groups that will allow you to engage and network with like-minded people—a vital resource for successful entrepreneurs.
5: Maximize Networking Opportunities
Never be scared to ask for assistance when you need it. Most successful entrepreneurs have a long list of people who helped us get to where we are. That doesn’t mean you should call your wealthy friends and bombard them with the idea of investing in your business. But you can test the waters first by going out for drinks to catch up and get some advice. You never know who may be able to help.
Arguably one of the best networking resources for new entrepreneurs is LinkedIn, a platform literally built to connect business professionals. All it takes is a friendly ‘hello’ and welcoming introduction to start a dialogue with a stranger, and you never know where it can lead you in the business world.
Become a Successful Entrepreneur with Personal Coaching from Me, Annetta Powell
Having a business coach you can rely on is invaluable when starting out as an entrepreneur. Join mastermind groups, stay in touch with business leaders and associates, hire a one-on-one business mentor—these are all places where you can find valuable professional advice.
Working as a team with someone who has overcome obstacles and challenges that you may face on your entrepreneurial journey will curtail your learning curve and set you on a track towards prosperity and success.
…Want even more ways to build wealth? Don’t forget to secure your spot for my FREE online training course, ‘Teach Me The Digital Products Game‘ and learn the simplest, most cost-effective ways to grow your business in 2023!