Becoming an entrepreneur begins with a dream; a vision. But the next steps can be difficult. You can reduce your chance of failure with these 5 steps to successful entrepreneurship.
Despite its decline, entrepreneurialism is undoubtedly attractive – a daring, dangerous profession, filled with chances at glory and fortune through a successful ranch and the right network of buyers. Everybody dreams of being their own boss, of working on their own time, and of setting their own goals in business.
But few are ready to face the realities of being a lone entrepreneur. The life of a cowboy was equally harsh, filled thrice over with the risk of famine rather than a chance at a feast. While life for the cowboy revolved around completely different challenges, there were challenges nonetheless, and comfort or success are never guaranteed.
Steps for Success to Becoming an Entrepreneur
Much in the same way, you’ll have to be ready to face your fair share of difficulties and setbacks. You will face regulations, competing businesses, cost issues, and more. Here are five steps that are integral to immersing yourself in the role of the entrepreneur and finding success.
1. Prepare Yourself
This is a mental step. The life of an entrepreneur is about grit, grit, and grit. Sometimes, this means pushing past your own limits. If you don’t have the greatest tolerance for stress, this will by no means be impossible, but you are going to have a much harder time getting the results you want.
We humans aren’t exactly mentally prepared to work all the time – we need time off, we need to relax, we need to give ourselves the time to recover from the work we’ve done and shut down for a while. But if you’re dedicating yourself to entrepreneurship, you can say goodbye to all of those things for the next few months.
- The early days of your business will all work, no pleasure, and little sleep.
- You’ll be heading into bed late and waking up early, you’ll be talking to potential clients and landing buyers around the clock.
- You’ll accommodate every and any time zone, and you’ll be out there selling and pushing your vision onto the world as often as you can afford to.
Becoming an entreprenuer is a tough, tough job. It means you need to strategize, energize, and be efficient. That means:
- Cutting out the negative influences in your life.
- Minimizing waste. Spend a little extra money if it means saving time. You need every minute.
- Getting into focus mode, 24/7. Remove all distractions. Set tight deadlines for yourself. Surround yourself with similarly competitive personalities, and don’t let anyone get ahead of you.
- Eat clean food, drink more water than usual, and get quality hours of sleep. Consider herbal supplements to help with digestion and sleep. Seriously, sleep is critical. Good fuel and enough rest should be your primary physical priorities, because you’ll want to maintain a healthy and rested mind for as long as you can.
The big difference between a successful entrepreneur and someone who just doesn’t make it is the work. If you can put in the hours, show up, and follow the plan you set for yourself, you will see results. But it takes a lot of mental fortitude not to falter and give up, and to talk yourself out of those days where you’d like nothing more than to leave the world behind and just rest for 24 hours.
2. Believe in Your Idea
You cannot be successful if you aren’t your own first buyer. If your idea – if your passion – isn’t reflected in what you do to the degree that you’d be the first customer standing outside waiting to get in, then you need to keep working on your idea before you begin pursuing it.
Becoming an entrepreneur is not something you can do with just some effort. Do you fantasize about what your business will look like in 5 years? Do you believe that what you’re bringing to the world is important enough that you’d dedicate your life to it? Or are you just doing it to try and make a little extra money?
Financial independence and even wealth are fine goals, but your own passion for what you’re doing is ultimately going to be a massive factor in your early success. You have to sell yourself on your idea first, before you start selling others.
3. Build It and They’ll Come?
One of the most problematic myths in the modern day is the idea that if you build it, they will come. Not only is this based on a misquote, but it’s also never been particularly great business advice – least of all today.
We live in a day and age where the average person processes more information in a single day than they might have in a week or month, just a few decades ago. We are being inundated with recommendations, advertisement, endorsements, and more – to the point that we begin to blend it out, mute it, and only pay attention when we intend to.
You cannot rely on your business to succeed solely on the basis of word-of-mouth, unless your focus is an incredibly niche clientele within a very local area. If you want success, you need to find your audience, and speak to them directly.
Targeted ad campaigns, careful keyword selection, daily or weekly web content, social media and reputation management; lots and lots of marketing. You can get started on that yourself or hire someone to take care of the job, but always know that, with the internet, competition is potentially stiffer than ever. On the other hand, the opportunity reach people all over the globe is uniquely attributable to this day and age.
4. Pick the Right Office
Yes, you will need an office. Depending on your business model and the size of your venture, you’ll want to pick an appropriate place to turn into the base of your operations. Nowadays, one of the best ways to save on costs and still reap the full benefits of a large and professional space is to find yourself a coworking space.
Coworking spaces are especially interesting for entrepreneurs because the opportunity to co-work alongside professionals from all walks of life will continue to inspire you, help you network, and discover cooperative opportunities in ways you might never have otherwise. Of course, traditional offices are always still available if that route is best for your business.
5. It’s Not Too Late
Most successful entrepreneurs began their first business after over 6 years of experience working for someone else and typically had a spouse with at least one child. In other words, it isn’t a young person’s game. Don’t be afraid to start ‘late’.
Many of the wildest entrepreneurial successes were born from dedicated and committed founders who had a wealth of experience to draw upon. A good number of entrepreneurs are well-educated, highly knowledgeable, and are often the first in their respective families to launch their own business.
As long as you believe you have the drive, the means, and the right idea, consider becoming an entrepreneur and pursue the calling of a lifetime. And if things don’t work out the first time, don’t worry!
Most entrepreneurs are ‘serial’ entrepreneurs, and it often takes a few times for an idea to take off in the right way, at the right time, with the right clientele, and the right means to take advantage of all of these conditions.
And if you’re in need of finding a quality shared coworking office space, feel free to contact us here at The Collection located in downtown, Los Angeles. We’re happy to assist with your coworking needs.