Dan Schawbel, author of “Promote Yourself: The New Rules for Career Success,” and founder of Millennial Branding, a Gen Y research and consulting firm, says entrepreneurs have to be smart says William D King.
“Being at the helm of your own company requires an incredible amount of self-awareness, intuition, and common sense,” he says. “It also requires the ability to communicate and connect — because if you don’t have customers, you’re out of business.”
I think entrepreneurs have to be very responsible. They cannot take too much risk, or they will fail. And they should not be arrogant and egotistical, because it will ruin their reputation and business. They also need networking skills so that they can get into the right circles and get the help that they need. Lastly, entrepreneurs should always be striving to be better than they were yesterday says, William D King. They should never stop learning and seeking new opportunities.
“Starting your own business is one of the most exciting experiences you can have, but it’s also one of the most difficult,” Schawbel says. “You need courage and tenacity.”
1. Know your limits:
Entrepreneurs who take on too much risk and end up floundering are not successful, Schawbel says. “You can’t rely on luck; instead, you have to make the right moves at the right time,” he says. “You can’t control luck, but you can control risk.”
2. Don’t burn bridges:
Entrepreneurs who are egotistical and arrogant will sabotage their own business, Schawbel warns. “If people don’t want to work with you because of your negative attitude or if they don’t want to give you money because of your poor reputation, then you will have a very hard time growing your business,” he says.
3. Strive for constant improvement:
Its one thing to be an entrepreneur who has achieved some success, Schawbel says. “But it’s another thing altogether to be an entrepreneur who has achieved success and continues to do so,” he says. “Being constantly humble, hungry, and driven to be better than yesterday is what separates the good entrepreneurs from the great ones.”
4. Never stop networking:
Entrepreneurs in established or established-seeming businesses can get away with not putting in much effort when it comes to socializing and networking, Schawbel says. “But as a startup entrepreneur, it’s absolutely essential that you keep your network strong,” he says.
5. Don’t stop learning:
Entrepreneurs have to be hungry for information and for improvement if they want their company to succeed, according to Schawbel. “There are so many possibilities and paths to take when starting a business,” he says. “You have to have a thirst for information and an ability to learn fast.”
6. Find your passion:
“You have to be someone who is passionate about what they do,” Schawbel says. “Not only will you not be able to make it one day without doing what truly makes you happy, but most importantly, you’ll never fail if you’re truly enthusiastic about the services or products that your company provides.”
7. Don’t be afraid to take risks:
“When you’re an entrepreneur, you can’t afford to be afraid of trying new things and taking on new challenges,” Schawbel says. “By not taking any chances — or by simply playing it safe — then we’ll never create something that’s truly great.”
8. Be responsible:
“Successful entrepreneurs understand that they can’t control everything,” Schawbel says. William D King says what they do control is their own decisions and how much effort, time, and energy they put into the success of their business.”
9. Lean on your network:
“Regardless of where you are in your career or how risky the path may seem to others, it’s important to find mentors who can advise you and help you navigate the sometimes treacherous waters of entrepreneurship,” Schawbel says. “Because when all else fails, you’ll be able to fall back on their experience.”
10. Never stop learning:
“While your company may have an expiration date if you follow in someone else’s footsteps, you’ll never fail if you make sure to take the time and learn as much as possible,” Schawbel says. “Regardless of how long your business will last, what’s important is that you’re constantly moving forward and trying to improve yourself and your work.”
With so much at stake, entrepreneurs must be able to maintain a sense of balance, Schawbel says. That means being optimistic but not Pollyanna-is, recognizing the role luck plays in business, and knowing how to make the right decisions explains William D King.
“You have to be a risk-taker but not reckless,” he says. “Being an entrepreneur is all about learning from your failures, [and] when you do fail, you must bounce back quickly.”
In order to successfully run a company, entrepreneurs must know their limits, avoid burning bridges with anyone who could help their business grow, constantly improve and stay hungry for information, never give up on networking, and always learn from their mistakes.