Anyone can become an entrepreneur. Unfortunately, not everyone who launches a startup becomes a successful entrepreneur. To start and run a successful company takes hard work and commitment. But entrepreneurs who successfully start and run businesses know that a whole lot more is involved. Successful entrepreneurs display certain qualities that protect them from defeat. 

What does it take to start a company and turn it into a profitable business? What are the secrets to successful entrepreneurship that can mean the difference between success and failure? In this article, you’ll discover the qualities it takes to start and run a lucrative business. 

The Challenge of Becoming a Successful Entrepreneur

Starting and running a profitable business is, to say the least, challenging. Markets are ever changing, and consumer behavior can be hard to predict. And so, it’s rare that a business can make it big with minimal effort. 

Recent studies show that around 90 percent of startups ultimately fail. Within the first year, around 21 percent of startups fail. And another 30 percent don’t make it past the second year. 

Knowing the reasons why many startups hit the wall can help you avoid making the same mistakes. Some of the most common reasons new businesses go under include:

• Lack of research
• Running out of cash
• Being in the wrong market
• Bad marketing

How can you ensure that your business venture is the 10 percent of companies that become a profit-making enterprise? The secret is in doing what successful entrepreneurs are already doing. 

19 Ways to Become a Successful Entrepreneur

Owning a profit-making business is a dream of many people. But, if you’re thinking about your first startup or if you’re already a business owner, you probably want to become more successful. So let’s look at 19 secrets that successful entrepreneurs use to ensure their success. 

1. Perseverance is key to successful entrepreneurship

A common trait of all successful entrepreneurs is their gritty determination. The road to success is a bumpy one, and there are ups and downs. Tenacity will give you the strength to drive yourself when it seems you’re facing an uphill struggle. 

2. Work smarter, not harder

Not gonna lie, you will work hard. But to be a successful entrepreneur, you don’t need to put in 18-hour shifts for the rest of your life. And entrepreneurs do more in life than just eat, sleep for five minutes, and work.

Or course, sometimes you’ll need to put in extra hours. But to achieve success, you need to realize what you’re good at and what you’re not. So, learn how to delegate low-impact tasks and take time out for yourself. 

3. Continue to challenge yourself

Entrepreneurs don’t become successful because they enjoy a comfortable routine. Setting up a new business and driving its success requires pushing yourself and looking for new challenges. Challenging yourself is vital because you constantly open up new opportunities. And, the more you achieve personally, the greater confidence you’ll display. 

4. Love what you do

As the adage goes, “love conquers all.” When you love what you are doing, you’ll find the strength to overcome any challenges. Passion for your venture will help you put in the long hours when required. And even when you get tired and stressed, you’ll find the inner strength to carry on. So, continue to find ways to love your job.

5. Successful entrepreneurs are willing to take risks

A challenge all startup owners face is knowing when to take risks. Taking risks is what separates success from failure. The trick is knowing which risks are worth taking that will benefit your business. But the opportunities that risks offer are greater than the potential fallout. 

6. Develop a solid business plan 

A business plan is essential for any new business. Apart from helping to attract investors, a business plan is a vital, strategic tool to keep you on course. The plan helps you to get realistic and make decisions that will impact your startup’s success. You can also use the plan to reach short-term and long-term objectives. 

7. Use SMART goals to be a successful entrepreneur

Goals for your business are an excellent way to map out your route to success and measure progress. SMART goals are Specific, Measurable, Actionable, Realistic, and Time-bound. So, set specific goals and give yourself a reasonable timeframe to complete them. This way, you will stay focused on your ultimate goal of managing a lucrative business.

8. Learn how to conquer fear

Fear can be like a lead weight tied to your feet — it stops you from moving. The best way of conquering your fears is to learn new skills and become more confident. Not letting fear paralyze you will help you take the necessary risks without emotions clouding your judgment. 

Here’s an example of how learning skills can help you deal with fear. Let’s say you are in a small boat in the middle of a lake. Think about how you would feel if you couldn’t swim. Fear would incapacitate you if the water got rough. Now imagine how different your emotions would be if were a strong swimmer. The boat ride experience would be more enjoyable, and you would have more confidence.

9. Network with experts to help you become a successful entrepreneur

You will see that entrepreneurs don’t become successful on their own. They develop a team of experts, partners, and advisors who make valuable contributions to the startup. The network could include other entrepreneurs, designers, marketers, or like-minded individuals. The most important thing is to surround yourself with people who have great character. 

10. Know how to raise funds for your startup

It costs money to start a business. Some entrepreneurs are fortunate enough to self-fund their enterprises. However, you — like most startup owners — probably need additional funding. Getting extra cash from investors can speed up your success and help you expand. Some ways to raise capital include crowdfunding, bank loans, or angel investors. 

11. Know your target audience

You may have a great startup idea, but the business will fail if no one needs your product or service. So before launching a startup, do plenty of market research to find your target audience. You may even discover a profitable niche that you didn’t know existed. Then when your business is running, continue to research your target market to stay relevant and successful.

12. Successful entrepreneurs are always willing to learn

Even if you are an expert in your industry, there is still more to learn. For example, you will make mistakes, so it’s essential to learn from them. Also, subscribe to relevant blogs relevant to your industry to keep up to date with the latest trends. And there is always much you can learn from your team. 

13. Always ask questions

An essential way to learn more and become more successful is by asking questions. There’s a saying, “knowledge is power.” So the more you ask, the more you will learn. You then have more information that you can use to make better decisions and avoid mistakes that failed entrepreneurs have made. 

14. Successful entrepreneurs under promise and overperform

Business success comes when you exceed expectations. So, it is better to promise less and deliver more. If you build anticipation for your product or service and fail to satisfy customers, you will quickly lose them. Exceeding customers’ expectations is also a way to get excellent reviews which then turn into free word-of-mouth advertising.

15. Display confidence, not arrogance, to be successful

Successful startup owners are confident in their abilities. Having confidence in yourself and service will allow you to self-promote. After all, if you don’t promote business, who will? 

Here are two ways to self-promote your business without being arrogant:

• Gather positive facts about your business. You can use these facts to pitch your business without sounding too egotistical.
• Know what customers are saying about your business. You can use positive feedback and testimonials to promote your services. 

16. Look after your health to be a successful business owner

When starting a business, it’s easy to get caught up in making it successful that you forget about your health. Unfortunately, health and wealth don’t always go together. If you try burning the candle at both ends, your success may only be short-lived. So, to stay successful, schedule time every week for exercising. This way, you will care for your business and your body.

17. Know when to take a break

Every successful entrepreneur takes time off to relax and take a break. But taking time out can be challenging when there is so much to do starting a business. But if you are working 24/7, you will eventually burn out. Additionally, taking time for yourself allows you to become more creative. Then when you come back refreshed and full of ideas, you will be in a better position to drive your company’s success.

18. Stay focused to stay successful

New entrepreneurs face the challenge of having to wear many different hats. This problem can mean that you must accomplish several different tasks every day. But to stay focused, it’s vital to avoid multitasking. Although it may seem you get more done, you become less productive. Most successful entrepreneurs will tell you to focus on one task at a time. 

Here are some ideas to avoid distractions during the day:

• Use a to-do list and set priorities
• Set aside a specific time each day to read and answer emails
• Block phone and email notifications In Conclusion

Being a successful entrepreneur and owning a business give you a sense of satisfaction, not to mention a lucrative career. However, to enjoy success takes hard work, determination, and focus. There is no secret why some startups are successful, and some don’t make it past the first few years. However, if you learn from other successful entrepreneurs, you will also enjoy the same success.