Young minds who once aspired to be software engineers, data scientists, and whatnot in mainstream career opportunities, are now changing their aspirations to be entrepreneurs.
We have approx. 582 million entrepreneurs across the world. Some of them leave their education to be one, while others start after completing their education.
Even after a high percentage of aspiring entrepreneurs, only a few of them make it to the end!
According to the US Bureau of Labour Statistics (BLS), 20% of new businesses fail during the first two years, 45% fail during the five years and only 20%-25% make it to the 10 years and more.
Why?
Is it because of the lack of knowledge?
Is it because of the lack of funds?
Why do they fail?
Well, here we’ll be figuring out the right steps by analyzing the habits & attitudes of a successful entrepreneur.
Stay with us if you’re wishing to have your venture in the long run!
What Makes You an Entrepreneur?
Those who come up with an innovative idea for the very first time and strive to turn it into reality are known as “Entrepreneurs“.
They add creativity to their projects, figure out the problem statement and work on them effectively.
But then you must be wondering that a businessman also does the same thing, so what makes them different?
Well, there is a difference between an entrepreneur and a businessman.
A Businessman VS an Entrepreneur
Businessmen are those who have their venture but there’s no creativity added to provide value to the customers from their product. In the case of an entrepreneur, there’s a creative solution to earn extra profit.
They identify the needs of society that no businesses noticed before and provide solutions to that particular need.
Didn’t understand what I just meant?
Let’s understand with an example.
Suppose, oranges are the existing product. A businessman would buy the oranges in bulk to pay low prices and sell them at the market rate while an entrepreneur would sell orange juice to gain more.
Never Think That You Know Everything!
“If you are the smartest person in the room, then you’re in the wrong room”.
The moment you start believing that you are the smartest one and no one knows better than you, you will stop growing. And you are bound to make some mistakes too with this kind of perception.
Entrepreneurship is not just about owning a business but it’s also about the perception and a way of living. It’s an attitude of an entrepreneur that makes them unique and successful in their venture.
Let’s explore the distinctive attitudes of an entrepreneur:
9 Behavioral Attitude of an Entrepreneur:
1. The blame is on me!
As psychology states, blaming something or someone is human nature.
Even if the blame is a lame excuse such as “I couldn’t complete the project because I was sick.” Some problems can be controlled, some can’t be.
But there’s always a hidden solution for each. Nobody is free of problems but those who win in life, deal with those problems.
Be a problem solver rather than sulking over it. The quicker you move, the sooner problems will fade away.
If you’ve made a mistake, take responsibility for it.
When you accept your faults, you take the steps to correct them. You figure out where it went wrong and then make sure it doesn’t happen again.
2. Start appreciating other's work
You must have seen people who think that they have gotten their life fulfilled. They look down on others. If someone else achieves something, they hesitate to appreciate them.
Who wants to work with such people?
Nobody. Right?
It doesn’t portray a good image. Your work indeed represents you but who would like to work with someone who is filled with self-pride?
As an entrepreneur, you want people to respect you, to recommend and work with you. If you stay down to earth, they aren’t gonna take their step back.
Entrepreneurs have to be people-oriented. Because without people, there is a high chance that your business might fail.
Building a community is crucial for your business and marketing, especially genuine and trustworthy connections.
3. Stay mindful and productive
Those who are wise enough to distinguish between positive and negative, don’t encounter anxiety or a low period. Anxiety and all mental health issues come up with low energy, lack of interest, negativity, etc. They become a barrier to your growth.
The entrepreneurial journey is full of roadblocks and obstacles but with the right motivation and inspiration, one can learn to conquer them.
When you procrastinate every single day, it becomes one of your bad habits. When you try breaking a habit, it’s not just once, you break it every moment you act opposite to it.
Thus, whenever negative thoughts fly across you, make sure you blow them off.
An entrepreneur has the spirit of a hustler, not of a nine-to-five working employee.
4. Be a visionary!
How can someone go ahead when he/she doesn’t know the destination?
No way!
Similar goes for an entrepreneur. An entrepreneur needs to know where he/she has to be within a year or so.
A vision leads to a path that demands growth. There’s a difference between a boss and a leader. A leader does not just care for his growth but also his team members’ growth while a boss just cares about his own.
5. Develop excellent communication skills
Communication skills matter as they are the ones that help you to convert leads, manage your team, build your business community, and build your personality. So, let’s learn how to enhance it.
Know when to speak!
You should never show your cards first. Let the other person speak, let them tell you about themselves, and then choose what to say.
Analyze the situation and the person’s intention before spilling the beans.
Speak less, but only what is needed, and listen more. Listen to your employees’ opinions instead of putting yours first. Learn how to present your words so that you look confident and everyone believes in you.
Also read: How to master your sales pitch?
6. Be optimistic and stay till the end
Failures come across the journey of an entrepreneur, which is obvious. Success comes to only those who never give up!
There will be many challenges that will make it difficult to continue. However, you must learn to overcome them and adapt to all the changes.
Winners never quit, and quitters never win
– Vince Lombardi
7. Make wise choices
Many school students drop out to pursue entrepreneurship. Many college students do so too. All after watching someone on a TED Talk. But, before taking such major life decisions, do they ever think of a backup plan and their capability?
The majority, don’t. This is what a fool does.
Where would you go if you don’t have a backup plan? Nowhere.
Let’s understand the concept of how to make wise choices.
Analyzing the results of a particular action helps. Looking at the stats, analyzing them, and testing your capabilities is what a wise person does.
Well, to make choices, always look at two scenarios as the consequences: the best case and the worst case.
If you’re comfortable with the worst-case scenario, go ahead with your decision.
8. Are the goals realistic?
Are you sure that what you’ve set up in your mind is a goal or just a dream?
A goal is when you’ve marked a deadline to be achieved while a dream is when you have just known it. One should always set up goals, to achieve them.
If the goal is high make sure to break it down into sub-goals.
Didn’t understand the term? Let me explain.
- Create short-term goals and mark a deadline for them
- Name these goals as baby steps
- Achieve one at a time
9. Always have a learner spirit
“To be a successful entrepreneur, you must have a passion for learning – from customers, employees, and even from competitors.”
An entrepreneur is never limited to news, course textbooks, and all. He keeps on learning every moment of his life, different things, at different times. Learn from other people’s journeys and take advice from them and implement it in your lifestyle and business.
A normal person lives just one life, while a learner lives a hundred in just one.
A Final Word
Not every millionaire comes from a wealthy family. Most of them have struggled to create their space in the room. If you are a middle-class child or woman or man, don’t be upset over anything.
There are more opportunities for a person who chooses to hustle.
Frequently Asked Questions (FAQs)
Q1. What are the biggest mistakes first-time entrepreneurs can make?
The biggest mistakes include:
- Waiting for a perfect product or service to launch
- Failing to create a highly skilled and independent workforce
- Weak and unpractical marketing plan
Q2. What’s the best thing about being an entrepreneur?
Being able to turn an idea into reality and surrounding yourself with people who share the same vision as yours.
Q3. Suggest a few books on how to become a successful entrepreneur?
A good book is equal to 10 people. Here is a list of a few books that will guide you in this journey:
- The 7-Step Startup Success Formula By Anu Khanchandani
- How You Can Become a Successful Entrepreneur! By Reginald
- The Lean Startup By Eric Ries
- The Startup Owner’s Manual By Steve Blank & Bob Dorf
- Crush it By Gary Vaynerchuk
Q4. How to get business support and guidance?
You can take the help of various mentors and business consultants and share your vision. Let them guide you with their experience and business knowledge. You can share your burden with them too.
Q5. How to boost productivity without causing burnout?
Try to implement these steps to increase your productivity:
- Prepare a To-do-list
- Organize your workplace
- Set small & achievable goals
- Follow the A-B-C-D rule
- Avoid multitasking
