4 Tips on how to become a successful entrepreneur

Everyone aspires to be an entrepreneur, independent and running their own business. But being a successful entrepreneur is not an easy task, research shows that only 30% of start ups thrive for ten years or more. So what does it take to run a successful business? Below are four tips that will help you to become a successful entrepreneur

1. Plan and schedule everything.

Planning is a habit that successful business owners develop, implement, and maintain early in their entrepreneurial life. It helps them to analyze each business situation, research, compile data, and make conclusions based on the facts revealed through the research.

It doesn’t matter whether you will use a paper planner, your phone or your computer, you need to have a “central system” to record what you’re supposed to be doing when. Put everything in your planner, including board meetings, calls to make, emails to send and even breaks like exercise, relaxation and time with friends. This way, you will be able to focus on one thing at a time and avoid contemplating on some things that could possibly get you distracted or interrupted.

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2. Learn how to manage your finances well

Successful entrepreneurs know how to manage their finances. They are aware that money is required for the running of their businesses.
For you to succeed in business, you need to know the money needed to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment. You also need to calculate how much money you need to live on and withdraw that money from your business income then invest the remainder of the profits back into your business for it’s growth.

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3. Have a mentor

Forget about the stories about self-made millionaires, they are just that; stories. All successful business people you know had mentors. “It’s always good to have a helping hand at the start. I wouldn’t have got anywhere in the airline industry without the mentorship of Sir Freddie Laker [founder of Laker Airways, below]. Now, I love mentoring young entrepreneurs. As American author and businessman Zig Ziglar said: “A lot of people have gone further than they thought they could because someone else thought they could.” Find a mentor,” says Richard Branson. You can’t know and do everything on your own, you need help and advice.

Find a person who has succeeded in your field and ask them out for mentorship. “It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” Warren Buffet

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4. Network, network, network

Every successful entrepreneur I know is a great networker. Networking is a low-cost marketing method that many business leaders use for developing sales opportunities and contacts, based on referrals and introductions. By networking with the right people, you will get support, feedback, insight, resources, and information on how to run your business effectively. You can read my earlier article on the forms of networking.

Which one of these four tips will you need to implement to help you in your business? Share in the comment box.

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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