Millions of people dream of becoming a successful entrepreneur, partly because of the income potential that it provides, and also because it means being your own boss. It’s not easy to start a successful company, though, and the statistics on startup companies in the U.S. bear that out—about half of all new companies will not make it to their fifth year.
The most common reasons a new business fails include:
- No market for the product or service
- Not enough cash for operations
- Not having the right team members
- Competition
- Pricing and cost issues
In order to be successful in your journey to become your own boss, there are a few factors that can help your chances. Here are four things that every successful entrepreneur should be doing.
1: Stay Focused
It can be easy to get off track when you start your own business, but one of the most important things initially is to stay focused on building your business one piece at a time. That means having a solid business plan that starts with a great concept, developing your product or service, reaching new customers with marketing and sales, and providing great customer service. It’s easy to get distracted and try to chase down a million ideas or tangents in your entrepreneur journey, but staying focused can help you achieve success sooner.
2: Find Successful Partners
Across the board, one of the main pieces of advice that many of today’s self-made millionaires and billionaires give is to find someone to partner with can help you become successful. That could mean finding a mentor who works in your industry, or perhaps finding a whole network of people who can help you build a business from scratch.
3: Solve a Problem
The top reason that most new businesses fail is the lack of a market for their product. Too many entrepreneurs come up with an idea, then find out that there are not enough people who want or need that product or service. You may not even need to come up with your own idea to start a business; it may be better to find a network that already has solid business relationships and products thatmeet consumers’ needs, and build your successful business through that network.
4: Understand the Rules of Business
No matter what industry you’re in or what product you’re selling, there are a few rules you have to follow—the rules of finance, competitive markets, marketing, customer service, and differentiation. It’s important to have a basic understanding of those rules so you can successfully navigate the challenges that come with each. Starting a business isn’t easy, but with solid fundamentals it can definitely succeed.
Finally, successful entrepreneurs don’t give up on their dream. If you think you have what it takes to start your own business, find out how Life Outside the Boss can help you take the first steps toward the life you really want.
