4 answers
Naskyah
Student
Rock Hill, South Carolina
1
Question
Updated
635 views
How to be a successful Entrepreneur?
What are three most important habits to be a successful entrepreneur? What are the hard parts at being an entrepreneur and what are the easy parts about it?
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4 answers
Joe L.
Program Manager
88
Answers
Houston, Texas
Updated
Joe’s Answer
Most important trait that successful that entrepreneurs have is a passion about something they love that can lead to a successful service or product they develop. Without this to help get through the hard work that is required and long hours, most will fail and not just fail once or twice but fail permanently by giving up at some point. So think about why you want to develop a product or idea/service that you yourself would love and are passionate about others having that product or service...then be willing to go 150% in terms of time and money that you have to make that a successful business.
You will need some level of education in business especially around raising capital, selling your idea to others (again passion is the key here)..presentation skills/sales skills/persuasion skills, people skills in general are most valuable. Very few entrepreneurs succeed that are not people centric and love to interact and learn from others.
Below a link on skills you should have
https://www.leanlabeducation.org/blog/8-skills-edtech-entrepreneur?gclid=EAIaIQobChMIx7W6hNfr-gIVySVMCh3bpAjfEAAYAyAAEgJamfD_BwE
Also, a common path towards being self employed is to have worked for others..learned what you want to do...and know you can do it better than others you worked for...then go out and show those you worked for how it should be done. So consider working first in the industry you feel you want to be an entrepreneur in to get practical real world experience under your belt before you go out on your own.
Good luck.
Finish basic schooling
Work in the industry you want to be an entrepreneur
Formulate a plan you are passionate about - make sure your product or service has something different and unique about it if possible
Save enough money and/or get funding for your idea for a business (consider government funding sources in your country for start ups)
Start your business
You will need some level of education in business especially around raising capital, selling your idea to others (again passion is the key here)..presentation skills/sales skills/persuasion skills, people skills in general are most valuable. Very few entrepreneurs succeed that are not people centric and love to interact and learn from others.
Below a link on skills you should have
https://www.leanlabeducation.org/blog/8-skills-edtech-entrepreneur?gclid=EAIaIQobChMIx7W6hNfr-gIVySVMCh3bpAjfEAAYAyAAEgJamfD_BwE
Also, a common path towards being self employed is to have worked for others..learned what you want to do...and know you can do it better than others you worked for...then go out and show those you worked for how it should be done. So consider working first in the industry you feel you want to be an entrepreneur in to get practical real world experience under your belt before you go out on your own.
Good luck.
Joe recommends the following next steps:
Rebecca Tang
Banking
1821
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to become an entrepreneur.
Have you thought about what industry you would like to start your business? You may think about what you have interest or you have strength on.
Below are good habits of being entrepreneur :
1. Observe the market conditions regularly
2. Keep the industry knowledge up to date
3. Establish good people network in the industry
On the other hand, before starting your industry, I would recommend you take the relevant subjects as your major and management / business as the minor in the college.
Hope this helps! Good Luck!
Have you thought about what industry you would like to start your business? You may think about what you have interest or you have strength on.
Below are good habits of being entrepreneur :
1. Observe the market conditions regularly
2. Keep the industry knowledge up to date
3. Establish good people network in the industry
On the other hand, before starting your industry, I would recommend you take the relevant subjects as your major and management / business as the minor in the college.
Hope this helps! Good Luck!
Catherine Ty
Store Owner/Buyer
10
Answers
Quezon City, Metro Manila, Philippines
Updated
Catherine’s Answer
Make sure your business is doing well and making a profit from it . Your business will last longer if your earning enough to have a capital for your business . It's easy to sell your product if they follow the trends and to sell basic needs for your customers .
John Husband
Computer Science, Real Estate, Life
47
Answers
Boca Raton
Updated
John’s Answer
Hi Naskyah,
Hope you are doing well! To start, there are no easy parts about being an entrepreneur. That said, it might be worth it anyway. A successful entrepreneur becomes CEO of a successful company. And at some point, maybe sells that company or retires from it. Most of the richest people of the world started out as entrepreneurs. But it's not easy. You work a long time for little or no money. Then if you work hard enough and surround yourself with people that are smarter than you, you might wake up someday rich! It's even more likely however that you wake up some day having spent your life chasing dreams only to be disappointed. Some may think I'm discouraging you from becoming an entrepreneur. The truth is I'm suggesting you ask yourself, "is it worth it?" If you say, "No matter what, I can't do anything else but own my own company!" then the choice is already made. You are going to be an entrepreneur because you'll get fired from all your other jobs :-) . There are people in this world who can only work for themselves. I know several of them. And I've invested in their businesses. And there are people who play at owning their own businesses but would rather have the security of a job. It's important that you figure out who you are and what you want to do. If you and your life goal is to own your own business and nothing else will satisfy you, then great! Do it! If you could do this or that or another thing, then do everything else first!
Let's assume you got through the first part, and you are ready to take the plunge into owning your own business. Start by watching every episode of "The Shark Tank", "The Profit", and "The Rich Dad Channel" (on YouTube) ...twice. This will help you with some of the vocabulary and see how others succeed and fail as part of your education.
Join Scribed and listen to every business book on there, especially everything written by Robert Kiyosaki, "The EMyth", everything by Jim Collins, "Blue Ocean Strategy", "The New One Minute Manager" and everything else Ken Blanchard has ever written, "The Art of War", "The Richest Man in Babylon", "The 7 Habits of Highly Effective People", "Never Split the Difference", "The 10X Rule", "Freakonomins", and everything Malcum Gladwell has written.
Get average grades in school. (Don't hate on me teachers and parents...) The extra time you would have spent on getting good grades, instead work at a startup.
Go to college for Business specifically entrepreneurialship
Along the way there are a couple skills you need to master.
1.) Learn how to raise money
2.) Learn how to sell
3.) Learn how to get the best out of people
4.) Learn how to negotiate
To learn these skills, get jobs where you have to do them. For example, you can look at Meetup for your area and find meetings of other likeminded people. You'll be asked to introduce yourself at some point. This is what you say, "Hi! My name is Naskyah, I'm a student at such and such high school. I'm here to find a job at a company that is raising money. I will work hard, and I will work for free to learn how to raise money. If you can use a smart hard working AND CHEAP team member and you are raising capital, please let me know!" You will find someone. Discuss with your parents how to stay safe. Creeps might try to take advantage...
Then next thing and probably the most critical thing an aspiring entrepreneur must do is.... drum roll please.... OPEN A BUSINESS! You can start your business at any time. You can start it first or last or in the middle. At some point if you are a true entrepreneur, you won't be able to stop yourself. The sooner you do it, the sooner you get through making your mistakes and the cheaper your mistakes will be. The longer you wait, the more expensive your mistakes will be. YOU WILL MAKE MISTAKES. You will lose money. You will cry over things. You will lose sleep over things. The only question is, "Will you give up?" If you don't give up there is always hope. And if you put in the 60 hours a week on average for the next 10 years, you'll make it. Most people won't do that kind of work. Will you? the business you start must fill a need and ideal is something you care deeply about. If you care about dolphins, then build a business around dolphins. If you care about old people, then build an old people business. I'm not sure if you can be successful in a business, you don't care about. But it for sure isn't a life I'd recommend.
Finally find a mentor. A mentor is someone you don't pay who has a personal interest in your success and has been down the path you are going. A coach is someone you pay to do the same. You may have to hire a coach from time to time. But life with a mentor is much much better.
Habits:
Read like crazy
Listen to E-Books like crazy
Watch everything related to your business on YouTube like crazy
Study people
Never stop learning
Wake up at 5AM
Work a full day one of the two weekend days (e.g. work 6 days a week 10 hours a day.)
Learn to work while other people are playing and resting. They will say this ^^^ is too much! Ignore them and work more.
If I can help, please reach out to me on LinkedIn. You can find my LinkedIn profile hidden in my CareerVillage profile....
Wishing you long hours of hard work...and much success!
-John
Get a job at a startup raising capital
Get a business degree
Read, watch, listen to, study EVERY business THING
Start your first business
Go bankrupt then start over
Hope you are doing well! To start, there are no easy parts about being an entrepreneur. That said, it might be worth it anyway. A successful entrepreneur becomes CEO of a successful company. And at some point, maybe sells that company or retires from it. Most of the richest people of the world started out as entrepreneurs. But it's not easy. You work a long time for little or no money. Then if you work hard enough and surround yourself with people that are smarter than you, you might wake up someday rich! It's even more likely however that you wake up some day having spent your life chasing dreams only to be disappointed. Some may think I'm discouraging you from becoming an entrepreneur. The truth is I'm suggesting you ask yourself, "is it worth it?" If you say, "No matter what, I can't do anything else but own my own company!" then the choice is already made. You are going to be an entrepreneur because you'll get fired from all your other jobs :-) . There are people in this world who can only work for themselves. I know several of them. And I've invested in their businesses. And there are people who play at owning their own businesses but would rather have the security of a job. It's important that you figure out who you are and what you want to do. If you and your life goal is to own your own business and nothing else will satisfy you, then great! Do it! If you could do this or that or another thing, then do everything else first!
Let's assume you got through the first part, and you are ready to take the plunge into owning your own business. Start by watching every episode of "The Shark Tank", "The Profit", and "The Rich Dad Channel" (on YouTube) ...twice. This will help you with some of the vocabulary and see how others succeed and fail as part of your education.
Join Scribed and listen to every business book on there, especially everything written by Robert Kiyosaki, "The EMyth", everything by Jim Collins, "Blue Ocean Strategy", "The New One Minute Manager" and everything else Ken Blanchard has ever written, "The Art of War", "The Richest Man in Babylon", "The 7 Habits of Highly Effective People", "Never Split the Difference", "The 10X Rule", "Freakonomins", and everything Malcum Gladwell has written.
Get average grades in school. (Don't hate on me teachers and parents...) The extra time you would have spent on getting good grades, instead work at a startup.
Go to college for Business specifically entrepreneurialship
Along the way there are a couple skills you need to master.
1.) Learn how to raise money
2.) Learn how to sell
3.) Learn how to get the best out of people
4.) Learn how to negotiate
To learn these skills, get jobs where you have to do them. For example, you can look at Meetup for your area and find meetings of other likeminded people. You'll be asked to introduce yourself at some point. This is what you say, "Hi! My name is Naskyah, I'm a student at such and such high school. I'm here to find a job at a company that is raising money. I will work hard, and I will work for free to learn how to raise money. If you can use a smart hard working AND CHEAP team member and you are raising capital, please let me know!" You will find someone. Discuss with your parents how to stay safe. Creeps might try to take advantage...
Then next thing and probably the most critical thing an aspiring entrepreneur must do is.... drum roll please.... OPEN A BUSINESS! You can start your business at any time. You can start it first or last or in the middle. At some point if you are a true entrepreneur, you won't be able to stop yourself. The sooner you do it, the sooner you get through making your mistakes and the cheaper your mistakes will be. The longer you wait, the more expensive your mistakes will be. YOU WILL MAKE MISTAKES. You will lose money. You will cry over things. You will lose sleep over things. The only question is, "Will you give up?" If you don't give up there is always hope. And if you put in the 60 hours a week on average for the next 10 years, you'll make it. Most people won't do that kind of work. Will you? the business you start must fill a need and ideal is something you care deeply about. If you care about dolphins, then build a business around dolphins. If you care about old people, then build an old people business. I'm not sure if you can be successful in a business, you don't care about. But it for sure isn't a life I'd recommend.
Finally find a mentor. A mentor is someone you don't pay who has a personal interest in your success and has been down the path you are going. A coach is someone you pay to do the same. You may have to hire a coach from time to time. But life with a mentor is much much better.
Habits:
Read like crazy
Listen to E-Books like crazy
Watch everything related to your business on YouTube like crazy
Study people
Never stop learning
Wake up at 5AM
Work a full day one of the two weekend days (e.g. work 6 days a week 10 hours a day.)
Learn to work while other people are playing and resting. They will say this ^^^ is too much! Ignore them and work more.
If I can help, please reach out to me on LinkedIn. You can find my LinkedIn profile hidden in my CareerVillage profile....
Wishing you long hours of hard work...and much success!
-John
John recommends the following next steps: