The web is constantly evolving into being ever more powerful with interesting ads and focused advertising. This has made the expansion of businesses easier than ever. But still, with the internet being accessible to almost anyone why do some startups never make it? A Harvard study shows that more 75 percent of the startups fail. That is an astounding number. Eric J Daliussays, “While anyone can start a business, not everyone will succeed”.
But what does it really take to be a successful entrepreneur? And most importantly can an entrepreneur be ‘made’?
Entrepreneurship is an art and just like any form of art, there is no equation you can put your variables into to get the answer. The secret to success is different for everyone. But there are certain traits you can develop to get ahead on the road to become a successful entrepreneur. Here are some suggestions.
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Know the Players
Entrepreneurship is a level playing field. Every start up has equal probability of success. The key is recognizing your competitors and chalking out the plan before jumping right in. Now, you might ask, how does that help? If you know your rivals well, it will be easier not to repeat the same strategy and mistakes. The same plan doesn’t work out twice and with needs of people constantly evolving, there is no space for repeats.
Work Smart, Not Hard
Yes, you read it right. Do not work harder but smarter. It does take hard work to get to the top but it doesn’t do any good if you keep working blindly. What we mean is that people tend to believe that successful entrepreneurs work every minute of their day to get everything done. But it is not humanly possible to do everything personally. The key is to take up things you are good at. If you do everything just by yourself, chances are you will end up with a substandard product. You surely do not want that as an entrepreneur. So what you do is hire the people who can do the work you don’t know much about. That way you will get ahead in the race.
Talk Your Way Through
As an entrepreneur, you need to communicate with your team as well as investors interested in your idea. You need to understand that no one knows your idea better than you. So to get the funding in your business you need to grab the attention of the investors through your communication skills.
Experimenting Is the Key: EJ Dalius
The market is changing at a tremendous rate. As an entrepreneur, you need to carve out new strategies to fit into the new trends. If a plan has worked out in the past, that doesn’t mean it will work in the future. Eric Dalius, a leading entrepreneur believes in experimenting to find your own niche. It is important that you learn to constantly innovate and experiment to understand what works for you best.
Conclusion
It all boils down to your instinct. It is not always possible to do an elaborate market research before making every decision. It’s your business. You will definitely know what’s best. An entrepreneur is not born, an entrepreneur is made. So in the end it all boils down to you.
