The Entrepreneurial State of Mind

The 2000’s can undoubtedly be considered a period of crucial transitions in an individual’s life span. The choices you make early in your career and life lay the foundation for your professional life. While every person’s success may be acquired in a different way, most can agree that there are certain habits one must adopt to become successful. In this article, we’re gonna have one of our Money Moguls talk about some success habits and principles he adopted early on that helped him to become a millionaire by his late 20’s. Below is a list of vital habits to acquire in order to achieve entrepreneurial success in the U.S:

  1. Read, read and read.

Before entering your target market, make sure you are well-versed in common terminology, leaders, and fads in your industry. While degrees from prestigious colleges and universities are great credentials, they won’t count for much if your learning stops there. I would read industry-specific journals and books, and books by successful authors in regards to finances, leadership, influencing others and developing relationships on a daily or weekly basis. These soft skills were never, and will never be taught, in school. Classrooms prepare people to become employees, books prepare them to become business owners.

  1. Identify the latest trends in the market.

To stay relevant in your industry, you must stay on top of the latest trends, both in your sector and in the digital world.  They oftentimes go hand in hand, and can be a great way to capitalize on new ideas. If you or your business isn’t active on several social media platforms, you are most likely not gathering much attention and therefore not making any deals. Facebook, Instagram, Twitter, and Snapchat offer great ways to interact with hundreds, thousands, or even millions (depending on your product/service) of potential customers for FREE. Some of these platforms even offer ways to target a specific client base and or solicit feedback on your service or product. I have a friend that owns a fence repair company that has become exceptionally good at targeting potential customers this way.

  1. Up your networking game.

Find a mentor. It is absolutely essential to build a strong network as you work your way up the professional ladder. The, fastest way to grow is to surround yourself with people that are further ahead in life than you are. Life skills, information, wisdom, and other golden nuggets often flow like energy or water: from a higher concentration or elevation to a lower concentration or elevation. Let these people pour into you, and you will soon start to think, talk, and act in just as a successful manner as them.
The ultimate jackpot in networking is finding an expert that is willing to mentor or coach you as you grow, develop, and expand. Their advice at just the right moments or turning point in your business can mean the difference between you living in an apartment or a living in a mansion. If you are unsure of how to network, start out by attending business meetups, join a local ToastMasters group, or attend social MeetUp events on a daily/weekly basis. Make sure  people know you were there and who you are. Get uncomfortable and meet as many of them as you can.

  1. Do not accept failure. Embrace it.

No matter how much you think that your business plan is on-point, you are bound to face setbacks and bottlenecks at some point. The key to overcoming such roadblocks is to stay optimistic and learn from the situation. Embrace obstacles as an experience that defines your story and will separate yourself from the quitters. The only real failure is quitting.

It doesn’t matter how many times you fail, what matters is how you handled the situation and use it to your advantage or persevere. More often than not, that huge brick wall in your path can be reduced to a speed bump when you calm down, think logically about your problem, or consult someone in your field that has faced similar issues. Finally, analyze a mistake to ensure it never happens again.

  1. Do Your Due Diligence.

A common setback for entrepreneurs is having a workable and well thought-out business idea or plan. Brainstorm on various aspects of your idea and research possible market demand for your product, target audience demographics, and any possible drawbacks or limitations that you may encounter. Also take into account legal implications you may become involved with. Plan with conservative numbers, so you can show clients or investors how awesome things will be even in worst-case scenarios.

  1. Build a great team.

To bolster your success, you may need a team of highly talented and reliable members. A single person can definitely not be the master of all trades, hence, to build a strong base you’ll need people whose skills complement their peers. Build a team with people that will share the larger goal of your enterprise. But, don’t do this too soon in your business and avoid partnerships where you don’t own at least 51% of the company at all costs.

  1. Set a target. Then another.

Don’t focus on how much money you are spending, rather treat it as an amount you’re investing and focus on improving the quality of the product or service you are delivering. The money will ultimately follow as a result. Set targets for yourself and once you have achieved one, get ready to set up the next one. Have fun celebrating the small victories but keep the bigger goal in mind. You should aim to continue expanding on to bigger and better goals. The most successful people never feel like they have done enough or reached their full potential, even after achieving their highest targets.

  1. Be honest.

Long-term success can only be achieved if you work with utmost honesty and sincerity. Listen to your conscience and don’t sacrifice your morals for the pursuit of the dollar. Scamming people or using unethical business practices will tarnish your reputation prevent further growth. It may work well in the beginning, but that will be the extent.

  1. Build a strong web presence.

Online visibility plays a major role in pitching up your business plan to the world. Nowadays, merely creating a website is not enough, you need to put in extra effort to land on the top of the search results when a client searches for your product or service(s). Use proper keywords to become a top hit in the online marketplace. To solidify your online presence and build an engaging website, you can outsource the work to firms that specialize in this area.

  1. Don’t shy away from hard work.

Overnight success is a myth. Behind every successful conglomerate,  lies years of hard work, dedication, perseverance, battling thoughts and words of giving up, and patience. People blame luck for their unsuccessful ventures, but the truth is that luck only comes to those who are willing to get out there and stay out there long enough to come across it. On the road to success, you will need to sacrifice many things, spend more than you expected, do more than you expected, re-do work you thought was saved. Each time, embrace the pain, the setback, the temporary failure and knock that brick wall down.

  1. Be passionate about your goals and dreams.

Being passionate about what you want to achieve will make your clients truly believe in your services. Knowing your why is the only how to persevering long enough to reach your dreams. According to Steve Jobs, “The only way to be satisfied in life is to do work that you truly believe in.’’ It is necessary to keep your vision clear constantly, which will help you realize the importance of overcoming your obstacles.

  1. Know your customer.

It is essential to know intricate details about the customers you are targeting; outdo your competitors in every way possible. Underpromise, and overdeliver. Don’t forget to ask customers for honest feedback at times and don’t shy away from unhappy customers. This is only an another opportunity for you to solve their problem.

 

 

 

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