7 Don'ts When Striving for Entrepreneurial Success
Entrepreneurs are born every day but the lines of success and failure are never clear-cut. In a fast-paced world where businesses are competing with each other on a regular basis, entrepreneurs tend to face challenges head-on without giving much thought to the repercussions these challenges will have on their upcoming business or project. This oftentimes results in failure that can be very hard to recover from. If you’ve always had that entrepreneurial spirit but quite unsure what to do, here are seven don’ts to remember when striving for success:
1. Don’t risk all your assets
One common misconception about entrepreneurs is they tend to risk it all. Yes, entrepreneurs risk a lot but instead of throwing away everything in the hopes of finding success, they take calculated risks. Calculated risks can be as simple as listing pros and cons on a piece of paper or it can be as complex as making a comprehensive study on why they should start a new venture or not.
By utilizing calculated risks, it gives you a clear picture of how you should proceed with your next actions. But most importantly, this prevents you from using all of your assets in a single project or business. If you don’t want to struggle financially when your startup fails, make sure to only risk the assets that you can easily recover in a few months or less than a year. It’s also ideal never to risk family assets unless you have permission from your immediate family members. Similarly, never use all of your funds to enroll in a business course thinking it will give you an easier way to find entrepreneurial success.
2. Don’t give in to criticisms
Taking hard criticisms is part of being an entrepreneur. In fact, entrepreneurs receive criticism on a daily basis whether it be from customers, investors, or even from fellow colleagues. Being strong-willed is essentially part of an entrepreneur’s job description, so if you plan on entering the difficult and complex world of startups then you should never give in to criticism and continue delivering products that your consumers will eventually love. Criticism can actually help you build a better product in the long run, so make this part of your daily habits and treat all those criticisms as a source of determination and motivation.
3. Don’t leave your job immediately
Being employed oftentimes brings out the best of entrepreneurial ideas. There may be some things in your company’s products or services that you want to change and you believe this can only be achieved by starting a small business. Also, since you are surrounded by colleagues or clients regularly you are given vast amounts of information to work with for your possible business venture. Leaving your work to start a new business can be very enticing but it’s never recommended if you don’t make the necessary plans ahead of time.
Similar to avoiding risking all of your assets in a single go, the same applies to leaving your job immediately when trying to strive for entrepreneurial success. Take note that first-hand information from your company or industry isn’t enough to help you achieve success when starting a business. Additionally, you may also be risking career advancement opportunities if you abruptly leave your job. So, weigh all of your options and take a long hard look if leaving your current job can translate to a successful business venture in the future.
4. Don’t be complacent
If you’ve managed to get a good head start on your business, luring in customers and generating revenues, then it’s possible that you can sustain your business for the long term. But as they say, “it’s not how you start but how you finish.” Never be complacent on your business because no matter how well you perform as you are always faced with competition everywhere you look. Direct competitors are only part of the problem when running any type of business as you are faced with indirect competitors as well. These indirect competitors don’t necessarily provide the exact services as you do but still do business in your industry nonetheless.
5. Don’t obsess in perfecting your product
Although it is important to present the best possible product for your customers, you should also remember that it will constantly undergo numerous changes. Instead of obsessing to perfect your product, the starting point to entrepreneurial success is to shift your focus instead on what changes you will be making once customers give their feedback. Additionally, this also helps you manage your resources better as you only make the changes once customers have given their feedback.
6. Don’t start a business in a field you don’t enjoy
A successful businessman is often caught in the dilemma of starting a business in a field he doesn’t really enjoy. There are two reasons for this: potential revenue and current trends. The lure of $1 billion revenues is always tempting but if you don’t have interest nor the skill to pursue that certain business venture then it is much better to leave it to other entrepreneurs instead.
Starting a business that only centers around the notion of potential revenue is never a good idea in the first place. This also puts you at risk of wasting all your resources on a venture you never plan on finishing. Remember that the most successful entrepreneurial success stories are the ones that create solutions from the things they love the most. For example, Steve Jobs’ passion for computers led him to start Apple while Elon Musk’s love for space travel led him to launch SpaceX.
7. Don’t be impatient
As in all aspects of life not just in entrepreneurship, never be impatient. Being impatient will only lead you to failure at a much faster rate. The most accomplished entrepreneurs have never had it easy themselves as they endured for years just to get where they are today. Just take note that as long you put in the work and take advantage of opportunities, you will be rewarded with success sooner than you think.
Being a successful entrepreneur is never easy and there is no formula for finding a quick path to success. But as long you avoid the seven don’ts listed above you’ll eventually achieve success in the foreseeable future.
