Quick Guide to Becoming A Bad A** Entrepreneur
Entrepreneurship is not all glam and fast money.
Photo: Unsplash
Not all entrepreneurial journeys are created equal. It takes special qualities to truly succeed in the business world - or as we would say, to really kick ass in this game. According to data from the Bureau of Labor Statistics, around 20% of entrepreneurs fail in their first year, as reported by Fundera. The 80% who make it past year one owe their survival to having a product or service that fulfills a market need, proper funding, and understanding the many layers of running a business. However, the failure rate increases by year two, as many entrepreneurs skip over key elements that ultimately lead to their downfall.
"At some level, almost all entrepreneurs fail," said Bill Demas, CEO of Conviva, to Business News Daily. Statistics show that failure usually occurs before a peaking cycle. Although that may be an inevitable fact, the definition of failure is subjective. Every entrepreneur should define their own parameters of failure. This could be determined by profitability, marketing effectiveness, or internal affairs.
A tried-and-true best practice in both entrepreneurship and life is to study the best if you want to be the best. With that in mind, I've curated a quick guide to help you on your journey to becoming a successful entrepreneur, using advice from some of the most accomplished entrepreneurs in various industries.
Get On Your A+ Game In Time and Money Management
Time and money management are the first keys to success. Two of the most common statements I've heard from new entrepreneurs are "I just don't have enough time" and "I can't seem to figure out why I'm in so much debt." A successful entrepreneur understands the importance of mastering these skills and applying them to everything in life. A successful entrepreneur is both timely and wealthy; this is no coincidence. Running a business can call for sleepless nights and forgoing social events. It also calls for understanding where every last penny is going and how to maximize those dollars. If you're struggling, hire the best assistant and accountant you can afford.
Be Nothing Less of Determined
Successful people in general are strong-minded and determined. You have to wake up in the morning knowing what you want to do and how you're going to get there. You have to make it your duty to reach that finish line by any means necessary. Once you have determination, the hard work will fall in line naturally. Determination is what gets you up off your feet after you fall and has you running like nothing happened. If you don't have determination, entrepreneurship is not for you.
You Have to Have Fire In Your Eyes
Passion. What successful boss do you know with empty eyes? If the flames aren't burning, this isn't your purpose in life. The whole point of pursuing entrepreneurship is to fulfill YOUR dreams, not someone else's. Determination is what gets you up and running, and passion is what keeps you going when you're tired. Once you find something that you're passionate about, only death can stop you from wanting to pursue it. People are more likely to invest in someone with passion because they know that the fire will lead to success.
Walk In Rooms Like You Own The Place
Confidence. Not only is confidence attractive, but it can make people hang on your every word. If you believe in yourself and carry yourself like the boss you're striving to be, the world will believe in you. You can be super business-savvy, but if you don't possess confidence, people will be unsure about working with you. If you're not sure, why should we be sure? Tip: Being overly confident can sometimes make you unnecessary enemies, so be careful. Keep your confidence in the humble lane, not the cocky central.
Make Chameleon Your Middle Name
Adaptable. Every successful entrepreneur is flexible and adapts to change. The business industry is rarely stable and you have to know how to roll with the punches if you want to stay on top. Even in business meetings. You may have to meet with investors of different cultures and backgrounds and you will need to know how to adapt to accommodate them. Stay on those pretty toes and try not to get comfortable. Actually, you should learn to get used to being in uncomfortable situations.
Mingle With The Right People
Network, network, network. A true bad ass entrepreneur mingles a lot, but hardly ever plays. It is all business. Some of the greatest deals are formulated over cocktails and dinner parties. For those who are not naturally sociable, this is where adaptation comes in the picture. The best way to get your name and company out there is to show face at the right events. Build relationships with media insiders and other heavy hitting professionals who do not conflict of interests. You know it goes — it is all about who you know and the weight of your name.
Learn to Be Fearless
Do not let fear hold you back from your dreams. Sometimes dreams are so big they can seem overwhelmingly scary. Just don't let that keep you in the safe zone for the rest of your life. Bad asses are the number one risk takers. There are bad risks, and good risks. Use your better judgment, of course, but do not be afraid to jump off of the cliff when necessary. That jump could land you a billion dollar deal.
What Good Is A Pack of Ammo If You Can't Find It?
Organization will be your saving grace. Becoming disorganized is very easy if you have a lot of things going on. Clutter causes clutter brain so you really want to master the skill of organization. There is no room for error. Disorganization could be the cause of your business failing. Keep track of everything... EVERYTHING. This may also save you from losing a lot of money when it is tax time. An organized boss is one bad ass boss.
Know Your Game & Know It Well
Never stop mastering your niche. In whatever business avenue you choose, do not get so comfortable you are not on your A game at all times. A successful entrepreneur knows their industry so well that they know when everything ticks and tocks. It gives them a good leg to stand on when forecasting the future of the business and pitching it to investors. Researching your industry will give you that wow factor that will take you a very long way with your business. Know your game and know it well, you bad ass entrepreneur you.
