Building a profitable business is no joke. That’s why 90% of the startups fail. The problem is there’s no rule of thumb to success. However there are some basic qualities which most of the successful entrepreneurs possess. As an entrepreneur, its better if you develop these essential qualities as soon as you get into the business. Or if possible, even before starting up.
Each successful entrepreneur has a crystal clear vision. They know what they want to achieve when they start. Of course, you take baby steps, one thing at a time, but your end goal has to be clear. ‘Vision’ shouldn’t just be one paragraph in your website or your business plan. It should be deeply engrained in your mind. This will always help you keep track of where you are going. Of course, as you grow the business, your vision might as well evolve. But you should know the future you are headed to at any point of time.
Well, your vision gives you an idea of the direction. Planning takes you there.
Well, your vision gives you an idea of the direction. Planning takes you there. Whatever you set out to do, make plans first. Let’s say you want to be the best blogger in the world in digital marketing category. How would you go ahead? The first thing you need is a blogging platform, right? So, you will have to build one. Similarly, you will need contents. So, you will have to create those. You will need people to visit your website. So, you will then have to promote your contents. Basically to achieve your vision, you need to do something, right? Those are your tasks. You further break these tasks down into sub-tasks. For example, you know you have to build a blogging platform (Task). Now – researching and deciding on which CMS to use, deciding on whether you should outsource the job to someone else or do it yourself, and in case you decide to outsource, finding out the best vendor are all sub-tasks. So you set targets for all these tasks and sub-tasks and get going.
Being an entrepreneur is tough, especially in the early days. You do not have an option but to become a hustler. You have so much to do and so little time in your hand. So, how do we manage everything? By being disciplined. You have to understand that in your daily life you will come across a lot of problems which tend to deviate you. But, you will have to learn not to be carried away. Every morning before you start your work, make a list of what all you need to do that day and allocate fixed time to each activity. Now, throughout the day you follow that routine and make notes of any deviations on your routine. At the end of the day, conduct a self-review: see how much you deviated from your plan; were you able to achieve what you had planned? These small daily practices will help you a lot in the long run. Believe me.
A lot of entrepreneurs are so engrossed in their idea and company that they completely undermine the benefits of reading and spend little to no time doing so. Well, I believe this is one of the most important quality in an entrepreneur. As an entrepreneur, you should have a sound knowledge of whats happening around you. Right from whats happening in the industry you operate in to the world economy. I am not saying you have to be a master in all these things but believe me keeping yourself up-to-date with news and information helps a lot. Develop a habit of reading a couple of news sites including the ones specific to your industry on a daily basis. Follow some topics of interest in Quora and spend some time daily reading the Q&As there.