Posted on Sep 1, 2022 50
Ground rules of an entrepreneur
Every successful business executive adheres to certain principles. In this article, you can see the basic rules of an entrepreneur, as well as advice from successful and established people.
Define your vision to become a successful entrepreneur
Your vision is what will undoubtedly determine what success is like for you as an entrepreneur. You need to have a dream or a goal if you want to become successful.
How can you become a successful entrepreneur if you don’t know what success will be for you?
Don’t do what you don’t like to do.
One of the cardinal rules of being an entrepreneur is that you have to like what you are doing in your business. Sometimes it won’t be the way you plan.
A business executive must be passionate about his business because passion is one of the most important forces that will lead to success. You might be interested in reading about how to find a job to your liking.
No matter how many friends you have, you can never have too many in business
A business executive’s success also depends on the number of acquaintances. Loyal friends who enjoy your accomplishments as much as you do yourself are the best help in business.
If there is a choice, many people are likely to choose to do business with a friend, even though collaboration on the side may be much more profitable.
Don’t be afraid to say, “I don’t know.”
A successful business executive can’t know everything, so if you don’t know something, say so. There is no need to be ashamed of it. By the way, the trick when a person admits his ignorance and asks another to enlighten him is a kind of a subtle form of flattery and gratification of another’s ego.
But if you are going to lie, do so out of a sense of self-confidence, not out of ignorance. I very often confess to not knowing what I really know in order to find out what the person I am talking to knows.
Don’t talk so much.
One of the cardinal rules of the entrepreneur is not to throw words around. The person is silent, which means he can not get into an uncomfortable situation or make a mistake. Being busy with your own speech, you are likely to lose sight of the ever-changing mood of the audience and the situation.
Ranting dulls the work of your two most important senses-your eyes and ears.
Every deal has a life of its own.
Success often depends on how a business executive approaches his dealings. Some deals need to be cherished, others need to be chased. Once you understand this, learn how to adjust. Get into negotiations as much as possible without warning or bias.
Regardless of whether you get more or less of what you want, you’ll still end up with more than you had in the beginning.
Use mistakes as a tool for improvement
A business executive must learn from his mistakes. If you fail at something, it doesn’t mean you won’t become a successful entrepreneur. You will only fail if:
1. You don’t do what you set out to do.
2. You make a mistake and do not learn any lesson
You realize mistakes can improve you and your business.
Another fundamental principle of an entrepreneur is to keep your business up to date. If you don’t want to change your business, your market will change and leave you isolated.
It is better to become a leader than a follower. If there is no clear path to success, you will need different maneuvers. You need to change.
There are no limits to a successful business executive’s business. If you’re the person who doesn’t think about limits, you’ll achieve anything you want.
If you see limitations in everything around you rather than opportunities, you need to change your mindset and start looking beyond.
Tips and Rules of Successful Entrepreneurs
While entrepreneur success stories flood our newsfeeds, plenty of newbies fall to the ground before they even gain traction, and their stories serve as important lessons for all of us.
Statistics show that 50% of startups cannot survive the initial five-year period. So it’s worth taking advice from people who are already established. So, the basic rules of successful entrepreneurs.
Most entrepreneurs are not burning with the desire to work with customers who were dissatisfied with the product. Bill Gates considers such people an advantage.
According to Bill Gates, "Your dissatisfied customers are your best source of learning". If you want your startup to thrive, pay attention to what frustrated customers say and write.
Jeff Bezos is known as the CEO of Amazon and the richest man on the planet. The secret of his success lies in his ability to keep his customers.
His words also reflect this approach: “The most important rule as an entrepreneur is to focus on customers. Our goal is to become the customer-focused company in the world”.
Anthony Robbins is known for his best-selling books, but he is also an entrepreneur, a philanthropist. If that’s not enough, he is also an expert in organizational restructuring, leadership psychology and the art of negotiation.
In his words, “success in business is 80% psychology and 20% mechanics”. His advice is that young entrepreneurs should clearly understand their strengths, weaknesses, goals and strategies to achieve their goals.
Jack Ma is the founder of Alibaba Group and has several companies specializing in e-commerce, online money transfer and online shopping. His life has been filled with academic and career setbacks. He did poorly in school and was rejected 10 times for admission to Harvard University.
The story didn’t end there. He was rejected by many organizations in interviews, but even that didn’t break him. Jack Ma’s advice to aspiring startups: “Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow there will be sunshine”.
Are these rules a guarantee of success in business? Of course not. However, don’t forget them.
Whatever pleasant and unpleasant situations you encounter in the course of your entrepreneurial career, consciously taking the thoughts outlined here and using them in your daily practice will provide you with a definite advantage.