The Success of an Entrepreneur

The Explanation

Some few days back I read an article about the main reason for failing to start up a business. Entrepreneurs that failed were asked for the reason. The number one reason for the entrepreneur to fail was that the marked did not need the service or the product they offered. The second most reported reason was lack of money. The entrepreneurs gave up when they run out of cash.

However, that article did not tell anything about the entrepreneurs that succeeded. I wonder why only the failure was reported. Where are the data and documentation showing the most important element for the success?

The Success

You can find many good pieces of advice telling you what is the most important to succeed. There are plenty of good recipes giving you the 5 or the 25 [1] most important characteristics of the successful entrepreneur. Regardless of your definition of success, there are, according to some of the authors, a great number of common characteristics that are shared by successful businesspeople.

Starting your career with your own business is an exciting, yet scary, adventure. It can be difficult to know where to start, who to turn to for advice, and how to manage your personal life on top of a rapidly growing business.

Starting a business from scratch is hard

The magazine Fortune has published many good articles about the start-up and entrepreneurship. In an article from 2016, Mitali Rakhit writes that running a business is difficult. Starting a business from scratch is even harder. The entrepreneurial journey is a rollercoaster, and in the beginning, you’ll probably face more downs than ups. In these moments, it can be tough to power through, but there are a few things you can do to make the struggle a bit easier [2]:

  • Focus on the bigger picture
  • Time: every overnight success takes 10 years
  • Look to other entrepreneurs for support
  • Understand macroeconomic trends
  • Make gratitude lists

Just do it

Instead of focusing on what you don’t have or what is not going well, create a list of the things that you are thankful for. We all have things that others don’t, and keeping the inventory of our strengths will help us focus on how we can leverage them to create something bigger. At the end of the day, entrepreneurship is a mind game. A positive mindset is one of the most powerful weapons an entrepreneur can have in the face of adversity. Gratitude creates happiness.

You can search for ideas and practical suggestions for an entrepreneur. However, it seems that there are no specific skills or knowledge that is needed to become an entrepreneur. I believe everyone can become an entrepreneur. It is a question of just to do it.

[1] Entrepreneur: 25 Common Characteristics of Successful Entrepreneurs https://www.entrepreneur.com/slideshow/299545

[2] Fortune: The Keys to Success in Entrepreneurship.  http://fortune.com/2016/02/11/key-to-success-in-entrepreneurship/

Leave a comment

Your email address will not be published. Required fields are marked *

4 × four =

This site uses Akismet to reduce spam. Learn how your comment data is processed.