Being an entrepreneur

Have a Great Business Idea? Be an Entrepreneur, Not a “Wantrepreneur”!

Be an Entrepreneur, Not a “Wantrepreneur”!

Coming up with a business idea is exciting. You might have designed a unique solution to a problem from scratch, or you may have an idea to improve a product or service that is already on the market.

People come up with great ideas all the time – think of Steve Jobs, Elon Musk, and Jeff Bezos. But the journey from a great business idea to a great business is where the real work comes in.

As Thomas Edison famously put it, genius is 1% inspiration and 99% perspiration – meaning that having a good idea is one thing, but turning it into a successful business takes work.

A word to the wise – you don’t want to fall victim to the “hummingbird syndrome,” where you exert a lot of effort but you still stand still.

Here are some important tips for becoming a successful entrepreneur.

Know Yourself

As an entrepreneur and not just a “wantrepreneur” with an idea that is going nowhere, you will want to give yourself the best chance for success.

Think about your strengths and how you can improve your weaknesses to enhance your focus and reach your full potential.

Knowing yourself can help you stop procrastinating and make better decisions.

Successful entrepreneurs know how to develop their talents and manage their stress effectively.

They are ready to let go of the past and they are resilient enough to overcome adversity.

Set Reachable Goals

The key to setting goals is to make them achievable and measurable. Think in terms of short-term and long-term objectives. Establish your priorities and set up your company for success over a defined period of time.

If you have a team, keep everyone on the same page so you are all working toward the same goals.

Next, break down each goal into an actionable objective.

Then think of a way to measure your success to make sure your company is headed in the right direction.

Make it Happen

Once you set your goals, do what it takes to achieve them. Real entrepreneurs take risks and look at failures as “teachable moments” so they can learn from their mistakes. The important thing is to keep moving forward toward your goals, one step at a time.

Fortunately for you, there are plenty of resources out there to help you attain your dream.

From online tools that can give you useful data for your marketing plan to small business coaches that customize solutions to save you time and effort, you can find the support you need.

Use the Right Resources

In today’s world, easy-to-use resources can help you get your business off the ground. Software like PhantomBuster can extract data and automate actions to generate business leads, and the WordPress digital performance platform improves the performance of your WordPress website.

If you need help with payroll and benefits, Gusto is a “people platform” that helps businesses like yours. The D7 Lead Finder can help you find B2B leads in any category worldwide with the input of a location and a keyword.

You can use resources like these and others to access support in building your business.

Passion before Profits

If you aim to be the best at what you do and you do not simply aim for profits, you are more likely to find success as an entrepreneur. Tony Hsieh of Zappos puts it this way: “Chase the vision, not the money.” 

Figure out the Unique Selling Proposition (USP) that makes your company better than the competition.

Then communicate your passion for your products/services to your target audience, the people most likely to buy from you.

Keep your target audience in mind when you develop your products/services, set your price points and implement a plan for customer service.

Hire a Business Coach

Idea Labs Consulting is an Austin, Texas-based team of experienced entrepreneurs and technical experts that has been helping small businesses since 2011.

We offer affordable business coaching and consulting services, provide access to our resource platform and recommend business products and tools to help your business grow.

Count on Idea Labs Consulting during the crucial stages of your business journey. For further information, visit Idea Labs Consulting or call (512) 775-6097.