The world of entrepreneurship is competitive, fast-paced, and- for those that learn to navigate it- incredibly rewarding. While there is no secret formula for entrepreneurial success, there are certain elements that aid in this pursuit. For small business owners looking to thrive, consider learning from 11 thought leaders who have been in your place.
Read on to learn their practical advice for small business success.
Grit
Grit. Things almost never go the way we predict or want which is why it’s so important to have grit. Gritty individuals will find a way out of no way.
Adaptability
Adaptability is critical to being a successful entrepreneur. Circumstances are always subject to change, so prepare for the worst even as you hope for the best.
Willingness to Do Anything
Willingness to do anything. When I was 22 I traveled around the US and interviewed 300+ business owners and leaders. It wasn’t uncommon to visit their workplaces and find a leader manning the grease bays at a restaurant, or to pick up a piece of trash during an office tour. The best entrepreneurial skill is to put ego aside, and do whatever it takes to inspire positive action. That ranges from taking out the trash to setting the vision of a company. There’s no job too small or too big for an entrepreneur to take on, and that’s the key to small business success.
Agility
Agility. In our world, things are changing by the hour. In many cases, there are no clear answers. The best employees are those who are willing to be flexible and adapt to change.
Ability to Close a Deal
Sales skills are something that every employee can benefit from. The ability to clearly identify a need, ask questions, and eventually close a deal is something every employer values in an employee. Even those without direct client contact can benefit by selling ideas internally.
Stickiness
Entrepreneurship is a marathon. To succeed in small business, a skill that is needed is patience and the ability to stick with something for an extended period of time. Some would say it’s dedication, longevity, or focus. Whatever you call it, you need that stickiness to succeed.
Efficiency
As a data management software company, our focus is on efficiency. We facilitate the archiving, backup and synchronization of massive amounts of files – and do it in a seamless way. Entrepreneurship is very similar. There are hundreds of daily decisions and distractions that an entrepreneur faces. Distinction between urgent (sometimes completely unimportant) and important (for long-term) is key. The most successful entrepreneurs are the ones who can handle everything in an efficient and seamless manner.
Planning
There are so many skills you need to be an entrepreneur, but the one I value the most is planning. You have to think ahead and plan. And, you have to be constantly adjusting those plans.
Resilience
Resilience. Things will go wrong, things will have a different result than expected, and there will be failures along the way. Being able to say, “well, ok, I learned this and now can be better,” then dusting yourself off and getting back to work is key.
Knowing When to Turn Down Business
One critical entrepreneurial skill is knowing when to turn down business. It is absolutely critical to figure out which opportunities are poor and say “no!” Bad opportunities eat up valuable time and result in lower profits if you land the business. What makes a bad opportunity bad may be the customer or the job being a bad fit for the company.
Delegating
Being able to delegate. Yes you need to be involved in many aspects of your company, but you also need to be able to trust in the people you hired.