Being an entrepreneur means much more than just starting a business, but it also means that making sure you are successful. Entrepreneurs spend most of their personal savings on starting a business because it does cost a lot out-of-pocket to start, and it takes a while to get some money back. A study done by Harvard Business School found that about 75% of startups fail within 10 years of opening. [sg_popup id=111]
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Don’t let that number scare you. Being an entrepreneur is all about taking risks and making the right decisions that will help your business be successful. The best way we can find out how NOT to have a failed business, let’s talk about what entrepreneurs can do to produce good results in their company(s).
Perseverance is when you keep pushing forward even when circumstances and situations are difficult and may make a delay in success. Having perseverance is a key trait when starting a business because it can be difficult there will be delays and unexpected things that will occur, and it is important to make sure that you continue moving forward and not giving up too easily. Steve Jobs, one of the most successful entrepreneurs in the world, said about perseverance “I’m convinced that about half of what separates successful entrepreneurs from the unsuccessful ones is pure perseverance.”
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Business is all about taking risks. If you aren’t taking risks, it is hard to fully grow due to missed opportunities. For entrepreneurs, it can be especially scary because of all the time and money they have put into that business. While you should be sure to always be taking risks that are calculated (where you figure out the chances of the positive outcome from this risk) you have to be prepared to continue to constantly take risks. While some risks will not always be the outcome you want, that does not mean that you should not take them. If you are making smart business decisions that are carefully thought out, you are likely to see some positive results.
Don’t Be Afraid To Fail
Failure can be frustrating and painful, but it doesn’t have to be. Despite popular belief, failure is not always a bad thing. Thomas Edison said it best, “I have not failed. I have just found 10,000 ways that won’t work.” Instead of looking at failure in a negative light, look at it more as to how you can grow from your failure. People rarely get everything right the first attempt, you learn from your mistakes and you change them and try something new. This is true in business, especially a new business. You need to figure out what works and what doesn’t and be okay with the fact that it may take time and failures to do so.
Matt Marsh, the principle of Sorenson Capital, was interviewed by our CEO about his advice and views on what makes a successful entrepreneur. One of his thoughts on something he has seen from successful entrepreneurs and CEOs was that they included people with a diverse thought. It is important to have people on your team who have different perspectives than you. You may disagree, but they can give you interesting ideas and opinions that you would not have thought of before. After all, not every customer will think the same way you do, so you should keep in mind that having people with different opinions and perspectives from yours can open your ideas to things you would not have seen before.
Watch the video below for the entire interview with Matt Marsh, and find out all his thoughts on what makes a successful entrepreneur.