There are over 580 million entrepreneurs in the world. Many of us have great ideas. We dream of new inventions, starting businesses, and even running our own companies. We imagine what it would be like to be the steward of our own success. But how do we go from idea to successful execution? The reality is that not all entrepreneurs are created equal. Nearly a quarter of all small businesses fail within the first year. So what can you do to avoid being a statistic? Below are five keys to being a successful entrepreneur.
- Embrace the Entrepreneurial Mindset. While a common motivation for many entrepreneurs is the allure of being their own boss, your mindset must be motivated by more if you want to be successful. The truth is that if you start your own business, you can expect to work longer hours, take on more stress and responsibility, and initially make less money than working for someone else. So what is the proper mindset? It is a combination of being honest with yourself about the challenges you will face while simultaneously embracing the opportunity. The opportunity to develop your idea. The opportunity to have complete creative control. The opportunity to carve your own professional and financial path. Ultimately, your mindset is going to be your most valuable asset. Begin from a place of authenticity and passion and go from there.
- Identify Your Value. It seems like a fairly simple and obvious question: what need are you fulfilling? The number one reason businesses fail is because they do not effectively address a market need. So, what value does what you are bringing to market offer? What need (or want) does it fulfill? This is about recognizing the value of what you are bringing to the market. Is it entertainment? Is it self-empowerment? Is it convenience? Match your idea with a need and you will be on the right track.
- Create the Right Team. All of the effort and energy in the world can’t create more of you. And, if we are being honest being honest, most people aren’t great at all things. So, you need help. You need to create a strong team and delegate. Your first step is to identify what you do well. Step two is to make a list of what you don’t do well. Step three is to make a list of what you need. And lastly, fill those needs. But what makes a good team member? You want people who share your passion and drive. You want people who embrace their role. Most importantly, you want people who feel invested in the success of your vision.
- Adopt the B.U.I.L.D. Model. I have had the opportunity to work with multinational corporations all over the world. Regardless of the company, what they are producing, the number of employees, or what they want to accomplish, The BUILD Framework® model of success remains the same. You must begin by Building relationships. Investors, your leadership team, employees, and consumers alike. It is about fortifying these relationships first and foremost. Next, you must Understand the business you are creating. What are you creating? How are you delivering it? What value does it offer? How do you plan to capture value? We must then Implement sound strategies. Take the time to create a business model, identify the right strategies, implement those strategies, and be malleable. When you have your strategies in place, it’s time to Lead and inspire those around you. Embody the characteristics you want in your partners, employees, and customers. Lastly, Deliver excellence. The best way to distinguish yourself is to be excellent. Ultimately, The BUILD Framework® can be your blueprint for entrepreneurial success. To learn how to develop your own B.U.I.L.D. model, check out The BUILD Framework® Online Course.