What does it take to succeed as an Entrepreneur?

I owe my success to having listened respectfully to the very best advice, and then going away and doing the exact opposite. ~G. K. Chesterton

Chesterton was an accomplished writer and journalist, and what he said might just be true for him but not for a young entrepreneur like me. I seek and listen to advices from others, especially those who are experts and successful in their fields, and try to do what they say.

Success in entrepreneurship, or in any field of endeavor, entails the willingness to learn, to fail, and learn from that failure.

It also requires unwavering commitment to succeed. Because owning and managing your business is never easy. In this, I’d like to adhere more to what Mahatma Gandhi, India’s famous non-violent political and spiritual leader, has to say:

Every worthwhile accomplishment, big or little, has its stages of drudgery and triumph; a beginning, a struggle and a victory.

So true!

This now brings me to my main treatise here: what does it take to succeed as an entrepreneur?

Success in Entrepreneurship knows no short cuts

Seasoned and successful entrepreneurs will readily tell you that there are no short cuts to entrepreneurial success. In fact, the entrepreneur’s road is arduous, long, and less traveled by. While every entrepreneur’s dream is overnight success, that is not so. In fact, there is really none! On the one hand, there are many risks involve, greater odds to face, and slimmer chances of success. On the other, when you have surmounted all of those, the rewards are far richer. But then again, there no short cuts or even luck in entrepreneurship.

Success in Entrepreneurship knows no secrets

Everything an ambitious entrepreneur needs to know is already made available. Many books and case studies were already published on how you will do it right. Just search for the keywords business or entrepreneur success, the search engine will give more than 40 million results! The ‘secrets’ to success are there available for the picking. But the most common problem, I noticed, is either we ignore them or simply prefer to take the “quick-to-riches” schemes as preached by those who do not regard hardwork and patience as qualities indispensable to those who want to succeed in business.

Have you ever wanted to quit your day-time job and start your own business? Or, were you retrenched or laid-off and so you are considering entrepreneurship as your new career? Or you probably have started a small business already and are struggling to keep it afloat? Gleaning from the vast resources available out there, here are four (4) basic qualities (common to all) you need to have to succeed as an entrepreneur:

Successful Entrepreneurs are Committed to Succeed

If you have not set your mind to succeed, then I can bet my whole2008 income that you will fail even before you started. Successful entrepreneurs are not only committed to their business ideas and enterprises but these are people who are determined to succeed regardless of the odds. The entrepreneurial path is not easy as some will claim. Your commitment to succeed will be your impetus during trying times, for without which, you will fall-out on the first high wind that hits you.

Successful Entrepreneurs Value Hard Work

Hard work is the willingness to take the pains of doing everything necessary to make your business work. If you are into young entrepreneurship venture, you must first rely on yourself before you rely on others for help. Their supports will be needed later when your business has overgrown you. There are so many things to do in a day and not many of you to do it.

The most trying period for an entrepreneur is when he is starting out. It is during the first few months when you have to do everything yourself because cash may not be enough to hire additional help. More often, you engaged the services of your family members (for free!) to help you out in your day-to-day business operations. But most of the time, you will be doing most of the work. The big difference between being an employee and a business owner (now an employer) is your regard for time and output. Now, you are no longer bound by an 8 hour work period with 2 hours break within, 5 days a week. You work longer hours, and sometimes 7 days a week. More so, now you do not deliver just to please your boss (because you are now the boss of your own) but to grow your business and satisfy your customers. This only means, hard work, hard work, and more hard work.

Successful Entrepreneurs are Willing to Learn and Adapt to Change

The way of doing business continues to evolve. As an entrepreneur, you need to catch up. You do not need to learn only about your business, but your market and your competitors as well. You need to learn new technologies that will help you gain competitive edge. You need to try new way of doings things. You need to recognize mistakes and wrong decisions, embrace failures, and learn from them. Never remain stagnant by continuing education. Read trade publications and good books.

Successful Entrepreneurs Know What is 'Smart Work'

Having the zest for learning new things will produce the ability to work smartly. Smart work is putting forth time, money, and energy on the 20% most important things of your business. Identify them. More often, when we are confronted with so many things to do in so a little time, we end up attending to the 80% less important aspects of our business, and neglecting the most important ones that generate the %80 of our profits. Simply put, smart work is the ability to manage business priorities. I suggest that you relearn the basics of Pareto Principle of Economics again, for that is the foundation of smart work, or should I say –smart entrepreneurship.

Again, let me reiterate, these are no secrets. These are obvious principles or tips that you need to take on. So what does it take to succeed as an entrepreneur? You need to be hardworking, willing to learn, know how to prioritize, and must be committed to succeed!