“According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn.” – quoted from Forbes
The statistics are alarming. Yet, I’m hearing every day, more and more people becoming entrepreneurs.
Sure, it seems attractive. You get to make your own hours, be your own boss and work when you want. But there’s always a flipside to the coin. I’ve seen a lot of entrepreneurs start and fail during my time. I’ve been successfully running my own business LoveJojo since 2012 and recently started my second one.
Besides the technical side of things, here’s my list of 8 things you need to succeed as an entrepreneur:
1. Perseverance
This is the number one reason for failure in my opinion. I’ve seen so many of my friends and acquaintances start businesses, only to give up within 12 months. The truth is, running your own business takes hard work and perseverance. You will rarely see significant results in the first year. Listen to your heart; if this business is true for you, do not give up!
2. Stubborness
Similar to perseverance, although I’d say this is probably one of my best traits. I’m naturally a very stubborn person and I always saw this as a bad thing. But after running my own businesses, I realised what a strength it was. Being stubborn means you don’t give up easily. I tend to stick it through with most things all the way to the end, until I get a result out of it. I love to prove myself right and others wrong!
3. Not afraid of rejection
When you run your own business, there’s no boss to hide behind. You must take everything that is thrown at you. Negotiating, requests and applications are all processed and communicated by you. You can’t be afraid of someone saying no to you. It’s all about moving on when faced with rejection; reflecting on what can be done and taking necessary action. Don’t let your emotions get in the way.
4. Dedication
Are you obsessed with what you’re doing in your business? Oftentimes, I see people are hugely passionate about one thing and they start a business with it, only to get bored of it after a short space of time. To reach success, you need to be obsessed with what you’re doing. You have to be faced with it every single day – can you take that?!
Of course, dedication also means time. Are you willing to put in the time commitment to make it work? I remember working 16 hour days, 7 days a week to get my business to take off. And people around me would always think that I worked less than them and that I had lots of free time. They don’t see the sheer amount of work that went into it.
5. Patience
Like I said, it’s not an overnight thing. You will need to be dedicated to the cause and put in the necessary commitments to make it work. Don’t give up just because you aren’t seeing results or because of a few setbacks. (Setbacks are inevitable and you just have to brush it off, get over them and strategise with what you’ve got.)
6. Intuition
When it comes to your own creation, there really is no secret one-size-fits-all formula. Your business will be unique to you and like a mother to her newborn, only you know what your business needs. Sometimes, it can be about a potential collaboration, a new product line or a huge investment. But listen to your intuition before diving in. Sometimes, opportunities are disguised as distractions.
7. Good networking skills
Ever heard the phrase “it’s not what you know, but who you know”? This is definitely so true. I remember when I was starting out and feeling my way around my business, I would go to lots of networking events and seminars. I’d meet so many other people who were on the same journey as me. I’d get recommendations from them (insurance brokers, graphic designers, SEO etc), as well as being introduced to people in their network that they recommended. So many of these recommendations were integral to my business’ growth. Not only that, but there’s a saying that you’re much more likely to succeed in something if you’re surrounded by other people who are also on the same journey as you are.
8. Creativity
This one goes without saying. Creativity comes in the form of many things, but most important in my opinion is being able to think outside of the box. Don’t try to copy someone else and don’t try to be someone else. Be yourself, but realise how much potential there is!
Share with me your thoughts in the comments below!
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As someone who has owned small business for mean years, I can attest to all of this! Really great advice and good reminders.
Hello. These are all great tips. I aspire to be an entrepreneur as well which is why I took up a business course and often planned what I want to have. Your shop is so cute with fun stuffs!
❀ Grace ❀
Great tips and I love your determination. I agree that being stubborn is a good way of keeping focussed!
Very helpful post, you have so much great advice! I don’t think being stubborn is always a bad thing either. I’ve taken on board some of the good tips you’ve mentioned here. I think I could totally up my SEO and networking game, thank you!
This is such a great article and very informative. I really love your advice on how to be successful as an entrepreneur. I will definitely check this out.
Wow that stubborn tip just hit me, I’m also very stubborn on all things, sometimes I see it as a negative traits, I hope it would turn to positive one when it comes to my journey of blogging. great guides and tips for us. I’ve learned a lot!
I’m pretty sure stubborneness is the key to everything haha but also time management!
I loved this post! There is so much great advice in here – thank you for sharing. I agree about perseverance. And it’s something I’m not always the best at. I’ve just started out blogging this year and it is so easy to let it fall by the wayside or to get disheartened by numbers not picking up. But I love it and I’m going to remember your words to keep going. I’m also going to follow you on Instagram because I love your photos, your messages and your advice!
xxM
this is great – you’ve made it! congrats on your entrepreneurship
Congrats on being an entrepreneur! I possess many of these traits, if not all, so I guess I’m on the right path! Thanks for the reassurance!
I love your post and agree with you wholeheartedly. Congrats on all the achievement.
❥ tanvii.com
Definitely patience! I think so many people want the success overnight. Patience is key in achieving your dreams.
You’ve given some great points to consider! I love the explanation you gave about stubbornness. It’s so true! Btw, love your page. Super pretty!
I love this post! I have been self employed for over 10 years now and definitely agree with your tips!
Well, I can say that I can see myself in all of this 😀 I hope I’m going to make it one day! Great article 🙂
Love these girl! Thank you for sharing these, super helpful and inspirational! You have great content keep it up! Deff following!
The last two skills are the most critical for success and these are not exactly things everyone can develop easily. Some people really have these traits, and some do not have them. You surely have them!
Who would have thought stubborness would be a sign amongst others. I definitely have that covered.
Really great post! I’m working on my fear of rejection but all other signs point to my decision to be an entrepreneur as a good choice.
My biggest problem has been the rejection. Seeing my plans falling through is hard. And makes me question whether I can make it. But I’m still holding to hope on it!
Your guidelines are going to be super helpful for not only the entrepreneurs but also a blogger like me.. It will help to promote my blog also..
Great article, it takes a lot of determination to make it work. But there are so many people out there who do it!
One of the most rewarding things is succeeding at your dreams! My heart goes out to small businesses that dont make it, because those were someones dreams!
Great signs! I may have a few of them 🙂
It’s especially important to be able to deal with rejection with blogging! Keep crushing it girl!
Lindsey | http://www.seamlesssea.com
These points are great and really true! Confidence and patience are so important!
xx
Laura
It’s been said many times that to be a successful entrepreneur, you have to really have the determination and focus. All these sure-fire signs are also very important.
Loved this post! With recently starting a blog, I am seeing it as my own business and thinking that its so much harder that I thought! Fun, but hard. I definitely need to take tip number 3 and 5 into consideration 🙂
Hi there! This is so on point and true. I agree with you on all, this is excellent advice to newcomers and valuable reminders for us who are doing this fro some time. Love it!
xoxo
I’m so stubborn too!!
These are amazing tips and on point! Thanks for sharing!
I can be stubborn as a mule! Haha. My husband sometimes just gives up. However, on the positive side of it, being stubborn will help us succeed. If we push ourselves to our full potential, unwavering despite the odds, then success will surely come.
Great post darling! I run my own business and agree on all the points!
Nicky x
Wish I read this before I turned 30!
Great reminders and awesome post! I totally agree!
I can definitely agree with so many of these! Great post!
xo, Patty
http://www.pattyskloset.com
I love this post! And agree with a lot of these! Thanks for sharing
Very well-written. I agree with a lot of these. I am glad you shared this kind of article on how to be a successful entrepreneur. I will definitely pin this.
Great advice! Very healpful post. Not afraid of rejection is what I need all the time. I can’t stand rejection. Thats always my weaknesses.
Thank you! This is such a great post!! Patience is what I lack sometimes because I have all of these great thoughts on posts to write but no patience to sit and do it HAHA!
Thanks so much for sharing these! 😀
All the way on point with post, you definitely need all of those qualities to be successful. I love that you also added intuition, great post!