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How to Become a Successful Entrepreneur?

A successful entrepreneur must have an air or a grace about him that will demand respect from other individuals. Entrepreneurs also need to manage their time properly. There’s no point in spending a whole day over a task, when in reality it will be cheaper and more effective to hire someone to help you with a certain task, thus enabling you to generate more profit.

To become successful entrepreneur a person should be very friendly with all; he should be always looking for new contacts and always trying to network with others who share similar skills and attributes. At the same time, he must also conduct business in a very formal way, being punctual, polite and remaining cool under pressure. Delegating jobs and staff and being able to manage as well as bringing in the bucks is a true mark of an entrepreneur and one who knows what he is doing.

Many entrepreneurs hone their skills within an organization before going out on their own. The confidence built by working with a structure encourages some entrepreneurs to decide to leave the structure - they become willing to take on the risks themselves.

If you are planning to run your own business, here are the ways to make it work.

  1. Start saving at least 10% of your money so that you'll be able to monetize your new business when you go out on your own. In other words, tithe to yourself. Keep your job while you build funds to carry you through the opening months of your soon-to-be business.
  2. Develop a "leave the 9 to 5 work plan". Set a date and then start working through the details. Build new business plan; for sure, but also build your exit plan. The two plans should be seamless and supportive of each other.
  3. Start an informal advisory board for yourself and your new business. This can include supportive family members, friends, other successful entrepreneurs, or a coach. Share your plans and get feedback.
  4. Think of a great idea and evaluate if it is realistic. Think of cost, manufacturing time, and popularity. Always be open to different ideas. Ask and record if people would actually buy the product. If you don't have an idea yet, it is a good start to think of your target market first. Then brainstorm a list of things like places they shop, things they like, and things you like. Narrow the list down to about three items, keeping cost, manufacturing time, and popularity in mind. Find the most realistic and easiest product.
  5. Sell and distribute your product. If you're getting revenue, then you are in business. You're testing your theories about the market, you are finding out what really works and what doesn't, and you're getting fuel for more ideas and improvements. If you're not getting revenue, then it's all in your head.
  6. Hang out with entrepreneurs. By meeting entrepreneurs socially, you gain contacts and hear about opportunities. More importantly, you learn how entrepreneurs think. You pick up their attitudes, their nose for opportunity, and their willingness to explore every idea and its opposite, their contrarian nature, the great diversity in their styles.
  7. Those who wish to become an entrepreneur should look for a true business incubator in their city, and talk to the entrepreneurs and staff involved in that establishment. There will be a whole community of entrepreneurs in one setting, who have each experienced the tug of owning one’s own business.
  8. Take inventory of all of your past experience, jobs and education.Make a list of the top 5 things you enjoy doing the most.Based on those 5 things, identify what problems you can solve with your skills.Brainstorm what type of people or businesses are looking for your solutions.Start offering your services, one new client at a time.
  9. Take advantage of your LinkedIn, Twitter and other social network connections by asking well thought out questions.You will be amazed by the number of experts who gladly share critical knowledge.
  10. Someone who wants to become an entrepreneur should seek out other successful entrepreneurs who have traveled down the same industry path. Invite them for coffee and pick their brains regarding how they got started and the obstacles that they had to overcome.

There are dozens of other ways to help you toward becoming an entrepreneur. But these ten things are a great start and will give you structure. As an entrepreneur, you are used to structure. Make it and take it with you and you'll be firmly on the path to success.

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