Five Secrets Every Entrepreneur Should Know
Today I’m revealing my favorite five secrets every entrepreneur should know to make his or her business fly.
Business is dynamic, succeeding in business is elusive.
WarningNo one has ever succeeded in business who did not learn their hearts out; They researched, pored over books, reveled in new discoveries, browsed countless sites and blogs to stay ahead.
When you delve deep into an entrepreneur’s mind, you will find a bunch of facts you might not already know about.
If you’re new to the world of business then it’s highly likely that you’re looking for a few hidden secrets to get you ahead of the game.
Actually, the core secret is that it’s action, not knowledge, that fosters true accomplishment.
ImportantEntrepreneurial success usually comes through consistent execution, simply by doing a superior job of doing the blocking and tackling.
But what else does it take to succeed as an entrepreneur, and how should an entrepreneur define success?
Usually, it takes years of trial and error to figure out these secrets. I’ve crushed that excuse of not knowing what to do and am giving them to you right here.
Understanding the way your business is going to work will help you to get ahead for the future.
You deserve to feel at ease with all of the business decisions you make, so check out the following secrets to success and you will be one step closer.
Just follow these five tips on your journey as you establish and grow your own business!
Ready to get started? Here are the five secrets that I consider vital to any entrepreneur’s success.
The Big Domino
Solving one problem is better than solving none; in fact, it could lead to solving them all.
Sometimes, business becomes so difficult that all we can see are problems.
ImportantLet’s remember that by solving just one problem, we can, by extension, solve many of the others based on intrinsic systemic connections. Yes, successful people know the importance of turning their business struggles into scalable knowledge.
Never underestimate the power of a good business plan; this is going to help you get through thick and thin with your company.
Your business plan is going to contain all of the workable aims and methods that will get you to the very end goal you want to achieve.
Be flexible but persistent — every entrepreneur has to be agile to perform. You have to continuously learn and adapt as new information becomes available. At the same time, you have to remain persistent to the cause and mission of your enterprise.
Great entrepreneurs focus intensely on one opportunity where others see nothing. Stay focused on your mission.
This focus helps eliminate wasted effort and distractions. Most companies die from indigestion rather than starvation, i.e., companies suffer from doing too many things at the same time rather than doing too few things very well.
You need to know that 80 percent of all results are achieved from 20 percent of your efforts.
ImportantAs a result, successful business owners focus on the 20 percent that matters the most, and many outsource the remainder.
This is not the time to daydream about Plan B if Plan A doesn’t work out. Successful businesses don’t happen overnight.
WarningEnsuring Plan A’s success requires perseverance and focus. If you are sure that Plan A is a viable business plan, and if you’ve got support for making it happen, stick with it long enough to see what kind of results it can generate.
Know Your Niche
Succeeding in business is about expressing your creativity. Doing what everyone else isn’t doing.
Market leaders in every sector have managed to differentiate themselves from competition.
ImportantThey do this by excelling where they are different. Amazon, Facebook and Walmart have all excelled by offering products and services that are unique to their brands.
Fight to keep your unique brand, embrace market dynamics to stay ahead of competition.
WarningNew businesses do not have a track record. So when starting out, do not fear standing out from the crowd, develop a product or service that is uniquely yours.
Be quick to recognize both business opportunities and threats.
Technological advancements, market climate, the economy and business trends all have an impact on your business. Learn how your competition responds to such changes and then deliver unique products or services that are not easy to imitate.
Let’s face it; you cannot be everything to everybody. To be effective, you need to identify your strengths and concentrate on it. You will become more successful if you are able to channel your efforts to areas that you do best.
The number-one reason that new businesses fail is a poor fit in their markets.
Identify the value you can provide for your customers and how to reach them fast and effectively. Forget about success in 30-days, or at all, if you don’t know who you’re trying to reach or if the market is even ready for you.
No business owner wants a broad and generic idea, as they are notoriously difficult to sell.
ImportantYou need to capture an audience using a niche product or service. You are much more likely to gain domination of your industry if you’re trying to tap into a smaller market with less competitors.
Trust Your Gut
There are too many variables in the real world that you simply can’t put into a spreadsheet. Spreadsheets spit out results from your inexact assumptions and give you a false sense of security.
In most cases, your heart and gut are still your best guide.
WarningThe human brain works as a binary computer and can analyze only the exact information-based zeros and ones. Our heart is more like a chemical computer that uses fuzzy logic to analyze information that can’t be easily defined in zeros and ones.
Sometimes a faint voice based on instinct resonates far more strongly than overpowering logic.
ImportantYou start a business to change any or all part of your life. To attain this change, you need to develop or uncover an intense, personal passion to change the way things are and to live life to the fullest.
Your confidence should be balanced with calculated risks that you need to take to achieve greater rewards. Successful entrepreneurs are those who analyze and minimize risk in the pursuit of profit. As they always say, “no guts, no glory.”
Knowledge is just an approximation to reality, not reality itself.
ImportantWhoever wants to be successful must possess knowledge, but more importantly, must be able to challenge it. When we cling to current knowledge as if it were an absolute truth, it becomes the seed of future failure.
As an entrepreneur, you need to fully believe in your goals, and that you can do it.
You should have a strong faith in your idea, your capabilities and yourself. You must believe beyond a shadow of a doubt that you have the ability to recognize and fulfill them.
10x Your Actions
Every successful entrepreneur works hard, hard and hard. No one achieves success just by sitting and staring at the wall every single day.
Behind every overnight success lie years of hard work and sweat.
ImportantSuccessful entrepreneurs always give 100% of their efforts to everything they do. If you know you are giving your best effort, you’ll never have any reason for regrets.
Success doesn’t necessarily come from breakthrough innovation but from flawless execution.
Focus on things you can control; stay focused on your efforts, and let the results be what they will be.
Overnight success is bullshit. Listen to some of the most successful entrepreneurs stories and you’ll see a bunch of people eating Ramen noodles and sleeping in couches for months!
It’ll be more expensive and it’ll take longer.
But, if you’re willing to work hard and commit to it, you’ll eventually make it. No one achieves success just by sitting and staring at the wall every single day.
In addition, motion is what keeps a business energized.
WarningSuccessful companies recognize that what worked yesterday might not work today. To stay ahead, they continuously search for better ways of reinventing and reaching out to their customers.
No matter how much time you spend perfecting your plan, you still have to adapt according to the ground realities.
ImportantYou’re going to learn a lot more useful information from taking action rather than hypothesizing. Stay flexible, and adapt as new information becomes available.
A business cannot grow without the help of skilled and talented people. Successful business people have a knack for identifying talent and retaining it.
Learn the secrets of successful headhunting to acquire talent for your start your business.
ImportantFocus on hiring only the best people for your business. One bad choice can actually bring down the whole team and can cause even good employees to underperform.
Everyone has limitations. It doesn’t matter. You can still succeed by bringing the right people onto your team.
Billionaire founder of Spanx, Sara Blakely, says the best thing you can do is hire to make up for your weaknesses as soon as you can afford to.
It’s easy to get attracted to people who are like you; the trick is to find people who are not like you but who are good at what they do — and what you can’t do.
Everyone needs people who have complementary sets of skills.
WarningIt takes a lot of soul searching to find your own core skills and strengths. After that, find the smartest people you can who complement your strengths.
Once your business gets a little more established, you’re going to need excelling employees to represent your business.
You are looking for loyal, enthusiastic people who are willing to learn. Certain skill sets will obviously be important, but not as important as their passion.
Networking is a must when running your own business.
ImportantTreat networking as part of the job requirement and allocate time in your work schedule to make connections. Have fun and share your enthusiasm about growing your business with those you meet.
No matter what the nature of your business is, you can be certain that at least a handful of these secrets will help to improve it.
Try to implement as many of them as you can, so that you can have a clearer business journey ahead of you.
Sometimes businesses don’t always go in the correct direction, but the chance of failure will certainly be minimized if you can take on board some of the secrets mentioned above.
Starting a business is easy, succeeding in business is not.
The business secrets shared in this article, are not really secrets. They’re time tested principles used by all successful business men and women.
Incorporate these secrets in your business. Infuse your business with power. Prop your business to remain relevant in a competitive world.
I hope you have internalized the secrets of becoming a successful entrepreneur. Which of these success secrets will you act on today? Share your favorites in the comments section below.
Digital Dandy. Hacker From Heart. Workaholic. Coding Artist. Self-made.