Glamour, the appeal of flexibility and the illusion of having it easy are some of the most enticing notions that lure a person into wanting to be an entrepreneur. But being a successful entrepreneur entails so much more!
While there is nothing quite as exhilarating and rewarding as being an entrepreneur, there are many things beyond your passion or good ideas that are required to survive the crazy roller coaster ride.
For starters, being your own boss requires far more discipline than working for someone else. You are in charge of your time, with no one to report to. This requires a serious amount of self-discipline and management, without which long-term success and survival become uncertain. You need to think long-term right from the very start and set a solid foundation.
To ease you into the process, here are 5 tips that will help you set the foundation for long-term success as an entrepreneur.
- Remember your reason for starting
There is always a key reason which drives a person towards the entrepreneurial journey. And each business or idea may have a different reason — something you’re passionate about, a cause you believe in or a problem you can solve for others.
Remembering your ‘why’ is essential as it constantly drives you towards making it work. Reason being, when the chaos hits and there is a never-ending list of things to be done, your ‘why’ gets lost somewhere behind all that noise. And when you no longer remember or connect to the reason you started, you are likely to lose motivation and give up.
Come back to your ‘why’ as often as possible. This will remind you of the reason you had started in the first place and re-connect you with your vision. Write it and place it somewhere you can see it daily to remind you. Set a reminder in your phone, if you must.
I always go back to my ideas notebook where I had initially penned down my vision and inspiration, and I find it a great way to rev up my motivation.
- Accept that it will be challenging
There is a huge misconception that being your own boss means having it easy. Sure, you make all the decisions and decide the flexibility of your schedule but that doesn’t translate to an easy lifestyle – most definitely not at the beginning.
There is a lot to do and learn and you may not get everything right the first time. Patience and determination go a long way in shaping entrepreneurial success, especially when things get challenging.
- Always be willing to adapt (where necessary)
Have a plan but be ready to adapt to the situation because as with everything in life, things don’t always go according to plan. In some cases, you have to toss the whole plan out altogether and go back to the drawing board – which is okay because things change, you evolve and what worked once may no longer be relevant. Being able to let go and adapt to the present is crucial. Don’t be afraid to start over if that’s what’s required.
- Action
As important as it is to plan, a plan without execution is useless. Common reasons for procrastinating or not taking action include fear, doubt, lack of know-how or aiming for perfection. The good news is, ALL of these can be addressed. Just make sure you’re being honest with yourself about why you aren’t taking necessary actions.
If you don’t know something, you can learn. If it’s fear of failure, you’ll do more harm by living with that fear than dealing with the actual outcome of things not going as intended, because in that, there is always a lesson to learn. And when it comes to perfection, you’re better off dropping that concept altogether. It’s always about progress, not perfection.
- Believe in your ability to figure things out
There are bound to be a lot of bumps along the way. Things happen unexpectedly and you get stumped or thrown off course. In times like these, have the confidence that you can figure things out. There is always a solution or an alternative way. The important thing is not to give up.
Being an entrepreneur is no walk in the park but if you adopt the right mindset, you set yourself up not just for survival, but for long-term success. For someone starting out, I hope these tips help you prepare for an incredible entrepreneurial journey. You could also read up on few more strategies that should help you become a successful entrepreneur.
If you have any questions regarding life coaching, visit my website or do get in touch if you’re in Singapore, and would like a personal coach to help you stay focused on your journey.
