It’s Time You Became a Successful Entrepreneur

By Rhonda Campbell

Successful entrepreneurs have learned, some the hard way, not to believe rumors. They’ve learned that focus, resilience, doing what they love and acting on the right entrepreneur ideas are keys to their business success.

One rumor successful entrepreneurs know not to believe is the rumor that owning a business is the easiest way to earn a lot of money. Successful entrepreneurs also know not to believe the rumor that owning a business is a sure way to exercise authority over others, giving other workers responsibilities that genuinely rest with business owners.

Life of Successful Entrepreneurs Could Appear Deceptively Easy

The fact that people think the lives of successful entrepreneurs aren’t significantly more  challenging and demanding than the lives of employees might be revealed in a trend. In 2008, closer to the height of the recession, the numbers of people in the United States launching their own businesses jumped upwards. In fact, the Washington Post reports in its November 29, 2012 “Entrepreneurship Up 60 Percent in U.S. Since Last Year” that, “about 12.3 percent of U.S. adults — around 29 million — are involved in entrepreneurial activity, the 2011 Global Entrepreneurship Monitor issued by Babson College and Baruch College reported.”

As the recession lingered, the numbers of people starting their own businesses declined. Of course, as the Washington Post article states, many of those people started their own business because they sought to create a way to generate income for their families after being laid off or after having their work hours cut. Necessity, at times referred to as the mother of invention, may have propelled those independent spirits to get business licenses, brave the inconsistencies inherit in the self-employment world, and put “Open For Business” signs on storefront doors. Months later, the harshness of business ownership may have pushed the self-employed workers close their doors, vacating the very companies they once believed in.


That was in 2008. Since then, the numbers of people trying the self-employment route have increased, but this time, for a different reason. The Washington Post article shares, “Fewer adults reported starting businesses out of necessity this year than last, signaling a shift in entrepreneurial motivation.”

Journeying Toward Becoming Successful Entrepreneurs

Whether done out of necessity or passion, starting a business is just a first step. Successful entrepreneurs must find a way, somehow, to sell enough products and services to pay their bills and have enough money left over to invest back into their companies. To achieve this often requires research. That research might include identifying competitors, measuring the size of a business’ target audience and researching areas of growth and decline in key industries. Other forms of research require successful entrepreneurs to study product development, employment laws, marketing campaigns and public relations strategies.

Available tools to achieve these objectives include:

• Press releases (as a tip, press releases that are written like newspaper articles tend to get picked up more readily than press releases that are written like advertisements)
• Social media accounts
• Online video, including training videos that direct viewers back to company websites
• Market research reports (as a tip, economists and experienced market research specialists can help build detailed market research reports)
• Attorneys and human resource professionals who are well versed in employment laws
• Licensing agencies

In addition to conducting research, successful entrepreneurs create and manage healthy cash flows, establish and nurture client relationships and continuously design and promote “new” products and services. To achieve this, business owners might sponsor contests, hire technologists, brainstorm with other self-employed workers to generate rewarding entrepreneur ideas and/or schedule business luncheons with prospective clients.

Attending community events, speaking at industry conferences and seminars, advancing learning and networking with other business owners are other steps successful entrepreneurs take. In the midst of their responsibilities, self-employed business owners  also find the time to care for their physical, mental and emotional well being as well as nurture relationships they have with their families and friends. It’s not, by any means, an easy gig. Additionally (especially during challenging times), the greatest payoff might be the joy entrepreneurs experience while they’re doing what they love. It doesn’t line up with rumors about what it’s like to own a business, but, for millions of people, it’s more than worth it!

Sources:

http://www.washingtonpost.com/blogs/on-small-business/post/entrepreneurship-up-60-percent-in-us-since-last-year/2012/11/28/5287ce3c-3994-11e2-a263-f0ebffed2f15_blog.html (Washington Post: Entrepreneurship Up 60 Percent in U.S. Since Last Year)