Entrepreneurship: (How to be a successful entrepreneur)

Entrepreneurship: (How to be a successful entrepreneur)

Entrepreneurship is an incredibly rewarding career.

However, it might not be a good fit for everybody. There are many “want-to-be entrepreneurs” who fail quickly!

To begin with…

Entrepreneurship: (How to be a successful entrepreneur)
  • Unlike any other job, As an entrepreneur you’ll have to work harder.
  • There will always be setbacks, strained relationships, and stress if you wish to become entrepreneur.

Once you have the above mention note in mind, you are already on the path to success as an entrepreneur.

In the first two years of being open, 30 percent of companies fail, 50 percent within five years, and 66 percent within ten years fail to become an entrepreneur, according to the Small Business Administration (SBA).

These odds are not good at all!

However, being an entrepreneur has many advantages and can result in enormous success.

“Before success comes in any man’s life, he is sure to meet with much temporary defeat, and, perhaps, some failure.

According to Napoleon Hill…

Entrepreneurship: 10 Things No One Tells You.

Can you recall how many of these you have experienced as an entrepreneur? Let us know in the comment box below and if possible tell us how you dealt with it.

1) People wish you were failing.

People wish you were failing.
People wish you were failing. Image source

If you explain to them that you wish to be an entrepreneur, a surprising number of people will put you down.

What an absurd idea! I mean, it’s like how dare you make something of your life! That is what they will tell you and this includes your closest family and friends.

As a teenager, I worked in multilevel marketing. It really didn’t work for me ( I failed).
After that, some friends would sneer at me when I spoke of it.

It did not work out (they knew it)
My relationship with them has ended. Despite my past struggles, I have been able to build several successful businesses as an entrepreneur, and to them, they may think I failed but It taught me a great lesson.

People wish you were failing.
Image source People wish you were failing.

Throughout that first entrepreneurial experience, I learned a lot, and I was introduced to the concept of personal development.

We live in a world with a lot of insecure, jealous people. Some of them are our best friends. They are blood relatives. Failure terrifies them. So does our success. Because when we transcend what we once thought possible, push our limits, and become more, our light reflects off all the walls they’ve built up around them. Your light enables them to see the contours of their own prison, their own self-limitations. But if they are truly the great people you always believed them to be, their jealousy will evolve, and soon their imagination might hop its fence, and it will be their turn to change for the better.

~ David Goggins

2) Competitors will copy your idea as soon as it proves to be successful.

2) Competitors will copy your idea as soon as it proves to be successful
Image Source Competitors will copy your idea as soon as it proves to be successful

As early as 2016, I launched my first online entrepreneur business. A successful outcome was achieved.
In 2018, one of the leading companies in my field of work literally copied and pasted my content (white text on a white background) onto their website.

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It became necessary for me to engage in legal action to protect my Intellectual Property.
Despite the negatives, copycats have benefits.

This keeps you at the top of your game and keeps you from becoming complacent. There is an annoying part about it, and you must act immediately if it is a direct infringement on your intellectual property, however, if it is someone else simply gaining access to the same marketplace or niche that you discovered, then that is capitalism.

You need to move on!

Furthermore, you have to remember that the majority of us have adapted other entrepreneurs’ ideas or been inspired by their success.

3) There will be situations where employees leave your company and start competing with you.

employees leave your company
Image source employees leave your company

Even your “friends” could be among these people.

Additionally, many early-stage entrepreneur companies hire friends — which puts strain on friendships — especially if you are forced to let them go because of their shortcomings.

Special Note:
Managing your employees correctly will allow you to introduce the idea of supporting them in their new business, perhaps partnering with them in a Joint Venture. If they are ambitious and likely to leave, you may introduce the idea at an appropriate time.

Competition from former coworkers or a new employer is not always harmful.

In my opinion, it is excellent.
We’re constantly challenged to do better, which keeps us on our toes for being entrepreneurs.

“Competition is always a good thing. It forces us to do our best. A monopoly renders people complacent and satisfied with mediocrity.”

Nancy Pearcey

4) Consumers fail to pay.

Suppose that you sell information products that your customers can download after purchase. If they request a refund after downloading the content, you will have to refund them.

5) Entrepreneurship does not have weekends — it is always on.

Entrepreneurship does not have weekends
Entrepreneurship does not have weekends

Your working hours expand to 24 hours a day!

In order to kick start their businesses, new entrepreneurs tend to work a lot more than full-time employees.

The balance between work and family is difficult.
If your office is not a physical location, but rather your bedroom or living room, it can be difficult to separate work and personal life.

6) No one is as invested in your business as you are.

The hours that employees work will depend on how much money they make and if you don’t pay them more they will leave to a different entrepreneur who will pay them more.

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You will have a lot of role responsibilities, especially at first.

A few examples are CEO, accountant, secretary, website designer, and sales manager.

7) Customers and competitors may publicly trash you.

There are some people who simply make up false facts about you and your service and post them on review sites.

8) Other people may disappoint you.

There’s nothing worse than hiring freelancers – web developers, virtual assistants, etc. – and then discovering that they failed to deliver what they promised.

9)The life of an entrepreneur can be lonely

life of an entrepreneur can be lonely
life of an entrepreneur can be lonely

It’s not easy being an entrepreneur. Because you’ll be working while everyone else is out partying, you’ll be ignored, cash-strapped, and have no social life.

10) You have to pay yourself last!

Recommended: Understanding Content Monetization: How to Make Money From it

It is not typical for a company in the business sector to be leased by another company.
I don’t think it has to be this way

These 6 tips will help you cope with setbacks as an entrepreneur.

A great entrepreneur understands that every challenge is an opportunity to learn something new.

1- Be attentive to what you say to yourself.

Don’t ever contemplate a negative thought. The act of talking to yourself is real. You are capable of overcoming obstacles if you believe in yourself and your abilities. You must never give up hope.

“The next time life punches you in the face, stop for a moment and ask yourself this simple question: What’s the counter-punch? No matter how bad the situation, no matter how hopeless it seems, there is always an opportunity to turn it to your advantage. You just have to discipline yourself to spot the opening, and then find the courage to use it.”

– Jon Morrow

Being an entrepreneur means understanding the fact that the world owes you nothing. Every single thing must be earned. Things may not work out the way you thought they would.

And that’s okay.

This is one of the many reasons that making a living as an entrepreneur is so satisfying! There is nothing wrong with living your life, making your choices, and taking responsibility!

2- Keep Your Body Healthy

In order to recover from a business setback, you’ll need all your strength and fitness. Fit and healthy bodies make you more capable of facing challenges.

I find that the most rewarding aspect of exercising is walking in the woods, and that is the kind of exercise that I enjoy most. The creativity and ideas just keep flowing!

3- Consult with someone.

Do not forget that you are not the only one in business?

Others will have been in your shoes, and other people will be willing to help you. It’s almost as though they’ve failed to ask for assistance!

Observe what your obnoxious ego tells you (remember what we said about observing your own speech earlier). Intuitive entrepreneurs struggle with asking for help since they find it difficult to approach others.

Different perspectives and outlooks can often be gained through new eyes. Adding slight changes to your sales text may be all it takes to make a meaningful difference. You may need someone to inform you of something that you’ve heard about but haven’t heard?

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Having the courage to ask for help, according to a businesswoman in London, can reap major rewards. When it comes to improving your business, she recommends asking someone outside of your circle who is in a different industry or not even in business.

4- Be prepared to be a little awkward at first.

Entrepreneurs who are successful in the long run make difficult, uncomfortable decisions in the short term.

Be comfortable being uncomfortable. It may get tough, but it’s a small price to pay for living a dream” ~ Peter McWilliams

Again and again, the impossible problem is solved when we see that the problem is only a tough decision waiting to be made” ~ Robert H. Schuller

The concept of saying no is uncomfortable for many people, but it’s something you will need to master if you hope to succeed as an entrepreneur.

Energy sapping acquaintances need to be avoided at all costs…

Most entrepreneurs do not like to offend friends, especially in business.
However, true friends are those who respect and understand your position and priorities.

5- Meditation improves your focus and level of optimism.

If you are completely relaxed and stress-free, your mind will work more effectively.

Daily meditation increases the process of being able to generate new ideas, as the right side of the brain becomes more active. When you meditate, you can deal with the internal issues that arise in your mind and heart.

6- Every challenge presents an opportunity

Embrace every new challenge that comes your way. You will become stronger and more determined if you do it.

When you face difficult times, know that challenges are not sent to destroy you. They’re sent to promote, increase and strengthen you.

~ Anonymous

The more difficult something is, the more room for growth there is.

Final words to Entrepreneurship

What you focus on is what you get!

Experiencing problems and setbacks comes with the territory. If you lose focus of your main objective you will not reach it and your business will fail.
Successful people maintain a positive focus in life no matter what is going on around them.

“They stay focused on their past successes rather than their past failures, and on the action steps, they need to take to get them closer to the fulfillment of their goals rather than all the other distractions that life presents to them.”

~ Jack Canfield.

Be thankful for each new challenge Because it will build your strength and character.

When you face difficult times, know that challenges are not sent to destroy you.
They don’t accept NO for an answer.

If you have made it here in the article then give yourself a pad in the back… this shows how determined you are about being an entrepreneur. This is a bold step… and I will much appreciate it if you come back for more articles like this

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I am an African from Ghana who loves to read and code. As a result of being on the internet, my life has changed and this blog is about my experience building an online business with free offers and motivating and inspiring others to pursue their dreams.


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