Becoming a succesful entrepreneur

We will start with the most important question; what is an entrepreneur? There are a lot of definitions but one that stuck with me was: “An entrepreneur is the individual who starts a business with an intention of making a profit and takes over the risks of losing all of their resources if the venture fails.”

So I asked myself, how do I become a successful entrepreneur? How do I ensure that my venture does not fail? There is no obvious answer but there are a few things we can look at that will get you on the way to achieving success.

1. Be driven
Find your motivator; it might be in the form of achieving a high profit margin, personal satisfaction, stability or just for the love of it, it doesn't matter. Your motivator should pull you up in tough times.

2. Follow your plan
When you started your business you drew up a business plan, one of the reasons for that was for you to outline where you want to take your business. Planning should be an ongoing process and when done right will serve as a guide to keep you on the right track.

3. Control your cash flow
By now you understand that the livelihood of a business is its cash flow, as long as money is going out, more money has to come in. You need to become wise when handling the income vs expenses list, this is a crucial aspect that will either make or break your business.

4. Value your customers
If we go back to our high school teachings, we will remember that a market exists when there is a buyer and a seller, as an entrepreneur your business cannot exist without the customer. Incorporate your customers in your business dealings, operating hours, payment options, advertising, warranties e.t.c .Have all the relevant knowledge about your target customers.

5. Invest in advertising
The reason I said invest is because the amount of time and money spent in advertising should be paid for by the leads you will receive, the trick is finding what works best for your business. Remember that the main reason for advertising is to get the word out that you have something exciting to offer, a properly run campaign should generate new customers.

6. Educate yourself
There is no such thing as too much education, everyday offers us the opportunity of learning something new. A successful and driven entrepreneur adds new skills to their resume, they read business books & articles, they join business clubs and network, and they attend business seminars and workshops. Choose what you feel comfortable with and arm yourself with knowledge.