Entrepreneur success is the dream. Sadly, despite having a great product, reliable website hosting, and even a strong digital strategy, only 5-10% of new startups make it past the five to ten-year point. Why are some just luckier than others? Today, aspiring SA entrepreneurs have access to expert books, podcasts, talks, and courses packed with business tips to prevent the most common pitfalls.
Adopt the Mindset Of A Successful Entrepreneur
Becoming a successful entrepreneur is almost impossible if you don’t have the attitude and habits to get you there. This will help you seize opportunities quickly, adjust when necessary, and dust yourself off after setbacks.
Work on developing some of the below mindsets to improve your chances of making it:
Yes! It’s doable!
Everything changes, and that can happen overnight, and your SME business needs to be able to be flexible and change accordingly. Just staying in one field and perfecting it will only bring you so far. If your customers are looking for something that you are not offering, then find it and offer it! Learn how it works and bring in the qualified manpower that you can afford.
Let’s solve it
Problems are everywhere. Your customers have them. Your employees, too. Learn to be resourceful by solving your customers’ problems with products and solutions and your employees’ dilemmas with out-of-the-box thinking.
Rome wasn’t built in a day
So many entrepreneurs are so eager to make it that they ‘jump the gun’. Having the patience to wait before you move into an office, hire help, or pay yourself a higher salary are the things that will keep your business lean and give you the confidence and cash to seize opportunities when the time is right. Being vigilant and taking the time to track every cent you spend and receive, and delaying upgrades until there is consistent revenue flow.
Fear in business isn’t always real
Although it feels very real, fear in business is just your brain’s response to perceived danger or uncertainty. Often, there is no real threat. If a business fear is keeping you from stepping up, learn to face it by moving through the fear. Whatever is standing between you and success – fear of failure, competition, money problems, decision-making, imposter syndrome, etc. – rip off the band-aid!
Boredom means I need to reconnect, not give up
There’s nothing quite as motivating as those initial months of starting and growing your small business or startup. But then the consistency and daily grind, until the next ‘break comes, can feel slightly underwhelming. Does it mean you should sell, or close your business and move on to the next idea?
Deepen this perspective by:
- Revisiting your vision every month.
- Setting quarterly goals to keep things fresh and current.
- Learning new things to reignite your innovation and creativity.
- Taking a holiday or going on a day’s retreat.
It’s make or break
The Plan B mindset is why many great startups can fail. It’s the “if this doesn’t work out, then I’ll do …” kind of thinking that dissolves the passion and holds you back from fully committing. If you truly want to make it, you have to want to make it at all costs. Now that’s powerful.
Deepen this perspective by:
- Creating a vision board for goal setting reminders.
- Stop saying “IF this works” and start saying “WHEN this works”.
- Surrounding yourself with people who believe in you and your business.
I am not my business
Businesses can have great months, followed by a series of not-so-great ones. This is a natural ebb and flow of life. If your identity and happiness are tied too closely to your business’s performance, it can wreck your mental health. Learning to detach is one of the best habits that you can develop.
Setbacks are opportunities in the making
If it were easy to be an entrepreneur, everyone would be one. But ‘easy’ isn’t necessarily how it goes and why many people work for them instead. If you want to achieve business success, you’ll need to be able to have the internal and external resources to bounce back if you hit a wall. Every setback is an opportunity to become better, smarter, and stronger as a person and as a business. If you can learn to see it that way, you’ve got what many people don’t have.
Foundational Actions To Pave The Way
It’s nice to think about starting a business, and dream about what it can be, but you won’t get anywhere if you don’t roll up your sleeves and make progress. These are some of the critical actions that can set up your startup for success:
Develop the “What?”
You need to sell something people need and want. It needs to solve problems and it needs to be of excellent quality, because if it doesn’t have these prerequisites, what would be the point? Think about what you can do to make your solution different and give it a ‘wow’ factor. Use Google Trends, Reddit threads, and your competitors’ customer reviews to find recurring customer pain points that you can address. Work hard on this because that’s what will make your idea easier to sell.
Work on the “Why?”
Build a vision that’s bigger than yourself, your passion, or the product you sell. There has to be a reason behind all the ‘madness’. Something that drives you beyond just purely being your own boss and getting paid for it. You’ll need to dig down deep, but once you have this BIGGER PICTURE, it will be what motivates you to look beyond any challenges.
Understand your customers
Are you making ‘educated guesses’ as to what your customers want? Stop. This approach will fail miserably; you have to KNOW. The only way to understand customer needs is by doing in-depth market research, conducting surveys, etc.
Start lean and upscale wisely
If you want to be an entrepreneur because it looks good, then good luck. The initial stages of entrepreneurship are less about suits and sports cars and more about hard work and late nights. Keep your day job if you can, work from home, and keep initial costs as low as possible for as long as possible.
Invest in your branding online
Building a great, professional brand image is non-negotiable. No startup has a large marketing budget, but you can try to be resourceful by:
- Investing in a strong website with a relevant Domain Name and fast, reliable WordPress Hosting.
- Implementing on-page Search Engine Optimisation to drive organic traffic.
- Posting good, engaging content on relevant social media platforms to build brand awareness.
- Building an email subscriber base and sending email marketing campaigns regularly.
- With the help of Artificial Intelligence (AI) tools, you can perform many of these tasks yourself in the beginning.
Improve your financial literacy
Many startups fail because of poor financial management. Don’t leave the know-how to your accountant or bookkeeper alone; become a financial fundi yourself. Understand all the ins and outs of cashflow, budgeting, pricing, and taxes, including how to calculate your break-even point and price for profit.
Embrace technology
Entrepreneurs back in the day didn’t have all the technology that we have these days. Put it to good use. Use apps and digital platforms to manage sales, stock, payments, marketing, and customer relationships.
Make customer service your priority
People are tired of ‘sucky’ service, and they are verbal about it. They are writing poor customer reviews and venting to the public on social platforms. All of which can damage your brand before you’ve even had a chance. Build your business on incredible customer service by going that extra mile.
Don’t hand over your support departments entirely stay involved! Great customer service has the power to turn a new customer into one that returns again and again, and that’s the makings of a successful startup.
Network and collaborate
Entrepreneurship can sometimes feel like the loneliest journey in the world. Join local business chambers, networking groups, or online forums to exchange ideas and find support. Collaborate with other startups to share costs, combine audiences, or co-host events.
Invest in yourself
As an entrepreneur and business leader, all eyes are on you. You need to be the one coming up with fresh ideas and the one to steer the ship through volatile markets and consumer changes. The only way to stay ahead is by ensuring that you never fall behind.
Never stop learning:
- Watch TED Talks or business YouTube channels weekly.
- Read one business book per month.
- Join mastermind groups or online workshops.
- Seek out a mentor to guide you.
The best entrepreneurs are resilient, resourceful, visionary, disciplined, and customer-focused. They stay hungry to learn, solve problems with purpose, and keep moving forward even after a flop.
