Nibletz Staff
Are you made of the ‘right stuff’ to enjoy success? It’s a question on the lips of anyone starting out in business for the first time, and there are certainly a few habits, traits, and practices that can help you become a successful entrepreneur. But the reality is that even if you tick off every box on the entrepreneurial skills checklist, there are no guarantees you will succeed. There is a fine line between success and failure in business, and to enjoy the former over the latter, you should take the following principles to heart.
A good work/life balance
One of the myths that always occurs about becoming a successful entrepreneur is that you have to invest all your time, 24-7-365, in running your business. But this could be a huge mistake. Almost 6 out of 10 successful entrepreneurs state that spending time with their families is critical to the success of their businesses. And while virtually all of them would agree that you can never actually switch off, if you can’t strike the right balance, it can often result in business failure – not success.
A robust network
Don’t believe the myth that entrepreneurs work exclusively by themselves, and are entirely self-reliant. Nothing could be further from the truth. Yes, there is the odd entrepreneur that succeeds in going it alone, but the vast majority have a good support network surrounding them that contribute to their successes. And the DIY ethic is also a myth – successful entrepreneurs rely on delegating and other people to take on specific roles within their business. Whether it helps with accounts, marketing, or product development, there are usually huge teams of individuals working behind every great entrepreneur.
Love what you do
If you love what you do, there is a lot more chance you will avoid failure. Passion is a big part of the reason why Entrepreneur Steve Altimari succeeds, for example. It was a love of brewing practices and learning about the different methods used to brew beer around the world that inspired Altimari to give up a Silicon Valley career and start work on a highly successful, award-winning brewing company. If you have a passion for a particular industry or product, it can be a huge boost to your chances of success.
Failure to fail
The biggest difference between successful entrepreneurs and failed business owners is that the former keep going. When your business fails, you should see it as a good thing, learn from your experience, and either make adjustments or move onto the next project. Just because a business tanks doesn’t mean you have no future. It’s also worth pointing out that a failed business isn’t necessarily one that dissolves. In fact, many business failures still get bought by other companies who think there is potential and are willing to make changes – meaning even a failing company could provide you with valuable funds to put towards a new idea.
If you want to enjoy success in business, follow your passions, be dogged and determined, and build up a good team and support network around you. It will make the difference – and even make a success out of a failure.
