10 Keys to Success for: Entrepreneurship

1.Locate and fill a need

Human needs and wants are always and will always be limitless. From feeding to clothing, shelter and the list goes on. The opportunities for entrepreneurship and financial success are unlimited as long as we can think through these needs and align with one that suits our giftings. The only constraint on the business opportunities available to you are the limits you place on your own imagination.

The capital you need isn’t money but a sound idea. Once you have come up with a problem or idea, resolve to invest your time, talent, and energy instead of your money to get started. Most great personal fortunes in the world today were started with an idea and with the sale of personal services. Most great fortunes were started by people with no money, resources, or backing. They were started by individuals who came up with an idea and who then put their whole heart into producing a product or service that someone else would buy. You can also do better because you’ve got more than what it takes. An idea is all you need to make your first million

2. Find a problem and solve it

Whenever you find people complaining about a problem, wherever there is a widespread and unsolved customer problem, then know that there is an opportunity for you to start and build a successful business around that ‘problem’. Problems are actually opportunities and wealth in disguise for as many who can close their eyes and jump.

Just as there are problems everywhere, so also opportunities abound everywhere. The difference between true entrepreneurs and the ordinary person is in their ability to search out opportunities in every problem. Your job is to find one of these problems and solve it better than it has been solved in the past. Find a problem that everyone has and see if you can come up with a solution for it. Find a way to supply a product or service better, cheaper, faster, or easier. Its not as difficult as it seems, just use your imagination!

3. Focus, focus, focus, focus, focus.

The word "focus" simply cannot be said enough. When launching and growing a venture, tons of opportunities and obstacles arise. Entrepreneurs that succeed are typically the ones that see the forest from the trees. They remain focused on the prize. They consider new opportunities, but also note that pursuing them often takes them away from accomplishing what they set out to do.

Focus on your Customer. Its been said that one of the major reasons why a business succeed over the other is in the way they deal with customers, because people will always go back to where they were treated best. The key to success in business is to focus on the customer. Become obsessed with your customer. Become fixated on your customer’s wants, needs, and desires. Think of your customer all the time. Think of what your customer is willing to pay for. Think about your customer’s problems. Put yourself in your customers shoes and imagine how best you would like to be treated. See yourself as if you were working for your customer. Work towards giving your customers the best quality at the best price possible. Look after your customers. Serve them well and they will come back to you.

4. Win

Entrepreneurship, like basketball or football, is a game. There are winners and losers. There are narrow victories and landslides. There are Davids and Goliaths. Competition should be hard work, but it should also be fun. The company should be instilled with competitive spirit and be committed to winning. Winning may take many forms, such as hitting sales goals or turning a profit by a set date. Regardless of how winning is defined, it should be clearly articulated and everyone in the company should have a competitive, winner spirit instilled within them.

Passion is the key ingredient to success. You need to wake up every morning and look forward to starting your work day. You have to absolutely love what you do. You cannot fake passion. Every time you experience a setback in your business, passion is what gets you going. Passion pulls you up and pushes you forward.

5. Study your failures.

We learn more from failures than successes (you don;t learn much from successes). Learn and improve your ultimate results. Failures provides a great learning opportunity and should be viewed as a very lifeblood of success. "If you give people freedom to innovate, the freedom to experiment, the freedom to succeed, then you must also give them the freedom to fail." The organization of tomorrow will demand mistakes and failures. It is only by trying lots of initiatives that we can improve our chances that one of them will be a star.

6. Persistence

Anyone who owns a business knows of all the setbacks any business can experience. There are ups and downs. It’s during the down times that we need to be persistent. We need to keep doing the things we have to do to pull the business through. Be persistent and you will reap the rewards.

7. Common sense

Common sense or the ability to make sound judgments is often the real key to success which can ensue from acquired knowledge and past experiences. Common sense is useful to understand complex issues in simpler terms and enter the core of any given problem.

8. Special knowledge of the field

Possessing a deep knowledge about a business makes it easy to give a successful start. For instance, the billionaire Philip Green, who earned his fortune through garments retail trade, says that the base for his success was his knowledge of rag trade. It is said he can value the price of a fabric just by rubbing it. Also, just by viewing a rack of coats he could foretell which ones won’t sell during the next season.

9. Hire smart

Companies succeed based on the people that comprise them. Virtually all people in a small, growing entrepreneurial company make key decisions and take actions that can significantly impact the success of the venture. As such, the people that are hired must be hired with care. They must be intelligent, responsible, and equally importantly, have
the enthusiasm to succeed and the ability to work in a fast-paced, rapidly changing entrepreneurial environment.

10. Commitment to objectives and goals

Write down your business goals / business plan. Review this periodically. Tweak it to fit it into your current situation. A written plan or a goal chart keeps you on track.

People will always have something to say. Some make intelligent contributions while others do not. The business world also speaks to aspiring entrepreneurs in ways that may be difficult to decipher. Yet, loved ones and colleagues can and do persist in trying to deter the individual. They should not be blamed for this since their intentions are (usually) good.
It is the aspiring entrepreneur who has the ultimate power in determining the decisions she makes. She must intelligently discern the opinions of others, while making sense of the economic environment. However, she should not loose sight of her strategic vision. To do so is to forfeit control of her life and allow others to take her off the road she is traveling.

You need talent, luck, and persistence. Pick any two. Whether you want to paint, write, play music, raise a happy kid, design beautiful houses, or run an online business that makes you happy and rich, you can reach your goals with just two of those three. At first glance it might seem like two of them are out of your control. But let’s look at that more carefully.