Everyone wants to create innovative products and implement game-changing ideas, but those aren’t the only ingredients needed for entrepreneurial success. In fact, there are several must-follow rules for becoming a successful entrepreneur, starting with the ones below.
Work Smarter, Not Harder
Double-digit hours and seven-day workweeks are the norms for successful entrepreneurs, right? While the entrepreneurial handbook preaches hustle, the point of hustling isn’t to make it look like you’re working—it’s to put in quality hours and do things that are actually going to better your business. It’s about measuring your results (not time) and being more effective.
Working smarter not harder can also relate to business tools. As an example, a voicemail drop allows an entrepreneur to reach more customers (prospective and current alike) as it drops a voicemail into the inbox of every customer without an entrepreneur having to make a single call. This is a good way to target leads as it saves time and has a wide reach.
Find a mentor
A great way to learn and gain experience is by finding a mentor in your field. You learn from this person and gain experience and connections—and that’s just the beginning.
Make Learning an Ongoing Process
We’re not saying you have to go back to school, but you should constantly be teaching yourself new skills and gaining knowledge. Each lesson (if you will) can take you a step further in your career and make you more marketable. Whether it be books, articles, online classes, or networking events, entrepreneurs have to continue learning.
Incorporate Work-Life Balance
While entrepreneurs preach hustle, it’s important to incorporate work-life balance so you don’t burnout, not to mention so you have a fulfilling life. There are many reasons to become an entrepreneur, but one of the main reasons is so you can live life on your own terms and create the life you’ve always wanted. Part of that is taking breaks, making time for friends and family, and enjoying a life outside of work.
According to entrepreneur Adam Guild, successful entrepreneurs tend to surround themselves with successful people. They also cut negative mindsets and people out of their lives.
Taking that a step further, successful entrepreneurs hire people who are professionals in the fields they aren’t. The point in this is to create a dream team that consists of experts at every position.
A successful entrepreneur doesn’t have to be the smartest person in the room, but this person does tend to hire the smartest people they can find.
That’s why it’s important to ensure people want to work with you. Doing a public background check on yourself allows you to see how people view you as well as what information is public. When creating your team, you want to sell people on your vision as well as yourself. A quick check can give you public information that people can find on you, and vice versa.
Don’t Be Afraid of Failure
Everyone fails. That’s not the problem. The problem is quitting once you fail or not taking anything away from failure. It’s OK to fail, but you need to learn and grow from each failure so you don’t make the same mistakes again.
Know When to Move on From a Bad Business Venture
With that said, you need to know when it’s time to move on. While you might have sunk a lot of time and money into a business venture, if it’s not repairable or will take too much time and money to fix, then you need to cut your losses.
You don’t want to stay on a sinking ship, and cutting your losses can actually save you money, money that can be used on a more successful and better-planned venture.