What does it take to become a successful entrepreneur?
Let’s take things right back to basics and discuss the critical points you need to understand in order to succeed in business.
What does it take to be a successful entrepreneur?
If your mind has wonders to being a world-class ‘hustler’ or anything like that, then you are on the wrong track. This is more of a fundamental question.
The key to being a successful entrepreneur is understanding the basics of business. It’s important to remember that business isn’t rocket science, nor should we pretend that it’s comparable.
To be successful in business we need to produce a product or service, that a third party can pay for and consume, at a price higher than you can produce it for.
Take any one of these factors away and you don’t have a business.
Fail to focus on any of these factors as your building your business you’re creating an efficient way to spend a lot of money.
When discussing success in entrepreneurship it’s also worth considering the following scenarios as you’re conducting your business.
1) If you’re not producing something for an independent third party, then you’ve got a hobby.
2) If an independent party can’t consume what you’re creating, then you’re conducting R&D.
3) If what you’re creating isn’t in line with the independent party’s expectations, then you’re running a scam.
4) If the price of what you’re creating is too high, then you’re non-competitive.
5) If the price of what you’re creating is too low, then you’re a charity.
6) If you spend what you earn, then you’re a non-profit,
7) If you’re spending more money than you can bring in, then you’re a flop.
If this all sounds simple, it’s because it is… Business isn’t complicated.
Fundamental business success comes down to continue delivering value for a third party so that you can sustain and improve your ability to deliver said value. Working out how to do this harmoniously over time is then the key to being a successful entrepreneur.
Keep it simple. Use this definition as your framework for business success and you will always be ahead of the curve.
About the author — Aidan Kenealy
Professional coach & adviser for founders of high growth startups.
My Mission Is To Help You, The Startup Founder, And Your Team, Be Better Than Yesterday,
Hi there, My name is Aidan Kenealy and I’m a professional coach and adviser for founders of high growth startups. Following the successful exit of EMGN.com, I’ve made it my business to help startup founders make their business’ the best they can make them. I now help founders from all around the world achieve success on their own terms.