Entrepreneurship is an exciting journey to embark on that will lead to an autonomous lifestyle and unimaginable success. However, while entrepreneurship is one of the most desirable paths, there are certain aspects of entrepreneurship that are necessary in order to truly be successful at it. For this reason, we’re going to provide you with 6 human needs every entrepreneur must know.
As an entrepreneur, you are a leader, and a leader must know their vision and be ready to act accordingly. It is important to be certain about the path you are taking because you set the tone for your business. Your team will follow suit if they know that you believe in your vision wholeheartedly. Ultimately, nothing shows this best than have a productive workspace for you and your team. These are important decisions that an entrepreneur must continue to make for their business. For instance, if you notice that there is a knowledge gap among some of your employees, then providing training at a training venue for those individuals will not only help them do their job more efficiently, but help your business.
Just like certainty, entrepreneurs need to clear up uncertain about things pertaining to your business because everything will not always align with your vision. You have to clearly understand your vision and know what it takes to see that vision through. For instance, some companies do not require their employees to come to work every day. Instead, they can work more efficiently by conducting their work at home and checking in for scheduled meetings. As an entrepreneur, you may decide that your team works best utilizing a virtual office rather than coming in. Essentially, entrepreneurs must be strategic and think twice about the decisions they are making to ensure they are always benefiting their business.
Entrepreneurship is all about significance. Significant entrepreneurs attract the right audience and can command a room. Essentially, what makes an entrepreneur significant is how they perceive themselves. This directly translates to what they choose to invest in. If you don’t invest much into your business, then you can’t expect people to invest either. On the other hand, making investments in your business leads to optimum results. For example, having a dedicated working space communicates to your employees that your business is important. Ultimately, it sets the standard and gives your organization significance as a whole. Your team will be more willing to invest their time as a result.
It is important for entrepreneurs to be able to not only connect with their customers, but their team as well. After all, they are the individuals that are going to support you in taking your business to the next level. This is why office spaces are important. You need an area where you can meet and collaborate with your team to show that they are included in the decision making process.
Entrepreneurship requires growth. This is the only way to learn, improve, and take your business to the next level. As your business grows, you will find that you, along with your employees, will need to learn new things whether it be new technology or business processes. For this reason, training venues will be an integral part in ensuring you and your team can continue to keep up with the demands of the business.
No entrepreneur has become successful alone. However, they have received valued support to help make their business better. Contributions from others will help you get a different perspective on your business and will help bring fresh ideas that can improve your business drastically. Having a dedicated office space will allow you to collaborate with your team on the regular so that you can co-work and get the most out of the workday.
Worksocial is a company that is helping individuals connect, create, and grow. We help make it possible for entrepreneurs to excel and take their business to the next level. Ultimately, we have dedicated office spaces fit for any business. Whether you are looking to conduct meetings, train staff, or work on important projects, we have a space for you.
Our goal is to help entrepreneurs be professional, work more efficiently, and be successful. If you have any additional questions on the services we provide, contact us and we’ll be happy to help.
Imagine how happy you could be if you were in control of your own life. What if you decided how productive you were, what time you went to work, and how much money you made? The truth is that you can. Many people have followed a life of entrepreneurship by leaving their normal 9-5 work lives to launch out on their own!
But what about the downside? What about all those businesses that fail? Don’t entrepreneurs struggle? Of course, we do!
But, honestly, it’s all about perspective. What some entrepreneurs call failure, others call learning. What some call struggle, others call growth. It all depends on how each person looks at it. The problem here is how we choose to consider the situation. Will we view things as obstacles or as opportunities? Because truthfully, many of the negatives about entrepreneurship can actually be positives with the right frame of mind.
Let’s explore the 3 most positive mind frames that lead new business starters into the true joys of entrepreneurship.
One of the most common issues entrepreneurs face is capital, especially startup capital. This frustrates some to the point of freezing them still. They feel they don’t have enough, so they either don’t start at all or start but then stop too soon.
Other entrepreneurs, however, view this differently. They see this as an opportunity. The solution is to become resourceful; these entrepreneurs come up with new ideas to raise funds, to get out and open doors in what appear to be closed hallways.
They sell things, learn to invest, rent out a room, something, anything.
This hidden joy of entrepreneurship is that they become stronger people. Added to their already developed set of skills is the newfound resourcefulness they’ve acquired along the way.
Another issue many entrepreneurs deal with is competition. As soon as they’ve developed their idea, the company across the street has done the same.
It’s almost like when you buy a new car. Before you had the black Toyota Avalon, nobody had one. Now that you’ve got yours, you see black Toyota Avalons everywhere!
Unfortunately, many entrepreneurs give up in this situation. They feel as though someone else beat them to the punch, so they back away.
But not all of them.
Some entrepreneurs recognize this as an opportunity – the chance for innovation. Backing away from your idea when competitors mimic it is not the only option. Innovating the idea to become better than what you originally made it and what the competitor made it is also possible.
That’s when the joy of innovation comes in. The entrepreneurs who figure out how to make their idea better grow both themselves and their business.
And this results in massive satisfaction.
In addition to the first two opportunities, entrepreneurship often comes with a third challenge – having to do too much. Especially in the beginning, entrepreneurs feel as though they are doing too many things to scale the business.
It’s different than feeling overworked and under appreciated as is typical for an employee. The entrepreneur is generally happy to work long hours. The adrenaline and excitement that accompany a startup are usually enough to keep the person going.
The challenge arises when the entrepreneur knows the company needs to expand, but they can’t scale it because they handle too many of the responsibilities alone. They may be the company manager, accountant, human resource department, and customer service specialist – all at the same time.
Some entrepreneurs flatline at this point. They typically don’t quit if they’ve made it this far, but they generally stop growing as well. Then, the adrenaline fades from the initial startup and burnout begins.
Other entrepreneurs see this differently, however. They’ve heard about delegation. Many of them want to do it. The problem is that delegation is a skill., not a natural talent. And it isn’t exactly easy to learn.
But instead of freezing, some entrepreneurs view this as a chance to learn the joy of delegation. They begin to practice the skill. It’s hard at first. But they don’t give up. Then, they do it again. And again. Eventually, they get a good handle on it. Now, they aren’t wearing 7 different hats. They’re only wearing the one they’re supposed to wear – the delegator’s hat.
And that’s when the entrepreneur begins to truly experience the joy and satisfaction of a fully scaled company as the results of having learned the skill of delegation.
All in all, entrepreneurship is a rewarding experience. And yes, it has its difficulties. But the solution is to view those difficulties not as setbacks, but as setups – setups for growth and the joys that follow as a result.
And what separates the winners from the losers is the decision to enact this solution – to perceive the obstacles as actual opportunities instead. Where some see a lack of resources, others see the chance to become resourceful. Where some see difficult competitors, others see room for innovation. And where some see too many hats to wear, others see the prospect of delegation.
It’s all a matter of mindset.
And that is what makes the difference.
We invite you to contact us about how we can help you on your journey.
Did you know that 9 out of every 10 businesses that start fail within the first year? That is a staggering statistic that indicates the odds are against every entrepreneur. We don’t read about that much on the internet. When’s the last time you opened a blog that said: “guess what, if you’re an entrepreneur, the chances are that you will not succeed”? We don’t like to hear about that.
Instead, we want to hear about the 1 in 10 that make it. We like to listen to podcasts about Mark Zuckerberg and Jeff Bezos. But denying reality doesn’t exempt us from it. The key is not to hide and pretend that the odds are against us. The key is to find out what makes some entrepreneurs succeed while the majority of all the others fail.
Finding that formula will help to put us in the 10% success rate.
So what’s the secret? How do some entrepreneurs succeed against the odds?
There are in fact 2 key ingredients that determine why some entrepreneurs succeed. Without these 2 factors, one can easily fall into the 90% statistic of unsuccessful startups.
So what are the 2 things successful entrepreneurs have that the unsuccessful ones do not?
Let’s take a close look at each one together.
Conventional wisdom says to always have a plan B. And for successfully established companies, that is good, sound advice. But plan B is risk management. And risk management is counterintuitive to the entire entrepreneurial process. We aren’t advocating to throw common sense to the wind, but the fact is that if plan B is an option, then plan A does not have to work.
For example, the employee who quits and says, “If it doesn’t work I’d like to come back,” and then goes on to start his own business has done two things. The first is that he has made a wise choice in minimizing his risk of the entrepreneurial endeavor not succeeding. The second thing he has done is minimized the chances of the entrepreneurial endeavor succeeding at all.
The reason is that psychologically he knows it does not have to work. If it doesn’t, he can always go back to his former job. Again, that is wise risk management, but it is bad entrepreneurial launching.
As is the case in every financial endeavor, risk and reward have a direct relationship. Diversity in an ETF with stocks and bonds and you will get more consistent, lower returns. Drop all your money into a promising stock and get really rich or lose it all.
The same is true for successful entrepreneurs. If you have a bridge to cross in the event the business tanks, you will not have to succeed. If you burn the bridge, however, your business has to work. And that makes all the difference.
We’re not saying you need to quit your job in an unprofessional manner. But we are saying that you’ve got to burn the fields behind you and not look back.
In 1519, Hernan Cortes landed in Veracruz Mexico and conquered the land. Do you know how he did it? When he landed, he burned the ships that sailed him and his crew to Mexico. At that point, he had to conquer it. There was no other choice.
The same is true for all successful entrepreneurs.
If your business has to work, then the chances of it working greatly increase. If you have fall-back options, then you just might fall back.
“Let’s see if this will work,” is a terrible strategy. It is too flimsy. Successful entrepreneurs don’t say “if” – we make sure. A lot of this is mindset. The hard part is maintaining the decision to win when the evidence says you will lose.
When you launch your idea, you do so with a desire to win – to be successful. But what happens when venture capital investors decline your invitation to invest? What about when traffic doesn’t flock to your blog? How do you handle negative reviews and customer critiques?
What happens to many entrepreneurs is that their mindset (and thus, their game plan) shifts with the facts. When they started, they desired to win, but when the evidence started saying they were going to lose, they believed the facts.
At that point, their desire to win became a decision to lose. And from that point on, the rest is usually history (in a bad way).
What successful entrepreneurs do is launch with a desire to win. Then, when facts to the contrary start rolling in, we decide to win. We make the decision that we are going to win regardless of what the numbers are saying at the moment.
We will win. Period. This is a decision based on a mental state, not on the facts.
And it is this mental state that carries us over the hurdles, around the mountains, and through the tunnels.
We simply decide to win and refuse to accept any other possibility.
All in all, successful entrepreneurs don’t have it easy. It requires risks and a willingness to (not deny but to) overcome the facts.
We burn the bridges behind us and abandon any plan B, other options, or alternative routes. Our idea has to work.
And once we start making it work, we refuse to believe the overwhelming evidence that stacks against us. We decide that we will win no matter what.
And when launch with these two secrets in place, we end up in the category of the 10% of successful entrepreneurs who make their dreams come true.
We invite you to contact us about how we can be a part of your journey as a successful entrepreneur.