HOW TO BECOME A SUCCESSFUL

1
HOW TO BECOME A SUCCESSFUL
ENTREPRENUER
 
BY RIKS AGAMIDA KOMO
(WEEKLY HOST)
2
During my research I found out that there are
different ways of becoming a successful
Entrepreneur and when you follow this few tips
you will have to agree with me that been a
successful entrepreneur does not only have to do
with how much you have invested into the business
or the good location of your companies. I was in
a business meeting just the way we do it here in
one of the universities in Shenyang as a person
who loves business I asked a lot of question and
I was so happy by the response given to me by
some successful entrepreneurs who were presently
at that meeting and at the end of the meeting I
was so full of smiles because the knowledge I
have just gained will help me far into the type
of business I will want to go into later in life
I will like to share some of this tips with you
and will try my best to explain each and every
one of them so we all can learn out of it and not
make some mistake that will be costly when we
venture into our various businesses in the near
future
3
some people make the mistake of saying there are
no difference between a businessman and an
entrepreneur well after this lecture I hope you
will understand that there is a lot difference
between this two groups of people. Is there any
difference between an entrepreneur and a business
man. If yes how do they differ. I have seen this
question being asked on the internet on multiple
platform with no proper answers offered. So I
referred to some business texts to find out how
these two differ from one another. Those text
says that an entrepreneur is being called so when
he initiates, conceptualize and materialize a
business process which is entirely unique. In
other words an entrepreneur is someone who starts
a business from a fresh idea and make it work.
4
A business man is some one who start a business
on an existing or new market platform laid by the
entrepreneurs. In this context it we can see that
entrepreneurs weigh more than a business man.
Being an entrepreneur is a difficult task. One
will have to cut his own way through to find his
market and get his brand or the product
established. Outgoing attitude and a will to
succeed in any difficult circumstances are the
common traits one find in an entrepreneur.
5
Acceptance in conservative societies in Asian and
few European markets is the major challenge faced
by the entrepreneurs. In this case American
market is considered the most liberal. This is
the reason why we find emergence of entrepreneurs
more in United States than in any other
countries. But the explosive growth of multimedia
communication and information technology has
helped the ones who are aspiring to become
entrepreneurs. Easy reach to the masses is one of
the major contributions to business which
information technology has provided for the
business men. So here are some of the tips
6
Believe in yourself. Being an entrepreneur is
a lot more risky than the conventional job
routine. There is no regular salary you have to
find customers on your own. Marketing your
product/service and financing the project are
also of concern. I noticed that most
entrepreneurs use a combination of due diligence
and gut instincts while evaluating their
product/service. They are good at spotting a need
in the market and then backing themselves up to
believe that their idea can fill that void.
7
Hire the right people. Most entrepreneurs
highlighted this as the toughest aspect of
building a business. Sanjay Bhargava, who
co-founded PayPal, recommended entrepreneurs to
bring in people who are really good at what they
do and also to focus on ensuring the team members
get along with each other. Some entrepreneurs
confessed they made the initial mistake of hiring
friends and people they liked, but soon realized
that friends were not always the best employees.
8
Be money wise. While some entrepreneurs
went in for conventional sources of funding from
a venture capitalist or banks, etc. quite a
few started out with their savings or by
borrowing money from friends and family. Most
entrepreneurs said they focused on increasing
efficiency and optimizing costs and overheads.
One entrepreneur shared that he consciously
stayed away from non-essentials like an
extravagant office, equipment's, etc. The focus
was on superior execution and high quality
service.
9
Concentrate on the message. "As a small
business, most of our marketing is word-of-mouth.
Our clients appreciate the kind of work we do and
our reputation for delivering results," said
Vidhanshu Bansal, founder of an
information-technology company called Pixel
Webtech. Most entrepreneurs said that in the
early days, their tendency was to focus on sales
activities and as they grew, they started looking
at various marketing initiatives, as that is the
cement that gels customers, vendors and employees
together. Their strategy kept changing, depending
on what worked -- direct mailers, e-mail
marketing, presentations at seminars, etc.
10
Keep the team motivated. Do not indulge in
fault-finding or blame games. That was a clear
message from most entrepreneurs. Pigeonholing a
particular member of the team may spread negative
vibes within the team and cost you time and
quality. Celebrating every small success and
appreciating team members will build a sense of
camaraderie.
11
Keep the team motivated. Do not indulge in
fault-finding or blame games. That was a clear
message from most entrepreneurs. Pigeonholing a
particular member of the team may spread negative
vibes within the team and cost you time and
quality. Celebrating every small success and
appreciating team members will build a sense of
camaraderie.
12
Make mistakes. "If you are not a little
bit scared, you are not driving fast enough,"
said Deepak, another entrepreneur. Most
entrepreneurs agreed. Give your people the
license to fail. It's ok to make a mistake as
long as they are succeeding 9 out of 10 times,
and making sure that they don't repeat those
mistakes in the future.
13
Be passionate. Most
entrepreneurs accepted that the rewards of being
an entrepreneur can be terrific but they were
also of the opinion that there is no 'secret
sauce.' There are a lot of magazines, self-help
books and biographies of successful
entrepreneurs that one can read, but at the end
of the day, it's about execution. What you really
need is to be passionate about your work. Believe
me after I finish listening to this wonderful
lecture all I had in mind was to become a
successful entrepreneur and before I go I want to
leave you with this little advice and one of the
lessons I learnt that day ..
14
It's tempting to dream of a corner office, a pool
table and  expensive chairs, but give it some
time. Start small and start efficient. Being
better is more important than being bigger.
15
(No Transcript)