Want to know the key to entrepreneurial success? Who better to learn from than successful entrepreneurs!
So, what is entrepreneurial success? IGI Global defines entrepreneurial success as “the individual entrepreneur’s distinct understanding and appraisal of the accomplishment of standards that are personally crucial to him/her.”
As success is a subjective measure, there is no one-size-fits-all guide to achieving entrepreneurial success. However, many entrepreneurs attribute their success to several key factors.
We have compiled together a few of the most common key factors to achieving success (as told by a few well-known entrepreneurs).
Passion is commonly associated with entrepreneurial success – and it’s easy to see why! Many highly successful entrepreneurs, including the likes of Sir Richard Branson and Steve Jobs, cite passion as one of the key factors for a successful company!
Sir Richard Branson tells Business Insider: “You have to give back some value to your customers, and you have to have real passion about what you are doing. If you’re not excited about your business, why should anybody else be?”
Oprah Winfrey similarly believes that “the best way to succeed is to discover what you love and then find a way to offer it to others in the form of service.”
Instill a culture of learning
Self-made millionaire and youngest ever Dragon on BBC 1’s Dragon’s Den, Steven Bartlett, believes that instilling a culture of learning is essential for business success! Steven Bartlett notes that the pandemic acted as a catalyst for change and quickly forced employees to learn and adapt to new technology as well as a new way of working.
Mark Zuckerberg, Facebook co-founder, believes that to achieve entrepreneurial success, it is essential to make mistakes. In fact, Zuckerberg makes it clear that you should not avoid mistakes, but you should learn from mistakes as quickly as possible.
Deborah Meaden highlights the importance of learning from the people you have around you, while Bill Gates advocates that “Power comes not from knowledge kept but from knowledge shared.”
Focus on your goals
Focusing on your goals is cited by many entrepreneurs as an essential factor for success. Although you probably think that the need to focus on your business goals is obvious, you may be surprised at how many business owners focus on the wrong thing! Nigerian billionaire and entrepreneur, Mrs. Folorunso Alakija, is one of many who attributes some of her success to focusing on the goals of her company.
Deborah Meaden is among many successful entrepreneurs who believe that having self-confidence and belief in who you are and what you are doing is essential to entrepreneurial success.
Learn to take calculated risks
Martha Stewart highlights that there is a big difference between a risk and a chance in the world of business. Taking a calculated risk, where you perform critical research can be highly beneficial to your business, whereas taking a careless action can end in disaster! Make sure you do the research and take well-calculated risks!
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