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An entrepreneur considers the possible risks and consequences of each individual aspect for every new business venture. Once a decision has been made on how to move forward with the new venture there are six cornerstones to your successful entrepreneurship.
1. Confidence in yourself
This is a key component to success in any business whether you are the one holding all the cards or an entry level associate. Business is not for the meek. You must be critical and self-aware. It’s not enough to come up with a great idea for a business or a business model. Execution is a must and it’s hard to execute a business plan if you don’t have confidence in the plan or in your own ability to execute it.
2. A clear and long-term vision
Business planning can be intricate but you must keep in mind it’s a marathon, not a sprint. Therefore, it’s crucial to your success as a business to have both short-term and long-term goals. The short-term goals will keep you from getting frustrated while the long-term vision should be the guiding force to creating short-term successes. When you set up your short-term goals the question you should ask yourself is will it help me reach the vision I have set for this venture. If the answer is yes, then you are on the right track. Your long-term vision should be steadfast. Your short term goals are what will change as your business progresses.
3. A solid game plan
A solid game plan needs to be realistic and well thought out. Your game plan should be based on the long-term vision of your company and you should have a clear objective in that vision.Your game plan should be step-by-step of how you will accomplish the objective you have set forth. Don’t plan for more than you can afford and don’t plan on doing all the work alone. Those are sure-fire ways to set yourself up for failure.
4. Time
A successful business venture takes time and requires patience. It’s like the saying “if it looks too good to be true, it usually is”. If you think you’ve found a get rich quick scheme that requires little time and produces millions, it’s probably not a good idea. Starting a business can seem like a rollercoaster of ups and downs especially in the beginning. You need to commit to your business, to the vision, to the plan, AND to investing the time needed.
5. Effort
This to me is a no brainer. You don’t get anywhere in life by just sitting on your hands waiting for things to happen to you. Why would it be any different in business? I’d like to take this opportunity to offer my own take on a well-known saying. It shouldn’t be good things come to those who wait. It should be good things come to those who go out and do!
6. Discipline
Building a business takes time.That’s why it is so important to maintain discipline. You should set a schedule and stick to it. Be flexible in the details but regimented when it comes to the steps to reach your goals. Don’t start a marketing initiative one week then decide to abandon it when you don’t instantly get the results you desire. Tweak it, try again, and be consistent. Part of starting a business is creating a brand so it won’t do you any good to get your name in front of people only once. You must practice discipline to ensure that when you start gaining business the experience is consistent. In the end, the consistency will build the reputation of your company whether it be good or bad.