entrepreneur plays an important role in the American economy. Filling market
needs through the creation of a new business gives consumers the products they
want, and brings the market the new money it needs to grow. Entrepreneurship demands
creativity and commitment to hard work, and leads to innovations that help society
spite of lofty ambitions, the majority of startups fail, with some estimates as
high as 9 out of 10 of these businesses ending operations within four years. Of the 10 percent
that make it, however, most are directed by a skilled leader who likely uses
these six important tools to drive success.
1. A great mentor
of any big name from the list of today’s successful entrepreneurs, and it’s
likely you’ll have picked the name of someone who sought the support of a
business mentor. Some inexperienced startup founders feel as though the
self-sufficiency and hard work that helped them establish their business will
continue to propel them forward, but then find their operations at a
leaders who want to advance their companies to the next level of success need
to take advantage of the resources that mentors have to offer. A talented
mentor can help you navigate the unfamiliar territory that comes with
entrepreneurial success, offer guidance with major business decisions, and help
you identify strengths and weaknesses in both your business and your leadership
2. Willingness to take risks
of the most common pieces of advice that entrepreneurs receive is to take
calculated risks when given the chance. Taking the right risks can yield those
significant benefits that build upon themselves. Entrepreneurs who take risks
tend to find more unexpected business opportunities than their more cautious
counterparts, and also set themselves apart by establishing a confident, bold
who take risks may experience failures, but the process is conducive to
learning, and every so-called “failure” can teach you something. Success needs
to be actively pursued, and sometimes pursuing it will require you to take
risks. It’s cliché, but not taking any risks is probably the biggest mistake of
3. The right team
experts label many different aspects of a startup as the “most important
factor,” but one indisputably valuable element in the creation of a successful
startup is the staff. Successful startups always seek to hire the best people
that can possibly be recruited, strategically filling positions with people who
have skills and knowledge that the firm needs
leadership teams of successful startups are dynamic and committed to the same
vision. These teams are composed of talented individuals with a diverse array
of skills who are capable of working toward a common goal, despite personal
leader who can navigate the changes that come with an increasingly digital business
landscape is necessary for any company that aims to grow. Digitization is changing
the way that people do business, and new technologies can change the way that
an industry operates at any given point.
who are successful leaders understand the value of speed and adaptability, and
do not dwell on setbacks caused by the changes that come with a digital future.
Instead, they actively anticipate changes and work to use them to their
advantage, improving operations as necessary.
successful startup leader not only has big ideas for the company, but he or she
has the vision necessary to root those dreams in reality. Major success at a
startup is achieved through the identification of good opportunities and the
development of strategic plans that allow those opportunities to flourish.
helps leaders succeed because it provides them with direction when unforeseen
obstacles make the path to success less clear. Having vision also provides the
company with a barometer for success; vision is a way to measure achievements
and can be used to ascertain when goals should be reassessed and revised.
6. Strong business ethics
most successful entrepreneurs have a strong code of business ethics that helps
them oversee internal operations, as well as the interactions with other
companies. Ethical business practices allow employees to feel comfortable
following you as a leader, and allow other businesses to feel confident that
doing business with you is a good decision.
who behave ethically when making deals and conducting business may also be seen
as more reliable by consumers. In age when consumers want to feel personally connected
to the brands they support, avoiding unscrupulous practices helps a company
establish credibility and earn trust.