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The 5 Components of a Successful Entrepreneur

May 25, 2017

The Dictionary.com definition of ‘entrepreneur’ reads “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

When starting your own venture, whether it be a traditional brick-and-mortar storefront, franchise, or home-based network marketing opportunity, risk is always involved. There is no certainty to what the future holds. That’s why it’s called a ‘risk’ and not a ‘guarantee.’

Entering the world of free enterprise can be as scary as it is exciting. With any risk, there’s a certain element of fear that comes into play. Even the most business-savvy of individuals questions what the future holds and wonders whether they should listen to the people telling them they’re crazy and making a huge mistake.

But always remember this: the ones who speak negatively of your ventures are not putting money in your bank account. If they throw negativity at you, it’s best to pay them no mind.

The key to unlocking the door to success is adopting and adhering to the Five Components of a Successful Entrepreneur.

1) Develop the Proper Mindset –It all begins here. Henry Ford once said, “Whether you think you can or think you can’t, you’re right.” As an entrepreneur, your mindset will dictate where you’re headed and how you’ll get there. In order to stay the course, it’s imperative you block out the outside forces that attempt to pour cold water on your efforts. The sooner you establish a goal-oriented, results-driven mindset that blocks out negativity and allows you to learn from every scenario you encounter, the sooner you’ll see the best results from your enterprise.

2) Define Your Goals and Mission –Going into business for yourself without a clear-cut mission and goals to accomplish is as foolish as heading on a cross-country trip with no map or GPS. Without goals to work towards, you’ll get lost…and may never find your way back. You have to have a reason why you’re putting in the effort. There has to be something at the end that rewards your labor.

And it doesn’t always have to be money. It could be the ability to fire your boss, travel, golf, spend more time with your kids, whatever drives you. As long as you believe in your goals and mission strongly enough, nothing will stand in the way of helping you reach them.

3) Apply Drive, Passion, and Work Ethic –Nothing in life comes easy, and anyone who’s ever told you there’s a quick-and-easy route to success is drunk on their own kool-aid. It takes blood, sweat, tears, passion, and commitment to become successful, as well as a work ethic that keeps you motivated through the toughest of times. You can’t expect the world to fall to its knees in front of you simply because you opened a business. You have to make it happen through your own effort.

4) Implement a Proven Marketing System to Carry Out Your Mission and Achieve Your Goals –Without a system in place to market your products and opportunity, you’ll make no sales and be dead in the water. You have to find a way to make sure what you’re promoting is getting in front of the right people. This starts with educating yourself on how to do it, which inevitably requires a trip out of your comfort zone.

Remember, Michael Jordan didn’t pick up a basketball for the first time and become the greatest player of all time. He had to work, learn, and dedicate himself to learning how to accomplish great things. Successful entrepreneurs face these same obstacles. But as any successful person will tell you, the learning experience is what makes it fun!

5) Take Action and Stop at NOTHING to Achieve Ultimate Success –Everything you learn and absorb is worth NOTHING if you don’t take action and do what’s necessary to succeed. Many people salute the flag of “getting overwhelmed by overwhelm” or “paralysis by analysis” and never accomplish what they set out to do in the first place because they get locked inside an unnecessary need for perfection.

Without question, you’re going to face obstacles and make mistakes. But learning from your mistakes will lead to overcoming the obstacles, inevitably leading to the level of success you desire.

The world of free enterprise is filled with stories of both success and failure. And the stories of success were born from dedication, sacrifice, and commitment. Those who failed either gave up before they could learn what it took to be successful or were in search of the next big ‘get-rich-quick’ scheme. They wanted the ‘magic’ solution to all their aches and pains without putting forth the effort required for true entrepreneurial success.

The truth is, there is no magic involved in the success stories you hear. The successful entrepreneurs you hear about overcame the odds by dedicating themselves to their own entrepreneurial development. This development then bled into their business and instead of waiting for success to fall in their lap, they went out and earned it themselves!

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