Tips for Entrepreneurial Success

Posted on October 20, 2017 by Matt Williams, One of Thousands of Executive Coaches on Noomii.

Entrepreneurs are among the brightest, hardest working, most passionate individuals alive. Unfortunately, studies bear out that the life of most entrepreneurs is marked by longer work hours, higher stress and lower earnings over their work life than that of their employed counterparts. So, how can you stack the odds in your favor to become the exception?

Dream Big – Is your dream bigger than you? You were created to accomplish great things. Each of us has the power to achieve remarkable things if we can learn to step outside of our own self imposed limitations. Recognize and identify the fears and limitations that are holding you hostage then step beyond your fears and “risk” success. Achieving your true potential requires that you risk failure.

Focus – With so many things required of the entrepreneur, it’s often a challenge simply determining priorities. As a result, the things that are required for long term growth of the business are often set aside due to the urgent. Employ a time management system and be deliberate in the use of your time. Setting up clear boundaries for yourself and your staff will help the entire organization achieve efficiency around current demands and provide the time necessary for the longer range objectives. Every “goal achievement” guide indicates that if its “planned” there is a much greater likelihood of success – give yourself that chance every day by planning it and managing your time well.

Execute consistently – no-one is good at everything. While many entrepreneurs have the ability to understand, and perhaps even execute, all of the necessary components of the business (i.e. sales, operations, marketing, etc) few enjoy all of the components. Play to your strengths. If you don’t enjoy an aspect of the business, the likelihood that you will do it consistently well is pretty small. Understand what you do well and secure the resources to address the other areas. Be careful though, this means to assign the responsibility – not abdicate it. Assigning it requires that you scope the responsibility, establish measures and remain engaged enough to provide necessary guidance and feedback. If just thrown over the fence in a “hope for the best” approach – it probably won’t happen.

Solicit feedback – many entrepreneurs become entrepreneurs because they “can do it better” or simply “want to be their own boss”. While perhaps not verbally expressed, accountability becomes something to avoid. As a degree of success is achieved, ones ability to examine oneself and their business practices may become tied to ego and maintaining what has been achieved rather than continuing to reach for the “dream”. What began as an exciting adventure turns to a monotonous “job”. Find an accountability partner. Someone who will engage with you, help you clarify your steps and help you remain accountable to acting upon them. It can be a welcome way to vent, solicit feedback on ideas, clarify challenges and help you move consistently forward toward fully realizing your “dream”.