There may be other rules, but the 3 success rules for entrepreneurs discussed herein are foundational rules.
They will guarantee your success as an entrepreneur.
Every struggling entrepreneur has not followed at least one of these foundational rules.
So, you still can be the best entrepreneur you can be!
Are you stuck in your business? Then, carve some time, seat down in a quiet place, and examine in detail your current situation.
Take some time to identify which one of these success rules for entrepreneurs you did not follow.
You will have a clear picture of what you should work on to be the best entrepreneur you can be.
Let us dive in.
Success rule for entrepreneurs #1 — Getting a world-class education
By world-class education, I do not mean a college or university degree. That is not enough.
You learn by doing and not by memorizing a lot of theory.
How did you learn to walk?
Did you attend a class?
Were you lectured on the basic movements and the coordination required from all the muscles involved?
Of course not!
As the title of a research article by K.E. Adolph et al. (2012) in Psychological Science indicated, we learned to walk by taking thousands of steps and falling a dozen times a day.
In their study of infant locomotion, they reported an average of 17 falls per hour.
Perseverance is then particularly important to get an infant motivated and quite ready for the next fall.
Man, some of those falls hurt!
Entrepreneurs are no different. They learn by having real business experiences that are sometimes painful.
Embrace failure and do not be afraid of it.
The feedback from each painful experience has a specific lesson you need to learn.
Entrepreneurs need a top-notch education.
Entrepreneurs who know what they are talking about should provide that education. They have done it and thus can mentor others.
But getting a world-class education is not a one-time deal.
You should update it on an ongoing basis. The possibilities are endless: read books, attend live events, webinars, or training sessions.
Success rule for entrepreneurs #2 — Being part of an active and thriving community
As humans, we do much more and are more fulfilled when we are part of an active and thriving community.
You cannot expand your network and increase its value if you isolate yourself.
Whenever you have a question or need guidance, you can fall back on the community and get the help you need.
A community fosters cooperation between members. If you do not have that mindset, you risk being ejected from the community.
You cannot be selfish in a group. It is easy to identify selfish individuals and ban them from a group.
Give first, before you can receive. Sometimes you give, sometimes you receive. It is the law of rhythm.
A group mentality can move mountains.
Inside a community, members can form masterminds. A mastermind creates an environment in which you can cooperate in a spirit of harmony.
Success rule for entrepreneurs #3 — Investing your time and money soundly
I am not talking about spending your time and money but investing them.
An investment of a resource has a purpose and you expect a return on your investment (ROI).
Time and money are very precious resources, especially time.
When you spend your time and money, you are wasting them because you are using them frivolously.
Your time and money are too precious to be spent and wasted. They need to be invested. The difference in mindset is huge.
You need to optimize the use of your time and the use of every dollar invested in your business.
Most online business owners jump from one deal or business opportunity to the other.
They develop the habit of giving up at the first sign of adversity. These individuals spend their time and money.
They do not give themselves the time needed to get the results they are aiming for. Along the way, they spend thousands of dollars and have nothing to show for.
Another issue is spending too much time on non-producing activities. This has a great impact on the bottom line of a business.
Time management is a misnomer. We cannot manage time but we can manage activities.
Firstly, identify your high-producing activities. Secondly, allocate your time to them according to their priorities.
At this point, you should have a strong understanding of the success rules for entrepreneurs.
You realize now that you need to work on one or a few of the roadblocks I talked about earlier.
These roadblocks are keeping you stuck in your business.
Maybe you realize that you want to do things right from the start.
No matter the issue you are facing right now in your business, someone has been there before. This mentor can help you fast track your success.
To become the ultimate business owner, here is a game plan.
Educate yourself on an ongoing basis, increase the value of your network. Increase your credibility and industry influence to grow like a successful start-up.
Take a few moments to check this out if you want to join a community that provides mentorship, ongoing world-class education, and discounts to help business owners on their entrepreneurial mission.
This is something you should consider taking a look at if you:
- are just getting started as a brand-new home-based business owner.
- feel stuck in your entrepreneurial journey and need help.
- want an accountability partner to keep you on track on your entrepreneurial mission.
- wish to take a chunk out of your day-to-day expenses.
- would be delighted to get discounts on business & personal services. These services include travel, entertainment, dining, medical and health insurance.
- need funding to maintain operations or to invest in equipment but have not found reliable lenders.
- need access to angel investors to fund your start-up or expand your business.
In conclusion, the resources you need to get your home business moving forward are available at your fingertip!