Entrepreneurs are a major influence in our societies today. They provide jobs, products and services for the masses. A lot of them run many different types of businesses, whether big or small. They can range from companies of 10 employees up to fortune 500 companies. They also create different businesses as well, such as coffee shops, candy stores, and computer stores. There are some entrepreneurs that decide to start an online business from scratch, as to starting an offline (or a brick and motor business). So as you can see now there are many different types of entrepreneurs, perhaps thousands of different ones in the world, because after all there would not be many places to shop at and eat;) Being an entrepreneur sounds like an exciting journey, and it is! The journey may be exciting BUT there has to be certain traits that these fellow business people need to have so they can thrive. This is what separates them from most people, here they are
1. They have tremendous work ethic
This is by far the most important in the list. You can dream as big and bad as you want, but you are not going to accomplish a certain goal if you don’t work for it. There’s an old saying that says “you reap what you sow”. Entrepreneurs really take this saying to heart and that is the reason why they are so successful at a lot of things that they do. They know that practice makes perfect right? WRONG, that is absolutely not right, or possible. Now you may be saying to me “WHAT? But Omar I thought you said that any thing was possible!” Yes anything is possible! That is as long as you are not violating the laws of nature and the Universe. When it comes to trying to be perfect you are doing that! The saying should be “practice creates mastery” not “practice makes perfect” because there is no such thing as perfection.
Anyways entrepreneurs know that in order to be skillful at something they are going to have to learn from their mistakes, or someone’s mistakes. Because lets face it, making mistakes in life and in business is inevitable and that already takes the word “perfect” out of the equation. It is a known fact that being persistent can make the odds much better at becoming successful. There are some instances where people say that it takes at least 10,000 hours of practice to become a master at a chosen field. Talk about hustle!
2. They don’t let obstacles bring them down
Entrepreneurs have this “keep pushing” mentality to go when times get rough. They know that obstacles are a way of life telling them “lets see if you can pass this wave” or “how badly do you want it? They see these obstacles as life testing their abilities and determination. Having this kind of mindset is stupendously good for your success chances because it would be so hard to quit. This is known as the growth mindset, otherwise known as being adaptive to the mistakes you make and then getting better at what you are doing in the long run. There are different obstacles that you are going to encounter as an entrepreneur however.
You as entrepreneur should be able to prepare and expect that you are going to encounter these problems some time during the journey, the first group i am going to define “External Obstacles” in which I am going to divide them into sub-categories called “Business obstacles” and “personal obstacles”. Then after that, I am going to define “Internal Obstacles” and divide that into sub-categories.
These type of obstacles run galore during your journey as an entrepreneur. These are one of the toughest obstacles to overcome as to the reason why so many entrepreneurs get frustrated and quit on there future successful business. But if you are a very strong minded and passionate entrepreneur you would keep going despite these obstacles. These business obstacles can come in the form of…
Loss/lack of capital
This is a very common obstacle one would encounter in the business world. You could lose a little bit of money or you could lose a lot of money. I believe that this is the main business obstacle on why so many entrepreneurs stop dead in their tracks. In order for a business to start and keep functioning, it needs money. The problem is when most people start a business, they don’t have the capital to start its foundation and/or don’t have it to keep a business running.
The main factor when starting a business is that you have to invest quite a good amount of money into it, before it starts picking up momentum and generating money for you. It could take months to years to have the business to start generating money. So you are going to have to keep investing money into it for that amount of time until you hit the “jackpot”. Most people don’t have the necessary capital to do this. Successful entrepreneurs know that they need to make the necessary capital to be able to be able to do this with ease. There are many ways they do this, which I would list down below.
- They get a higher paying job
- They get 2 jobs
- Use other peoples money (with permission)
- Save as much money as possible
- Use their money wisely
You see, there are a lot of ways that you and other entrepreneurs out there can fix these money problems if they have a REALLY strong desire to succeed in life. Most people say they want to start a business but they don’t take take the necessary steps to do so. I can guarantee you that if you ask ANY successful entrepreneur what they have done before they reached that level of success, they would tell you at least one of the things that I have listed here.
So if you are planning to be an entrepreneur, or you are already one and you are struggling with business in terms of losing money, please read this part!
Wrong choice of partnerships
Choosing the wrong people to work with you on your business endeavors can be disastrous to you and your business. You might choose people who are very untrustworthy or unreliable. Some of these people might not know how to do the work, or they might tell you lies! In rare cases they might be thieves waiting to take away your business profits! There have been many instances where entrepreneurs have been successful at everything else, but because of the lack of planning to choose the right people to work on his/her circle, they wind up getting in trouble, or worse the business goes bankrupt and collapses.
Would be successful entrepreneurs know for sure that choosing a partnership can make or break their business. So in order for them to weed out the “rotten tomatoes” they need to make important decisions and take certain precautions so they can succeed. Here is a list of them.
- They have a background check on their potential partners
- They ask what are their strengths and weakness
- Respect one another
- communicate often
- Discuss your long term goals
Don’t let the amount of things that you see here scare you away from doing these things. It is going to take some work and elbow grease, but after all anything in life worth having doesn’t happen overnight and doesn’t come easy. So what better way to start now?!
So what I just showed you are a list of obstacles entrepreneurs face and their techniques that they use to find solutions to their problems. To put it bluntly, it is all about common sense, so these are really not “techniques” or the “secrets to success” that they use. Its all about changing things and making the best of them.
More to come on the next post!
I am going to write a continuation of this post on a separate post if you want to see it, click here, you would be amazed!
The bottom line is that obstacles and roadblocks are temporary in life and business. So as long as you keep pushing and moving forward no matter what gets in your way