Entrepreneurship can be one of the most fulfilling paths you can take.
Have you dreamed of starting your own business and how that might change the world? Are you looking for a faster and more consistent road to success on your current entrepreneurial journey?
Perhaps you are already on your way and looking for the best ways to scale your current business, while you still maintain control over your time and continue your pursuit of joy and happiness in your life.
Whether you are already an entrepreneur or aspiring to be one, there are time-tested tools, tips, and techniques that you can employ so you can enjoy more personal and financial success along with the ultimate rewards and satisfaction that being an entrepreneur can offer you.
In this article, you will learn about the characteristics of entrepreneurship that will help you become a successful entrepreneur.
Table of Contents
2 Basic Rules for Being an Entrepreneur
Rule #1 – Mindset Is Your Fundamental Success Tool
As an entrepreneur, developing a positive and productive mindset should be your first goal and a fundamental characteristic that you work on daily.
Mindset is the cornerstone of success. Starting with a positive mindset will always be your best defense when you run into the inevitable challenges on the road to entrepreneurial success.
According to Stanford psychology professor and author, Dr. Carol Dweck, one of the world’s leading authorities on mindset, there are two types of mindset: fixed mindset and growth mindset.
Fixed mindset is a belief that you are born with certain traits and they are immutable or unchangeable.
However, Dr. Dweck’s primary focus surrounding mindset is on developing the growth mindset: a belief that learning new skills and abilities can be strengthened through commitment, persistence, and work.
With a commitment to the growth mindset, you become an unstoppable force with access to unlimited mental resources that you will need for long-term success.
Rule #2 – Mindset + Strategy = Your Success Formula
With your positive and productive mindset in place, you can more easily implement your chosen and necessary strategies to start, grow or scale your business.
A mentor once shared with me something that has always stuck with me:
“The most positive mindset is only valuable when you take action on the right strategies…and in turn, the right strategies are only temporary if you don’t have the right mindset. Mindset + Strategy = Success.”
Depending on your business, you will have multiple strategies at your disposal. It is not the purpose of this article to give you specific strategies for your market or industry.
What you will learn here are universal strategies that apply to any entrepreneur, for any business, at any time in history.
Here are 8 characteristics of entrepreneurship essential to success:
8 Characteristics of Entrepreneurship That Lead to Success
1. Be a Little Obsessed (okay, maybe more than a little)
Entrepreneurs start a business for one of two primary reasons:
The first is that entrepreneurs are passionate. We want to change the world with our visions, and we are obsessed with being a catalyst and driver for change.
The other is that we see a solution to a problem and a way to capitalize (read: make money) on that idea.
Typically, entrepreneurs share both of these reasons, but the most successful ones are driven by the passion for change. We have a very big “WHY” for doing what we do.
Having a clear vision will help motivate you to get out of bed every morning and make your mark on the world. So, be very clear about why you are on this journey. Then go ahead and be a little obsessed and reap the rewards of your passion.
2. Show Up Every Day With Everything You Have
Jim Rohn once uttered this powerful quote:
“What is easy to do is also easy not to do.”
It takes fundamental self-discipline and drive to achieve your goals as an entrepreneur. One of the greatest gifts of entrepreneurship is the ability to control your destiny. If you make good choices about where you direct your time, you can get a lot done quickly and efficiently, giving you time for self-care, family, recreation and the other things in life that are more important than a successful business.
The hidden landmine of being in control of your destiny is that it is also very easy for us to procrastinate, especially without some accountability. Procrastination can be the bane of our existence.
One of the most important characteristics of success in entrepreneurship is discipline. It is also one of the most challenging for many of us to master.
Let’s face it, there will be days when you just don’t “feel like it”. But the show must go on. Those moments require you to pull out your strongest mindset and discipline practices like your morning routine.
3. Practice a Solid, Productive And “Non-negotiable” Set of Morning Routines
One of the most important elements of productivity is to “master your morning.” If you master your morning, you will master your day. If you master your day, you will master your life.
This varies from person-to-person, but here are some activities that you will want to include in your morning routine:
- taking some time for silence or meditation
- visualizing your ideal outcomes
- reviewing your goals
- reading and training
- generating new ideas.
Practicing an effective morning routine will make you more productive, hone your self-discipline skills, and help you to chip away at your bigger goals, one small task at a time.
Developing an uninterruptible and non-negotiable morning routine protects your most valuable and creative resource: your time.
4. Persistence Prevails When All Else Fails
One harsh reality that every entrepreneur will face is what I call “hitting the wall.”
Hitting the wall can take many forms, including creative blocks, feeling like you are running out of ideas, a business or financial obstacle, or a personal challenge that tries to steal your focus. I would love to tell you that you can avoid hitting the wall, but realistically, you can’t.
So, what do you do about it?
This is where the previous attributes and characteristics of entrepreneurship come into play. The discipline of simply showing up every day with everything you have is powerful.
In his inspiring and down-to-earth guidebook for anyone in the creative space, which includes entrepreneurs, The War of Art, Stephen Pressfield powerfully and eloquently addresses this idea. Pressfield refers to the problem as “resistance”, and the solution is simply being persistent, or as he puts it: “doing the work.”
5. Be a Perpetual Learner
Stay hungry. Stay on the top of your game.
In today’s information-based society, tactics and strategies change in a heartbeat. Therefore, it is vital to your success that you stay up-to-date and on the cutting-edge of the latest developments in your field.
Equally important is reading (or listening to) books that inspire you and help keep new ideas flowing. Listening to audiobooks through platforms like Audible is a great way to “multitask” your daily “reading” with other activities, like working out or driving.
When you study successful entrepreneurs, you will find that daily learning and reading is a non-negotiable part of their success formula.
6. Sharpen Your People Skills
Sometimes running a business can feel like trying to herd cats. Customers, clients, and team members all require a slice of your time in some form. While having the right team in place can bring order to your chaos, it will also take some effort and patience on your part to learn to manage that team.
No man (or woman) is an island. It takes a team; a community; a movement to build your tribe and create the ultimate satisfaction, success, and freedom you desire as an entrepreneur. To truly create a significant impact in the world, you will need more than just you.
Because everything in successful entrepreneurship requires human interaction, it is important that you sharpen your communication and leadership skills. This allows you to accommodate the various cultures and personality types that you will encounter on your path.
There are tremendous resources available to help you hone your leadership skills. If managing your team feels like you are herding cats, then take a cue from #5. Tap into the communication and leadership training you need to master your herding skills.
7. Acknowledge the Little Wins Along the Way for Both You and Your Team
When you are striving to achieve big goals, it is easy to lose sight of the smaller successes that happen along the way.
Entrepreneurs tend to gauge their successes based on hitting those bigger goals. But it’s the little steps that you will take, each and every day, that will ultimately make all the difference.
Take a little time at the end of every day (or during your morning routine) to acknowledge your wins from the previous day. This is important to do for yourself, as well as for your team members.
Everyone loves to be appreciated. Your team and company morale will soar when you take time to acknowledge both the big and small successes accomplished by your team members. Have fun with this! It makes a huge difference in overall performance, productivity and even the health of your team.
8. Remember to Take care of Yourself in the Process
Entrepreneurs are notorious for falling into one of two categories when it comes to self-care.
The first is always taking care of everything and everyone around them while neglecting to give themselves the same level of attention and care.
The second alternative is becoming so obsessive about their work and life mission that other important parts of their lives get out of balance.
If you are an entrepreneur (or an aspiring one), chances are that you have or will run into one of these two situations at some point. Neither one is particularly healthy. And neither one will provide high levels of sustained productivity over time.
Take the time to care for yourself while you pursue your dreams and your life purpose in the form of your entrepreneurial journey. That means eating healthy, drinking plenty of water, taking breaks throughout the day, getting regular, consistent exercise and plenty of sleep, and spending time with family and friends.
Where Do We Go From Here?
Regardless of whether you are embarking on the exciting and fulfilling journey of entrepreneurship for the first time, or if you are a seasoned entrepreneur, or even if you fall somewhere in between, take a little time to assess where you are with each of these areas.
Give yourself the gift of a quiet moment to review your current situation and perform an honest evaluation. If you have trouble with clarity in any of these areas, consider asking friends, family members, and team members how you are stacking up. You may be surprised at what you discover about yourself.
What other areas are important in your life and business?
Remember that successful navigation through the world of entrepreneurship requires reevaluation. There is no such thing as your life and business being separate. The two are intimately connected.
When you find the balance that works for you, the results can be inspiring and rewarding at levels you may not have imagined yet.
More Tips for Aspiring Entrepreneurs
Unsurprisingly enough, all businesses are online today. Considering the advances in the smartphone industry as well as the increasingly accessible internet facility, it was only a matter of time before businesses took advantage of the online environment.
This increasing popularity makes for a promising future for a lot of young entrepreneurs. And knowing how to start an online business will open up a world of possibilities for you that was not possible 10 years ago.
So, keeping the potential for exponential growth in mind, let’s dive into the article below, and explore the steps of starting an online business that will bring you success.
1. Becoming the Master of ‘ONE’ Trade
Most successful online businesses are the master of one trade. And that’s why beginning with a niche is always a good idea.
A niche market is a focused segment within a larger market. Imagine a men’s shoes market and then, imagine handcrafted brown Italian leather shoes for men. While the previous one is a bigger market, the latter one is simply a more focused segment within that market.
Knowing the niche helps a lot to start an online business and if you are feeling a bit lost, here are some self-queries that will act as a perfect guide:
What Speaks to Your Heart?
This first way of discovering the niche is perfect for those who want to do what they love. Working in a market that you love will ensure that constant excitement and drive to do better, eventually leading to ultimate prosperity.
Decisions Based on Knowledge
The second way is perfect for those who have a lot of untapped knowledge about a specific industry. Utilizing the insights on a specific industry is a great way to find a niche. This way, you’ll already know all the ins and outs of the industry and can easily get ahead of all the competitors.
Lastly, conducting research into various industries and finding an untapped segment is another amazing way of finding the right niche. This practice will require you to come up with a new and unique solution for uncatered audiences.
2. When Is Your Idea Valid?
All the great ideas for starting an online business needs to be valid. And once you have found the niche, this validation process is what comes next.
Proving the soundness of the idea is not at all hard. A detailed industry examination is all you need initially to understand the value of the concept and recalibrate it to turn into a great online business.
Market research is a systematic unraveling of the target market. This research will include all the information on the product/service you are about to sell, the target audience, and how the competitors are operating in this crowded market.
This in-depth research will give you the initial idea of how the products can make an impact in the outside world. And once the small online business ideas are validated, it will be time to move on and craft a plan and start working on establishing the business.
3. Crafting the Map to Success
Having a proper plan for an online business is like having a map when you travel to an unknown city. This is a document that includes all the factual information on the business and crucial business data.
To help you out, here’s a list of all the information online business plans must include:
- An idea of objective – The best online business plans always have a clear outline of the business goals and intentions. Having this clear outline will increase the efficiency of business functions later on. The target demographic, business model—all kinds of information needs to be a part of this document.
- Taking stock of available resources – A startup needs to utilize all the resources it has, and that’s why the plan needs to have an in-depth outline of the financial resources in use as well as the employees and their expertise. With a better idea of all the resources in hand, starting an online business will be an easier process.
4. The Virtual Storefront: A Process of Development
The steps of how to start an online business are incomplete without the website creation process. With the right website approach, you can easily succeed in increasing business revenue.
What does that perfect business website look like? Let’s follow these steps to create an effective business website.
Choose Your Approach
There are numerous ways of making a website and for a positive outcome, you need to choose the perfect approach. Depending on the business model, initial finances, and end goals, there are two kinds of approaches for the online storefront:
- Third-party approach – Third-party platforms will connect you with the customers out there. For small online business ideas, Creating an account or site with these platforms will be beneficial because these platforms come with a large array of services as well as a big enough existing consumer base ready to utilize.
- Creating a new website – A business-specific website will help you eliminate the third party go-between and connect directly with the buyers. With this approach, you get more control over the business and how it is presented to the consumers out there and the revenue you make. Any of the above-mentioned approaches can be beneficial for easy online business startups. However, to achieve some specific business goals, having a customized website will be more beneficial for you.
Design Can Bring You Maximum Success!
For those who have decided to create their own site, the design is of paramount importance. With a great design, you will be able to engage and interact with the visitors better and encourage them to make a purchase.
The design, however, is not just a matter of aesthetics. A website’s design encompasses all aspects of it, from the visual effects to the content that’s used on the site.
To create a truly amazing design that reflects new online business concepts here are a few matters to consider:
- Keep it responsive – Many markets are simply skipping over the desktop phase and launching the business for mobile users around the world. Considering this popularity of the mobile internet market, the business website has to be responsive. This approach will help you to reach a bigger audience and conduct business on a larger scale.
- Users want a fast experience – Using high-quality images on the site does improve the visuals, but make sure all those images are compressed. Having a faster website will enhance the user experience on the site. Besides compressing all the media content on the site, you can also utilize an asynchronous loading technique that loads all the contents simultaneously, reducing friction. With a faster site, it will become easier to implement the online business startup ideas into reality.
- Define the brand – The design stage determines a lot of things for the business website and one of those things is the business image. To make an impact on the world with the business, you have to create a perfect image and for that, a brand guide is necessary. The brand guide is a document that includes all the information and guidelines on various visual elements on the site that makes up the business personality. Based on the kind of image you want to create, all the elements will be outlined in this documentation.
Where the Website Becomes Reality
Since we know how website design helps to launch a successful online business, it is time to move onto development. Online business development is where the idea becomes a reality. And to make this reality perfect, you need to make sure that the development and deployment process goes well.
A high performing site always includes all the right features that enhance the user experience as well as helps you to convert more traffic. And for the best results, ensure the use of only the latest tech stack during development.
Here are some development issues you have to pay attention to while building the business website:
- The right partner makes all the difference – For small startups who are wondering how to start an online business, finding the right development partner is going to make all the difference. However, before making a decision, there are a few things you should contemplate. The team that you are about to hire should have experience in catering to your industry, as well as an extensive portfolio and good reviews. Additionally, it will be perfect if the agency or freelancer also provides a 360-degree service, from development to maintenance.
- How to assure the quality of the site? – Testing the site is an integral part of the answer to the question of “how to start an online business?”. An experienced partner will be able to help you the most with this. From security testing to split testing, this stage in development will help in understanding how well the site functions and what needs to change. And once the changes are made and the test results come clean, it will be time to launch the website.
5. Some Tricks to Increase Online Sales
Selling online is not easy, but not hard either. In a physical store, you can use campaigns, go door to door with pamphlets, and such. However, successful online businesses have their own style of campaigns that helps them to sell more without any problems.
So, what are these tricks?
Utilize the Magic of SEO
With an increase in quality traffic, the sales ratio will go up too. And to drive quality traffic on the website, you need to utilize the SEO tricks, and probably hire an SEO expert.
When starting an online business site, ensure all the content on the site is optimized to rank for the right queries by target consumers. With a higher rank on the SERP, the traffic will increase on the site.
With the increase in quality traffic, it will become easier for you to convert visitors. The visitor data will help you to adjust the site performance. In brief, utilizing SEO will open the doors to a lot of possibilities for your small online business ideas.
Entice With Free Value
Consumers today have lots of options to choose from. And keeping all that in mind, it will be wise to create a business plan for an online startup that provides free value to the users before asking them to buy something.
Consumers want to buy from someone who knows what they are doing, especially in the case of a curated service or goods provider. And that’s why to turn the profitable online business ideas even more effective, you need to start offering free value on the site, with free products and content.
Having a blog is also another way of displaying your expertise. With specialized content on the industry, you can easily grab the attention of the audience. And once assured of your knowledge on the matter, consumers will feel a lot safer about making a purchase.
A Killer Customer Service Is Everything
Your small online business idea needs a better service option. Using AI-based interactive features to implement better support for the global consumer base will prove to be extremely beneficial. With a 24/7 automated support channel, customers will be satisfied with your business and come back more often.
It’s an Easy Process: All You Have to Do Is to Start
And there it is, the simple five-step process of starting an online business that is bound to succeed. If you look closely, you’ll notice that there are not a lot of differences between creating a physical business and an online one. The main differences are only in the consumer and competitive landscape.
While a physical store faces and caters to local competitors and consumers, the online business has to deal with the same on a global basis. So, focusing well on the global market landscape while crafting the plan will help you succeed.