12 Secrets of Success for Young Entrepreneurs

fm Nigeria News NAIJ.com 05/15 enhanced by Peter/CXO Wiz4biz

Basics. Successful young entrepreneurs know that success in business comes from: 1) making products that customers need, & 2) providing superior customer service which will make customers want to come back – again & again, thereby, 3) raising profits.

High Risk. Research has shown that > 300M try to start every year – around the world. 90% fail within the first five years of operation, due to various factors, but the 10% that succeed owe their success to certain qualities displayed by the entrepreneurs operating them. So what are these qualities? Here are some of the qualities that young entrepreneurs have developed – that have succeeded:

1. Quick & Creative: It is useful for entrepreneurs to possess an creative mind. A mind that thinks quickly and intelligently to identify a need and move swiftly to fulfill it or detect a defect & fix it asap.

2. Obsessive: True entrepreneurs are business-conscious people who are completely obsessed with business opportunities and can easily identify one – even when others don’t see it. structured and provided with good management.

3. Dynamic: A true entrepreneur must possess the energy & enthusiasm to convert business ideas into reality. This is the ability to:
1) put together a realistic Business Plan/ Strategy which helps them survive [boot-strap], until they can secure finance to grow their business,
2). work hard to pull out their business from a state of declining profit (ie, due to economic conditions), to a margin of profitability through
3) take advantage of new opportunities by spotting trends and adding new product lines to meet the changing needs of customers.

4. Leadership Skills: This is one of the top keys to success in business, because an entrepreneur should be able to hire a team, delegate, direct, initiate actions, communicate, control, inspire & motivate the team towards achieving organizational goals.

5. Courageous: Successful entrepreneurs are courageous people who usually cope with the risks associated with running a business – a tough target market, a harsh economic environment, the risk of losing one’s total investment, etc. Despite all these risks, they take it courageously, because you never know for sure – until you try.

6. Make Good Decisions: The capacity to exercise a good sense of judgment, plays a significant role in your being a successful entrepreneur, because entrepreneurship involves making decisions (ie, in choosing between alternatives).

7. Ability to “understand” the Market: Having a good knowledge of your prospective customers [Target Market], coupled with information on what their specific needs are, before making decisions associated with the market – such as product, place, price & promotion – which are critical issues in a successful business.

8. Hard Working: Successful entrepreneurs usually display the capacity to work for a long hours in their business. And very often they do not see the long hours invested as working, but feel as if they are enjoying the challenge. This attitude is attributable to their love for their business. This explains why it is extremely necessary for you to engage in a business – which you truly love.

9. Ability to accept Failure: As you embark on your entrepreneurial journey, you are going to experience a lot of strange things in the business. When you do, you can look so stupid. You may begin to say to yourself: “Why do I allow this to happen with all my experience”. Quit worrying about it. Accept you made a mistake and move on. To succeed as an entrepreneur you must develop the capacity to take mistakes as a learning experience that equips you to be able to pursue your entrepreneurial dream better – to create a successful venture.

10. Having more than a Profit Motive for setting up your business: because you’ll never succeed. This is very key because of the “get-rich-quick”-attitude is self-defeating. No business can survive without repeated customer patronage and favorable “word of mouth” recommendation from satisfied customers.

11. Networking: to enhance the success of your business. You can do this through joining trade associations, social clubs & relevant business associations for ideas and contacts to promote their business.

12. Persistence: True entrepreneurs often demonstrate the capacity to hang on to their dream against all odds. If they try one method and it does not work, they will try another and another – until they eventually get the one that works. Those close to them are naturally going to think that they are out of their mind for persisting. Indeed, in business, you will constantly have to draw from the reserves of your resilience to weather through the storm of ups & downs, strains & stresses, pains & gains – that are part and parcel of your drive to excel. It may take significantly longer to succeed than you thought. If you think it’s worthy, hang in there and keep trying different options – till it does.

Comments: Is there anything you can add, to help a Young Entrepreneur succeed? Have you mentored any?