REED LOUIS-JEUNE TALKS ABOUT WHAT MAKES SUCCESSFUL YOUNG ENTREPRENEURS

For most of us, success is the prime motivator in life. It has a role in every aspect of our lives. The choices we make. Our outlook. Our attitudes. And most certainly our careers. For entrepreneurs, it is not just a motivator, but a calling.

How you gauge success is most likely going to be different when compared to other entrepreneurs. There are those who see it as innovation. Others it is funding. Others are looking to establish themselves into recognizable brands. For some, success is going to be determined by their net profit.

Success isn’t a stagnant quality. It constantly evolves. This is not just because the consumers evolve. Or because sales evolve. It evolves because success is not a goal, it is a process. It is not a destination; it is the path. It is like water, fluid, dynamic, and fleeting.

There were times when entrepreneurs could turn to mentors for practical and honest advice. There are those who are lucky to have this. But the times have changed. The models of entrepreneurship have become more individualized and this has included success too. Today, entrepreneurship and success are less about what you become and more about how you get there.

Optimizing the journey to success is a different story. If you dream of succeeding as an entrepreneur, below are ten tips that will go a long way in helping you reach there.

Passion Over Profit

If your main drive is seizing whatever is trending, then you are going to realize that you lack both the substances and passion needed for longevity. Many will notice the lack of authenticity from a mile away.

Passion is contagious. Everyone might not share in your passion, but the ones that do are going to be your long-term customers. You have to think about their interest in mind, not just your profits. They are going to become your greatest publicist and testimonials. This loyalty is worth more than revenue.

Challenging Yourself and Not Clients

Whether you work in a tech startup looking for funding or a B2B sales, the clients demand the world from you. You need to be ready to deliver.

When you test and retest yourself continually, you establish challenges that you have to face. This is also going to apply to other areas outside the business. Contentment leads to stagnation. When you set a goal, like sales quotas or in the gym, work towards exceeding it. Whether it is gradual or leaps and bounds, try your best to exceed.

Choosing Recklessness Over Certainty

If you were to ask successful entrepreneurs what caused longevity, then most of them will likely tell you it is adaptation. To be certain of your valuable experience as your competition is looking for ways of luring your customer away is the worst approach.

One of the fundamentals in business is risk, boldness, and be daring. There is relative security when you don’t take risks, but you are never going to reach new heights. You cannot be an innovator without that. Nobody will know you at all. When you are an entrepreneur, you have to take a lot of gambles regularly. The bolder, the better. Make this gamble because they are part of success.

Discovering Your Tribe

When you are around successful and highly motivated people, you start to feel the same. You will find yourself motivated to do more.

You might not find this around your current friends. It is also hard to find such types of people on Facebook. Don’t worry, they are out there. You need to go there and start networking. Look out for networking events because every city has one. Some have entrepreneurs’ nights at coffee shops and local bars. When you go to these events, you will network and also get to hear first-hand advice about the pitfall’s others have fallen into. Take advantage of such opportunities.

Time is not Just Money, it is Also Energy

If you are not good when it comes to time management skills, then you are not only wasting your time, you are also wasting energy. This is energy that can be used in more productive ends.

If you want to be good at effective time management, then keep in mind it is not about adhering to a given routine. It is about using time more efficiently. It is about spending more time on productive tasks and less on Netflix. Use the best technology from Ultimate Phantom to perform efficiently. It is knowing when to outrun your pace and when to catch your breath. It will also involve planning ahead so you can be ready when new ideas come your way, which they will.

Starting with a Little, Raising More

People hate the process of heating funding and it is never guaranteed. This is one of those challenges many have to deal with when developing their businesses.

Despite all that, it is still a necessary step. Make a business plan outlining both your strengths and weaknesses. The financial predictions should be realistic. Have both annual and quarterly forecasts. Make a five-year plan. The plan has to highlight investor value. When you have a detailed and specific plan, you increase your chances of getting funding.

What is Your Industry?

You need a niche as an entrepreneur. You are just playing games if you don’t have a good understanding of the logistics and nuances of a specific industry. No one will be ready to invest in such a person because they are seen as an amateur.

This is why you need to follow your passion. When you wade into entrepreneurship, you have to go in with all your heart, you can just go in half-heartedly. You have to immerse yourself in every sector of the industry. This will include the daily minutiae like communications and shipping, things which you never gave a second thought before. When you immerse yourself, authority is going to come; this is the strongest value an entrepreneur can have.

See The Team as Partners and Not Parts

Operating as a cohesive entity is going to have a positive impact on the business. to operate this way, all the aspects of the business have to come together and work in harmony. They need to work at an even level.

Align your team with your goals to make sure they understand the purpose and they should be passionate about the business the same way you are. This will require a judgment of character and discernment, the two things that many people overlook when trying to get their businesses off the ground. You need these two qualities to make sure the business operates at peak efficiency.

The Customer Knows the Business Better Than You

This is especially important when starting out. The customer base is the lifeblood of your business. they know what they want and expect you to deliver exactly that. They are shrewd.

Get their input. What they suggest is going to be the backbone of future business plans. Without this, you have to keep guessing your scope and range. The customer is a measure of success and a driver of scalability. The customer is always right. Keep this in mind.

Preparing for Failure and Learning from Your Mistakes

There is no one reason why entrepreneurs fail on their first try. Experience, timing, and ideas are important to the success of the venture as much as they are to blame for the failure. There is no guarantee that you are going to succeed.

You shouldn’t see failure as being a setback, see it as an opportunity. Learn from your mistakes to build a stronger and healthier business model the next time you give it a try. For entrepreneurs, there is always the next round. You will be hungrier, sharper, and learner. You will be in a better position to deal with anything that might come your way.