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4 Essentials of Entrepreneurship

| September 5, 2012 | 8 Comments

Half of business including entrepreneurship is mental (if not more).  As small business owners, we encounter both the good and the bad; we get lucky and have misfortune cross our path.

In order to survive and even thrive, the entrepreneur must become relentless in their pursuit of owning a successful, lucrative business that is fulfilling and challenging.  They must learn, learn and learn some more.

Entrepreneurs must also consistently incorporate certain philosophies that increase their odds for success and allow them to dig themselves out of the downs and better enjoy the ups that come with small business ownership.

Here are just four of those methodologies that I consider essential:

1. You Get Lucky When You Create That Luck

You ever look at someone and say that they are lucky and that you wish you could have x?  Well, you probably can.  I’m convinced that we all create our own luck and control our own destiny.

In my business, the recruiting business, there is all or nothing scenario with many accounts that carry high stakes.  For instance, if someone is offered a job and they accept, I make a minimum of $10,000 sometimes the fee will be significantly higher. Conversely, if the job is not offered or the candidate decides that they are not interested, accounts can yield 0 return on time.

Rejection by the candidates or clients happen often in my business and I’ve found that the only way to get lucky (meaning job is offered and is accepted) is to keep at it and not stop.  Eventually, something always hits.

Therefore, instead of wishing you had luck, implement methods to increase your odds of having lucky events fall upon you by engaging in hard work over a lengthy period of time.  Think persistence, persistence, persistence.

2. You Must Set Goals and Figure Out How to Achieve Them

Having a plan is crucial when you’re running a small business.  You must set goals for yourself and your company or you’re not going to know where you want to go and how you want to go about achieving those plans.

Don’t be afraid of failing when setting goals, rather embrace the challenge to keep upgrading yourself as well as your company.

3. Learn From Mistakes, Don’t Get Discouraged

There are many important aspects when running a successful company, but none are as important as gaining a positive mindset and not being hard on ourselves when we make mistakes.

As an entrepreneur, you’re going to make tons of them, therefore you can either get down on yourself all the time, or analyze these mistakes in a neutral manner and make sure that you do your very best not to repeat them. Don’t sweep your mistakes under the carpet, rather analyze then learn.

4. Love What You Do

All too often, entrepreneurs start a business because of the prospect of money that lingers within a certain industry.  The problem is that they quickly learn that money does not come easily in any business and, in fact a more lucrative industry can be filled with tougher competition.

Instead, it is imperative that the entrepreneur love what he or she does and that they choose what business to start based on their personal passion rather than monetary gain as monetary gain can come from any industry, but only if the entrepreneur is passionate about that field.

Another factor to consider is that we like what we are good at, so when determining the type of organization to start, be realistic  with yourself regarding whether or not you will take the time to learn what you need to in order to become an expert in your field of choice.

In the End

Anybody who wants it bad enough can have a highly successful business and can ensure that they don’t write a resume again.  Though, those individuals must position themselves in a place that is conducive to them being successful.  While it’s not the total package, implementing the above philosophies is a beginning.

Ken Sundheim is the CEO of KAS Placement www.kasplacement.com an executive search firm specializing in sales and marketing recruitment for organizations from over 30 countries.  Sundheim founded the company at age 25.

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Category: Personal Branding, Startup Advice

  • http://twitter.com/Synnovatia Jackie Nagel

    I couldn’t agree more! Another point I’d add is to set up your schedule so that it works for you. If not, you’ll continually be at the mercy of others.

  • http://twitter.com/Synnovatia Jackie Nagel

    I couldn’t agree more! Another point I’d add is to set up your schedule so that it works for you. If not, you’ll continually be at the mercy of others.

  • http://twitter.com/Synnovatia Jackie Nagel

    I couldn’t agree more! Another point I’d add is to set up your schedule so that it works for you. If not, you’ll continually be at the mercy of others.

  • http://twitter.com/Synnovatia Jackie Nagel

    I couldn’t agree more! Another point I’d add is to set up your schedule so that it works for you. If not, you’ll continually be at the mercy of others.

  • http://twitter.com/Synnovatia Jackie Nagel

    I couldn’t agree more! Another point I’d add is to set up your schedule so that it works for you. If not, you’ll continually be at the mercy of others.

  • http://twitter.com/Synnovatia Jackie Nagel

    I couldn’t agree more! Another point I’d add is to set up your schedule so that it works for you. If not, you’ll continually be at the mercy of others.

  • Prime Outsourcing

    A very true article. It is best that you love what you do to gain positive results. When you have fun in every action that you make, then you’ll do best in that aspect.

    Thank you for this. Hope to read a lot of this.

  • Howard

    I thoroughly agree with all four.
    But, doing what you love really strikes home with me.
    People ask me what my retirement plans are and I ask them why I would want to retire because I love what I do. I look forward to helping my clients everyday. And I get paid for it. What’s wrong with that?