The 5 Components of a Successful Entrepreneur

Dictionary.com’s definition of ‘entrepreneur’ reads “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.”

When starting your own business, whether it’s a brick-and-mortar store, a franchise, or an in-home network marketing opportunity, risk is always involved. There is no certainty of what the future holds. That is why it is called ‘risk’ and not ‘guarantee’.

Entering the world of free enterprise can be as scary as it is exciting. With any risk, there is a certain element of fear that comes into play. Even the most business-savvy individuals question what the future holds and wonder if they should listen to people who tell them they’re crazy and making a big mistake.

But always remember this: those who speak ill of your ventures are not putting money in your bank account. If they throw negativity at you, it’s best to ignore them.

The key to opening the door to success is to adopt and adhere to the Five Components of a Successful Entrepreneur.

1) Develop the right mindset –It all starts here. Henry Ford once said, “Whether you think you can or you think you can’t, you’re right.” As an entrepreneur, your mindset will dictate where you’re going and how you’ll get there. To stay the course, it is imperative that you block outside forces that are trying to throw cold water on your efforts. The sooner you establish a goal-oriented, results-driven mindset that blocks out negativity and allows you to learn from every scenario you encounter, the sooner you’ll see the best results from your company.

2) Define your goals and mission –Starting a business on your own without a clear mission and goals to achieve is as silly as taking a cross-country road trip without a map or GPS. With no goals to work towards, he will be lost…and may never find his way back. You have to have a reason why you’re working hard. There has to be something at the end that rewards their work.

And it doesn’t always have to be money. It could be the ability to fire his boss, travel, play golf, spend more time with his kids, whatever drives him. As long as he believes in his goals and mission strongly enough, nothing will stand in his way to help him achieve them.

3) Apply Drive, Passion and Work Ethic –Nothing in life is easy, and anyone who has ever told you that there is a quick and easy route to success is drunk on their own refreshing drink. It takes blood, sweat, tears, passion, and commitment to succeed, as well as a work ethic that keeps you motivated through the toughest of times. You cannot expect the world to fall to its knees in front of you simply because you opened a business. You have to make it happen through your own efforts.

4) Implement a Proven Marketing System to Carry Out Your Mission and Achieve Your Goals –Without a system in place to market your products and opportunities, you won’t make any sales and you’ll be dead in the water. You have to find a way to make sure that what you are promoting is in front of the right people. This starts with educating yourself on how to do it, which inevitably requires a journey outside of your comfort zone.

Remember, Michael Jordan didn’t pick up a basketball for the first time and become the greatest player of all time. He had to work, learn and dedicate himself to learning to achieve great things. Successful entrepreneurs face these same obstacles. But as any successful person will tell you, the learning experience is what makes it fun!

5) Take action and stop at ANY to achieve ultimate successEverything you learn and absorb is worth NOTHING if you don’t take action and do what it takes to be successful. Many people salute the flag of “feeling overwhelmed by overwhelm” or “analysis paralysis” and never achieve what they set out to do in the first place because they lock themselves into an unnecessary need for perfection.

You will undoubtedly face obstacles and make mistakes. But learning from your mistakes will lead you to overcome obstacles, which will inevitably lead to the level of success you desire.

The world of free enterprise is full of stories of both success and failure. And the success stories were born from dedication, sacrifice and commitment. Those who failed either gave up before they could learn what it took to succeed or were in search of the next great ‘get rich quick’ scheme. They wanted the ‘magic’ solution to all their aches and pains without putting in the effort required for true business success.

The truth is, there is no magic involved in the success stories you hear. The successful entrepreneurs you hear about overcame adversity by dedicating themselves to their own business development. Then this development seeped into their business and instead of waiting for success to fall into their lap, they went out and earned it themselves!