What Makes a Successful Entrepreneur?
Whenever we hear about big entrepreneurs with millions or billions of Dollar net worth then we simply we wish to be like them. So what? If we wish to be millionaires and billionaires after all everyone dream from Lamborghini s to enormous mansions to executive trips of resorts. However only few people succeed to become successful entrepreneurs while many end up with nil account balances or even drown in massive debts. A fear of debt dose not mean we shall not think of becoming entrepreneurs after all these self-made people were not born with multi-billion dollar assets. So let me discuss few important guideline that shall help you in your life, although it might not make you billionaire but will surely give you enough to live financially healthy life.
1 To do list
Forget making long term professional relation with your client if you are not punctual in fulfilling your promises because all your impression will end up no matter how much skills you are equipped with or how attractive personality you hold. In order to attain punctuality write down all important schedule either in diary or mobile phone
2 Written Plan
Before initiating any work it is essential to copy the entire plan from your brain to a piece of paper also called mind map. After making mind map arrange them in well-organized manner and make sure you follow your plan although in some cases you might feel the need of adjusting your plan in accordance to the situation
3 Abstain from day dreaming
One of the major reason for the failure of entrepreneurs is that they make wrong estimation of the cost to initiate a business consequently they bankrupt soon. For example if I think cost of building shop (including labor material and taxes) will be $10000 but in actual it cost altogether $25000 then there is a high probability for me to run out of cash, therefore forcing me to take high interest rate loan which will simply have drastic impact upon my Net Profit in fact it may even turn into Net Loss (and ultimately bankruptcy). So it is must to confirm market price of all the expenses instead of making wild guesses. This is one of the biggest entrepreneur failures
4 Moderate Risk
Simply it is unlikely to get sufficient profit without taking some sort of risk. It does not mean you put all your money in gambling because it may lead to disappearance of your entire wealth with a blink of eye, however take a moderate risk like construct a shop or invest in stable stocks
5 Regular Savings
In our life time we face financially good and bad days, thus it is crucial for us to save a proportion of our earnings (In my opinion at least 30%) as savings in order to overcome the financial burden in case we get fired from job or face other emergency
In this enormous world it is hard to lay a successful life without the assistance and support from other human fellows hence cooperate with others and pay them their fair share as it will encourage them to use all their efforts which will be surely beneficial for everyone.
These were only few core guideline to aid you to make bright career. One day when you become highly prospered entrepreneur then do remember me in your prayers