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What Makes a Successful Entrepreneur

Whenever we hear about big entrepreneurs with millions, our ego rises to a level of selfishness. A fear of debt does 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 a billionaire but will surely give you enough to live financially healthy life.

1  To do list

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Forget to make a long-term professional relationship 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

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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 a 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 with the situation

 

3   Abstain from daydreaming

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One of the major reason for the failure of entrepreneurs is that they make the wrong estimation of the cost 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 on my Net Profit in fact it may even turn into Net Loss (and ultimately bankruptcy). So it is a must to confirm the market price of all the expenses instead of making wild guesses. This is one of the biggest entrepreneur failures

 

 4   Moderate Risk

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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

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In our lifetime 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 another emergency

 

 

6 Socialize

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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 a bright career. One day when you become highly prospered entrepreneur then do remember me in your prayers

 

 

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4 Comments

  1. Renaud & Sarah November 19, 2013
    • chevypowell November 19, 2013
  2. Renaud & Sarah November 19, 2013
    • chevypowell November 19, 2013
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