Five Tips to Become a Successful Entrepreneur

We all know the story behind the software giant Microsoft started by Bill Gates. The company was a startup by just two friends with several hurdles ahead of them, but with a strong vision in their minds - "A computer at every desktop".

When Infosys was started in 1981, it was just a team of 7 professionals. Today, the company has grown to be ranked #27 among the top companies in India and is one of the Fortune 500 companies.

The list of entrepreneurs is endless but they all had the same thing in common - a strong vision that stayed with them during their ups and downs which helped them achieve what they are today.

Deciding to become an entrepreneur is no small deal and there is no turning back. You need to be sure that you want to be an entrepreneur for all the right reasons. To put it in a different way, below are few reasons on why you must not become an entrepreneur.

- If you want to become rich quickly
- If you want to work less hours
- If you want to work flexible hours
- If you are not disciplined
- If you give up easily

You must become an entrepreneur when you have passion to do something and have the necessary patience, risk taking abilities, perseverance and skill needed to become an entrepreneur. Below are some of the characteristics of accomplished entrepreneurs.

Clear Vision or Goals

To succeed in your business venture, you must always have a set goal ahead of you. Similarly, entrepreneurs should always have a clear vision and know exactly what they are striving for at any point of time. Clear short-term and long-term goals need to be set and be reviewed periodically

Create Opportunities

Successful entrepreneurs always look for and create opportunities for themselves, have an open mind and adjust to fastly changing trends to grow their enterprise. They also create markets if they are not able to identify one.

Established entrepreneurs also look for how an acquisition or merger opportunities can benefit their business. Therefore they look at ideas and opportunities to enhance their business while they also evaluate inherent risks. This attitude needs to be nurtured by all aspiring entrepreneurs.

Know Your Business

Once you have identified a line of business, you must have in depth knowledge on the intricacies of the business. Knowledge about the current and future demand, supply, competition and financial requirements are essential before you kick start the venture.

If necessary, a vocational training can be taken under some expert in the field who is willing to impart hands-on training.

Effectively Manage Finances

Once you have a business startup, you need to create a business plan and set apart funds for all the working expenses and taxes to be paid. You can either do this yourself or hire a professional who is willing to do this for you.

The banking needs of the company, the working expenses, loans and working funds for the company all need to be managed. How the returns from the business would be managed and the insurance needs for the concern also need to be taken care of.

Hard Work and Discipline

Last, but not the least, for any business to be successful, hard work and perseverance is a must for any entrepreneur. You must be willing to work without time constraints to take the business forward. Discipline to work during worst times is the litmus for any successful entrepreneur.
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