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Who is a Successful Entrepreneur? A successful entrepreneur must be able to make wise decisions about how he uses his time, continually evaluating and prioritizing tasks according to relevance and importance

By Vidur Kapur

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

It's important to state from the outset that there is no magic bullet that can transform you into a rich and successful entrepreneur overnight. However, for those prepared to work hard to succeed, there is an almost formulaic blend of entrepreneurial skills that can help set successful businessmen/women apart from the rest.

Management is the Real Thing

Being an entrepreneur means you are your own manager, as well as manager of others. Your skills need to be extensive in order to to be successful. An entrepreneur should be able to effectively manage people, a budget, operations and in some instances, investors. This requires a multi-tasking work style, planning for both the short and long- term goals of their business. A successful entrepreneur must be able to make wise decisions about how he uses his time, continually evaluating and prioritizing tasks according to relevance and importance. This means including short and long-range planning and the ability to participate in economic forecasting and market research.

Another important factor with many reasons is getting enough sleep. When you sleep, your brain signals your body to release hormones. This helps you focus, and protects and strengthens your memory. The best sleeping hours are between 12am-8am as our bodies have a better blood circulation at this time. This, in turn, contributes to creative thinking, memory processing and positivity. One wakes up with a sense of domination "' I am going to conquer as I give my 100per cent.'' Maintaining an active and healthy lifestyle is a must! Exercise regularly as it also promotes deeper, more restful sleep. One also gets a chance to sweat out their stress and troubles that a successful entrepreneur faces on a life.

Finding and keeping customers is one of the entrepreneur's most important management undertakings because revenue from customers keeps the business alive. Entrepreneurs must have the management ability to juggle clients, troubleshoot problems, over-see customer interactions with employees and ensure that customers are satisfied. Successful entrepreneurs are also continually soliciting new business and developing new business networks.

The Relevance of Social Media

Same way, in today's time and age the importance of social media in business is growing at warp speed. With more and more people joining social media sites and using them regularly, the social media industry is booming like never before! And your business should take advantage of it if you want it to survive. With such amazing growth, every business today needs to leverage proper social media channels in the best possible way because their target audience is hanging around these popular social networks. And they're engaging with their favourite brands and connecting with them on different levels. By giving your business brand the social media touch, you not only generate more business but also connect with your customers better and serve them on a higher level. It actually makes your digital marketing easier. Here are some social media statistics that that prove beyond doubt the importance of it in business:

  • Look out for a minimum of 45 posts a month

  • The popular time for Instagram and Facebook traffic is 12 pm- 6 pm and 9 pm.

  • Instagram stories should be a prime focus as it has proven more business than static posts.

Social media has proven to be a powerful tool when it comes to growing brand awareness. Jumping on the social media bandwagon is no longer a matter of choice if you want to succeed. Your business needs it. The importance of it in business is now more prominent than ever.

One great characteristic of highly successful entrepreneurs is also that they are unshakable and immovable. They don't need external gratification to believe what they're doing is going to work out for them- the day you start expecting gratification from the outside in anything you do is the day you start failing, believe it or not! As an entrepreneur, you are responsible for everything around you and hence, keeping a 360-degree eye around for yourself is essential.

Vidur Kapur

Director of O3+ and Founder of Plunge USA

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