5 Fundamentals Successful Entrepreneurs Build Into Their Strategy Business is a minefield of what we can't anticipate or control. The key is building that into your plan and, more importantly, your backup plan.
By Kimanzi Constable Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
If you were to study successful entrepreneurs what you would find might surprise you. The things that make them successful aren't a mystery. There weren't any "silver bullets" that propelled them to success.
Too often, we're looking for that one tip or trick that's going to make all the difference in our business. The reality is that with a few simple tweaks of the "basics," we could be just as successful.
We live in a great time to be an entrepreneur and there are many opportunities all around us. There are also many businesses that are doing the very same thing as ours.
To thrive today you can't conform and copy. To be successful, you have be different and stand out. Here are five things to help you stand out and that successful entrepreneurs do differently.
Related: 7 Things Great Entrepreneurs Don't Do
1. They model, not copy.
When you're frustrated with the lack of progress and income in your business, you naturally look to those who are successful. You think if you copy what they're doing, you could get the results they're getting. Unfortunately, it doesn't work that way.
When you're the carbon copy of someone else, people will do business with that person, not you. Model systems that work and use successful frameworks. Learn from the strategies that make them successful, but do it in a way that's unique to you and your business.
2. They're clear about who their customer is.
Successful entrepreneurs serve a specific target market. They realize that you can't reach everyone, and if you try, your efforts will be ineffective and scattered. To grow your business, you have to spend your time and resources in the places that will get you the best results.
Chasing people who will probably never buy from you is not a great use of your time. Time is money for entrepreneurs. Wasting it in the places unlikely to generate income is not what helps you become successful.
3. They don't rely too heavily on any one strategy.
Social media has been great for businesses, but it has become the crutch for too many entrepreneurs. Successful entrepreneurs have a very diverse strategy that doesn't rely too heavily on any one thing. They realize that at any time, what used to work might now anymore. They leave room to pivot.
A case in point is the algorithm changes for Google and Facebook. There were some entrepreneurs who businesses folded because they relied to heavily on one strategy. The smart entrepreneurs moved on to plan B.
Have multiple ways to market your business, develop multiple streams of income, have an emergency fund and a back-up plan.
Related: Is Your SEO Strategy Ready for Google's New Algorithm?
4. They keep it simple.
We live in a time when information is readily available. Everyday, we listen to podcasts, watch videos and read blogs that give us amazing strategies to grow our business. The problem comes in the form of information overload.
We get stuck because we get confused on what we should be working on right now and what will lead to the best results. Successful entrepreneurs firmly believe in the speed of implementation. How fast can you take a good idea and create a product or service from that idea?
Successful entrepreneurs realize that seeking perfection is a curse. Instead, they get their idea to market and improve upon it through customer feedback. They keep it simple by learning, then implementing.
Keep all aspects of your business lean and clean. From your website down to your social media profiles, don't confuse or frustrate people.
5. They don't let self-limiting beliefs stunt their business.
At some point in their journey, every successful entrepreneur has struggled with self-limiting beliefs. You will too. These beliefs are things that you're telling yourself that hinder the actions you take in your business. They beliefs could be:
- Your content isn't good enough.
- You can't raise your prices.
- There's too much competition.
- You don't have enough credentials.
- You don't have enough resources.
Successful entrepreneurs have beaten these self-limiting beliefs and keep them from creeping back into their mind. If you're going to be successful in anything, it starts in your mind.
Despite all the bad news about our economy, your business can thrive if you focus on things that create success. Here's to you and your businesses success.
Related: Cultivating The Mindset of a Successful Entrepreneur
