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Where do you see your business within the next 10 years? Perhaps you’re laying the groundwork for a scalable startup that will create the best solutions for your industry’s market or you’re building a small scale business that will sustain a modest lifestyle. Whatever your business goals are, you definitely want to be a successful entrepreneur. We all have our own interpretations of what a successful entrepreneur is, but certain general principles guide an entrepreneur to success. In this post, we look at some of such principles and how you can apply them to become the best entrepreneur you can be.

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Be Full of Energy

The excitement level of an entrepreneur is a good indicator of whether they’ll succeed or not. How excited do you feel about that new business idea? How much time are you willing to invest in it without feeling overwhelmed? Does your passion for it outweigh the risks? If you can’t answer these questions without contemplating, then you may want to rethink your business venture. Ensure you run a business that gets you excited to get out of bed in the morning.

Invest Your Time Wisely

“No matter how much money you have, you can’t buy more time.” – Bill Gates

Time management may be well what makes or breaks your company. No matter how much you have going on, being busy all the time won’t amount to much if you don’t give priority to the initiatives that are most important to your company.

Be Ahead of Your Time

The best entrepreneurs are those who are knowledgeable and can make accurate predictions about their fields. In Bill Gates’s book, “Business @ the Speed of Thought”, which he wrote in 1999, he predicted the emergence of personal assistants and Internet of Things (IoT), smart houses, social media, and more. He was able to foresee far into the future, not because he was a magician, but because he possessed the entrepreneur’s greatest asset – experience. To be ahead of your time, strive to gain a lot of experience in and outside your field. Hone skills that are relevant to your business. Take calculated risks. Jump at opportunities. Strive to learn from more experienced individuals. Do anything worthwhile that will propel you to the forefront of your industry.

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Seek Out Sound Advice

To be on the right track in your endeavours, you must surround yourself with like-minded individuals. This goes beyond business to even your personal life – friends, spouse, colleagues, etc. Surround yourself with individuals who can always tell when your judgment is not its strongest and can correct whatever blind spots you may have.

Pick the Best Hands

Even if you have all the skills, talent, and credentials to run a business, you won’t go anywhere if you don’t have the right team around you. This is important whether you want to go into a partnership or employ new staff. Ensure that the people working with you share your vision and have something to bring to the table.

Remember to Persevere

If there’s one thing we can learn from successful entrepreneurs, it is that they have not just success stories but failure stories as well. Failure is inevitable. This is why it is always part of an entrepreneur’s journey. It is not the failures that count but how you respond to them. Giving up may be tempting, but if you keep on pushing, the potential is limitless.

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