When I started out on the road of entrepreneurship it was an exciting experience. I remember having my cards printed, my logo designed and an incredible website built. I had an education in business and I was ready to take on the world. However, I learned quickly that it was going to take more than excitement to excel in business. When excitement fades you must have the energy and education necessary to succeed in the demanding world of business. I learned a lot and I want to share some of my most valuable lessons with you.
Go into business with realistic expectations
According to Forbes, over 543,000 new businesses are started every single month. It is also interesting to note that more businesses shutdown than startup each month. Now I am in no way trying to kill your business dreams. I am just trying to give you the facts about the odds that you will face in business. Forbes reports in another study that 8 out of 10 new businesses will fail. Yes, that literally means that 80 % of new businesses will fail.
You will need to be empowered to be the exception to the rule. It will take more than excitement and a good idea to succeed in business. It will take hard work, discipline and an advanced learning curve to thrive in business.
You will never succeed as an entrepreneur without confidence
While I admit that I was not very confident in the beginning, it dawned on me quickly that you will never close major deals without confidence. You have to believe that your product or service is viable and that what you have to offer is valuable. You cannot succeed second guessing your abilities. Dress the way you want to be addressed. In addition, work on your communication skills. A lot of entrepreneurs never succeed because they are terrible at communicating their visions.
Before you spend tons of money on marketing campaigns, I would advise you to spend the majority of your time learning to be an effective communicator. Beautiful presentations without skillful pitching will leave you broke and penniless.
You must master sales
When clients come to me for coaching, I am always amazed at the number of entrepreneurs that hate sales. Understandably, I am not a big fan of sales either. However, I learned quickly that sales were vital to the sustainability of my business. No product or service will sell itself. You are the greatest spokesperson for your business. You need to connect with your customers. More importantly, you need to sell them with a compelling and convicting story. If you do not have customers, you need to show up in the ideal places that your potential customers are. You cannot sell products without being seen. If you want to be a master at sales you must mix product knowledge with exceptional people skills. Sales is a foundational pillar in your business.
Possess strong financial acumen
One of my greatest advantages was the fact that I was a finance major in college. Now you have to understand that this does not automatically set you up for success. However, it does give you an advantage over most entrepreneurs. MIT reports that more than 50% of Americans lack adequate financial literacy. This number is very disturbing and extensive research is being done globally to look further into this problem. As an entrepreneur you cannot afford to be financially illiterate.
You may need to take some finance or accounting courses. Entrepreneurs must be able to read and understand financial statements. In addition, I recommend that all entrepreneurs study business cycles, trends and industry data. Your financial literacy is vital to you understanding the bottom line of your business. Without proper financial literacy your business is destined to fail.
The road of entrepreneurship will be rocky
However, with resiliency and real solutions you can achieve breakthrough success in your business. You improve your odds of success when you identify and attack weak areas. Stay committed to your business, keep developing and I am sure that your business will thrive.
About the Writer
Jamelle Sanders is the CEO of Jamelle Sanders International. Jamelle is committed to empowering entrepreneurs and leaders around the world to live up to their true potential and to profit wildly in their businesses. Jamelle is a life coach, business strategist, author, leading empowerment specialist and highly respected thought leader. Jamelle serves as a regular contributor to The Huffington Post, Elite Daily, Inspiyr and various other platforms. Jamelle has been featured on NBC, HuffPost Live, Young Upstarts, Addicted 2 Success and numerous other media outlets. Jamelle has successfully empowered leaders and entrepreneurs around the world to succeed in life and business.