From professionals who are combining side hustles with their regular employment to full-time business owners, and startup founders, more and more people are venturing into entrepreneurship.
One of the most common motivations is a desire for autonomy and freedom. Owning and running your own business allows you to be your own boss and have a significant level of control over your life and career.
You can build the kind of business you want and make your own decisions based on what you think is best for your business. This freedom to make decisions without seeking permission from a boss is a strong motivating factor for many entrepreneurs.
Another motivation is the possibility of financial success. Entrepreneurship offers the promise of higher income and greater financial stability in the long run. By starting your own business, you can tap into a market and create something unique that can generate a steady stream of income. With the right strategy, entrepreneurship can be quite lucrative.
Others venture into entrepreneurship out of the desire to make a difference in the world. They can fulfill this desire by developing products that help people, creating services that solve a problem, or working to improve living conditions and make the world a better place.
Furthermore, some people are attracted to entrepreneurship because of the challenges that come with it. These entrepreneurs enjoy the thrill and excitement of starting a business. They are driven by their passion for the product or service they are launching and the joy of seeing their work come to life.
We also have those who are looking to leave a legacy of extraordinary influence and impact. You can start a business that helps you achieve something larger than yourself. This could be a goal like building a company that provides gainful employment for hundreds or even thousands of people.
The aforementioned motivations are just some of the reasons people are making the choice to become entrepreneurs. When you consider the possible benefits, it’s easy to see why more and more people are opting for entrepreneurship. But that is not the full story.
As inspiring as the idea of entrepreneurship is, the vast majority of entrepreneurs do not come close to closing the gap between their reality and their envisioned future. Many entrepreneurs go out of business in the first few years, and among those that survive, only a few go on to truly achieve their goals and aspirations. Entrepreneurship is a journey that requires dedication, hard work, and delayed gratification.
Why do some entrepreneurs succeed while others fail?
There is a lot of hype about entrepreneurship. As a result of this, many people start off without counting the cost. So they come into the terrain without the readiness to do the work and develop the qualities that will lead to success. Those who go on to be successful usually have a mix of entrepreneurial qualities such as the willingness to try new things and learn from failure, the ability to take calculated risks, effective leadership skills, financial intelligence, and a clear vision for their business.
On the other hand, entrepreneurs who fail may be missing some or all of these traits and may not have a plan for how to make their business work. Also, entrepreneurs often fail due to insufficient funding, poor execution of business plans, and a failure to make necessary adjustments in response to shifting market conditions.
At the end of the day, your success as an entrepreneur will depend on how well you can combine the right factors and follow a well-thought-out plan. One important factor in this regard is having the right set of core values to guide your actions and decisions.
Core values of success-oriented entrepreneurs
Core values are the fundamental beliefs that guide your behavior, decisions, and strategies as an individual or an organization.
Your core values will influence the way you run your business and determine the kind of strategies that you execute. They will also shape your company culture and the way you interact with customers, partners, and team members. [Click to tweet]
The most successful entrepreneurs understand that success is not just about making lots of money; it starts with having the right set of core values to undergird the business.
Let’s talk about seven core values that you should try to live by if you want to be a successful entrepreneur.
1. Growth mindset
Success-oriented entrepreneurs have a growth mindset. This explains why they are always eager to learn and grow. They have an open mind and are willing to take risks in pursuit of their business vision.
By making a growth mindset one of your core values, you can improve your problem-solving, resourcefulness, and creative thinking skills, all of which are necessary for you to succeed as an entrepreneur.
Entrepreneurs understand the importance of staying true to their goals and never giving up. They don’t allow setbacks or failures to dissuade them from their path. Rather, they muster inner strength to push through difficult times.
Success-oriented entrepreneurs understand the importance of resilience in achieving success. They know that it’s not just about having a great idea or the perfect business plan; it’s also about having the capacity to bounce back from failure, learn from mistakes, and find creative solutions to problems.
Successful entrepreneurs are quick to adjust their plans to suit changing circumstances. They understand that the business environment never stays the same. So they are willing to modify their plans, strategies, and even goals when necessary.
Optimism is another core value that you must embrace as a success-oriented entrepreneur. It will help you stay focused on your goals despite the odds. When you’re faced with challenging situations, you will be able to see the light at the end of the tunnel, and this will help you stay motivated.
Success-oriented entrepreneurs take the initiative to identify and address issues before they become problems. They also actively seek out opportunities to create value and maximize potential. Proactivity as a core value means that you are always looking ahead, anticipating challenges, and coming up with ways to solve them.
True entrepreneurs understand that they are not in business just to make money but to solve problems, meet people’s needs, and make a positive impact. So they have a clear purpose in mind and are determined to achieve it.
Unlike average business owners, who are willing to dabble in any opportunity to make more money, success-oriented entrepreneurs begin with the end in mind and stay focused on their vision. They are flexible about their strategies and tactics but rigid about their envisioned future.
Every entrepreneur who wants to build a business that will have a lasting impact must take time to think through and clarify their core values. Success-oriented entrepreneurs do not seek more money, fame, or recognition. Instead, they are motivated by a set of core values that ultimately make success inevitable.