The success factor for entrepreneurship is not just relying on luck. Even the wise man said that luck is when opportunity meets readiness. Without it, both are nothing.
Therefore, stop thinking that successful entrepreneurs out there were able to reach their current position just because they were lucky.
The following are several success factors that you must take into account to become a successful entrepreneur. Want to know what’s going on?
What is Entrepreneurship?
Entrepreneurs are those who create new ideas, assume most of the risks, and enjoy most of the benefits later.
Indeed, there is no definite definition of what entrepreneurship is and each person can have a different definition. But whatever it is, entrepreneurs play an important role in driving the economy.
They use their skills and initiative to anticipate needs, bring their ideas to market, and create opportunities within them. Until in turn, they will reap profits from the risks they have faced.
Those who successfully face risks and turn them into opportunities will be rewarded with profits and growth opportunities. Even so, the success they created was not just the result of luck.
Many factors influence success in entrepreneurship. Both those that come from within him and encouragement from outside.
Factors that Influence Entrepreneurial Success
The following are factors that can influence entrepreneurial success.
1. Strong Will and Determination
An entrepreneur must have determination and a strong will to continue to develop the business. That way, you will not feel quickly satisfied, always be optimistic, and continue to be encouraged to make better efforts from time to time.
2. Discipline and Resilience
To succeed in the business world, an entrepreneur must have high discipline. This habit will help them to maintain commitment, be persistent and resilient whatever the challenges they face.
In this case, entrepreneurs must be able to develop the ability to adapt and remain steadfast in facing difficult situations.
3. Courage and Confidence
An entrepreneur must also be able to develop a courageous and confident attitude. However, courage in this context is not random courage. However, the risks and consequences that may be faced in each decision have been measured.
Then be confident in their decisions and believe that they have and will always do their best. Whatever might happen in the future.
4. Innovation and Creativity
Innovation and creativity are important capital for entrepreneurs to develop a growth mindset. By continuing to think about it, they will continue to find new, innovative and creative ways to improve quality and develop better decisions to answer market needs and maintain the relevance of their products.
5. Knowledge and Experience
Knowledge and experience, both of which can be learned and gained formally or informally, as flying hours increase. At a minimum, an entrepreneur must have knowledge of how to manage managerial and business operations.
Meanwhile, experience is the best teacher who will add to the “contribution” of knowledge to support him in making wiser decisions than before.
6. Take advantage of and create opportunities
The next success factor for entrepreneurship is being smart in taking advantage of opportunities and turning them into opportunities to develop a business. In this context, entrepreneurs must have careful thought and consideration before taking action.
Thanks to their instincts, great entrepreneurs often succeed in turning something that once seemed impossible into a great achievement.
7. Managerial and Leadership Ability
The ability to manage a business is included in the success factors of entrepreneurship. Not only how to create innovative products and convert them into leads, but also how they can lead, inspire, and bring their entire team together to develop the company’s vision and mission in harmony.
8. Careful Planning
Successful entrepreneurs do not move sporadically. Even though it seems like that, an entrepreneur must still have careful planning. They must be able to understand the consequences of every decision taken so that they are better prepared to face any situation that may occur.
It would even be better if they put it in a written document and detail it into a business plan.
9. Have capital and know how to find it
Entrepreneurial success factors of course also depend on the capital owned. Generally, the more capital you have, the more “leeway” you have to try to develop best practices.
Even if their capital is limited, they know how to obtain additional business capital. Whether by looking for angel investors, crowdfunding, applying for loans from financial institutions, and so on.
10. Extensive business connections and relationships
One of the success factors for entrepreneurship also lies in its ability to build extensive business connections and networks. That’s why it is very important to increase relationships with fellow entrepreneurs, investors and consumers. Apart from adding friends and knowledge, this can also help you in difficult times.
Last but not least, every business needs good administrative and transaction documentation. This can help you track the progress you have made. Is it in accordance with the business plan you initiated or are there things that need to be improved?
But all of that is impossible if you don’t have detailed and comprehensive business records. But don’t worry, you can use the Labamu application to manage all the administrative data and business transactions that you carry out.
It’s easy, just download the application via Google Play or the App Store. There are many features available and you can use them according to your needs. Good luck!
