3 Things That Separate Average and the Great Entrepreneurs

Anyone can be an entrepreneur. It’s fairly easy to get started, you just need an idea and enough determination to make it happen. But not just anyone can be a good entrepreneur.

While anyone can start a company, keeping it running, making profit and addressing the changing needs of your market is a completely different thing. Not only will you need to be able to manage a business, but you will need to be able to identify the people who will bring the most to your company.

So what would bring you into the realms of greatness? If a good entrepreneur can make a business work, what is it that projects some businesses into the stratosphere of their industry? How do you go from average to great?

Research

Anyone can be an entrepreneur and you can start a business that does pretty much anything you like. You don’t need a degree or any qualifications to set up a business but you do need to have knowledge. While you might think that mining is just about hacking bits of rock away from a face, just a bit of research away is the knowledge that you need to test the ground first using magical instruments called inflatable packer accessories.

Research is essential at every point of your business. You need to show your clients that you are an expert in the services or products you provide but you also need to keep an eye on where the industry is going as a whole. The more you can research, the easier it will be to feel sure that you are going in the right direction with your own business and strategies.

Market research is also crucial for success. You must know what sort of market you are entering and how your company is likely to be received. But this isn’t just important when you are starting up; you must continue to do market research to see how you can improve your offering and bring in more clients and customers.

A great entrepreneur never rests on their laurels. You must keep up with the crowd if not attempt to stay ahead. Research is the only way to do this.

Pragmatism

When it comes to life, pragmatists have a bad reputation for being a bit boring. While optimists dream of incredible success and throw caution to the wind, a pragmatic entrepreneur will make a list, set a plan and work towards a goal. While many entrepreneurs start out as optimistic dreamers, the transition from dreams to reality is what transforms a company and takes it to greatness.

For all that optimists seem more fun, the harsh reality is that these entrepreneurs aren’t really in touch with what is actually happening. You need to be honest with yourself about your business: acknowledge what isn’t going so well, identify areas where you could make improvements and be clear about where you stand in the marketplace. Being at the bottom of the heap doesn’t make you a failure – it just means that you have a greater opportunity to improve.

Your main job as an entrepreneur is to manage people. Just like the captain of the ship, you can’t be running around trying to do every job. It is your role to ensure that everyone is working at their best and the business as a whole is working well. An optimist might be able to rally a team but a pragmatist can help individuals improve and knows when it is time to move on and try something else.

Admitting Failure and Moving On

Not every business venture can be a complete success and if you ask any business owner or entrepreneur, they will definitely be able to tell you a few brilliant stories about their own disasters. Failing is part and parcel of owning a business and though it’s never fun to lose money or realise you’ve missed an opportunity, the main thing is that you can acknowledge the fault and work out a sensible way to handle it.

One of the best ways to approach failure is perfectly summed up in a quote attributed to Thomas Edison: “I have not failed. I’ve just found 10,000 ways that don’t work.” This is a great approach because while it acknowledges that something has gone wrong, there is still an optimism that there is still a solution out there. This is exactly the kind of drive an entrepreneur needs.

It is a bumpy road to success but if you are open to new ideas and approaches, you can smooth your journey. Rather than sweeping your failures under the carpet, you should take the time to analyse what has happened in the lead up to the disaster and what you might have done differently. For example, you might look back and realise that you overspent on a particular material or you didn’t start your marketing campaign early enough.

Though going over the fine details of a failure can be a bit painful, just remember that this isn’t personal. You are entitled to go through a learning process just like everyone else and the more you learn now, the easier going it will be next time. The people who make the same mistakes over and again are the ones who pretend that those mistakes didn’t happen. Wear your mistakes proudly and you will set yourself up for success in the future.

Getting to be a great entrepreneur takes time and skill but it also requires a lot of understanding. You need to be kind to yourself, be realistic about your capabilities and willing to learn from your mistakes. The most successful entrepreneurs can sometimes seem arrogant but when you consider what they have gone through to get there, you can see why they have confidence. They’ve learned all their tricks through various failures: they are armed with knowledge and know what they need to do to succeed.

You can do exactly the same, all you need to do is get started.