The most successful entrepreneurs are driven, highly motivated, and goal-oriented individuals. They always have a clear vision of their end goal, whether it’s being the most dominant player in the industry or offering a unique service that others have shied away from. Merely starting a company is not enough to have a successful career. You need to be able to sustain it. Sadly, 90% of startups fail within the first five years, and only 10% can find success. Sometimes, failure comes due to poor planning or sheer bad luck.
While the new government plans to change some business rules, the basic formula for success remains the same. Without much ado, let’s have a look at what you need to find success in this business world.
1. List Short and Long-term Goals
Setting goals is one thing, but do you plan to track them with time? Do you have any systems in place to keep you on track?
So you’ve listed down your goals. That’s great! It would be best if you broke them up in increments, setting up short-term goals that will act as a platform for achieving long-term goals.
Write down what goals you’re accomplishing this year. Take a step back and think… is there anything, in particular, you should be doing this month to meet that goal? Think again – what should you do this week to take you closer to your monthly goal?
Many entrepreneurs tend to fail when it comes to achieving goals because their thought processes or strategies are flawed. They may be setting goals, but it doesn’t quite inspire them to aim high or set unusually high expectations. Don’t fall for that. Be practical and set attainable goals, and continue to track those goals.
2. Set Deadline-oriented Milestones
So you have clearly articulated goals, but it doesn’t end there – you’re not just in the business of setting goals but achieving significant milestones. Pick a realistic timeframe and estimate by what date you will complete a particular milestone.
In addition, set intermediate milestone periods to act as reference points along your entrepreneurial journey. For example, if you plan to gain about 20% market share in the first quarter, the goals revolving around that will take you to your very first milestone. Done! Cross it off your list and move on to the next one. Keep your chief landmark in mind all the while.
Remember, there are no unachievable goals, only unachievable deadlines. Give yourself time, stick to that timeframe and deliver the goods.
3. Don’t Run Away From Change
Every year holds promise – new technology and trends, legislation, ever-changing needs of consumer groups and industries, etc.
Innovations in the market might completely change consumer behavior.
If you’re far-sighted enough to realize that change is inevitable and you’ll need to embrace it, you are in the black. For example, what are your customers talking about? What do they desire the most? Are there any real benefits you can add to the marketplace?
Try to be on top of these things, and you’ll achieve one of your most incredible lifelong goals as an entrepreneur: continuing to generate revenues and having people approach you as “the go-to guy.”
4. Come to Terms With Your Purpose
It doesn’t matter if you’re a solo entrepreneur or an entire corporation – this one is critical for long-term success.
Aside from generating revenue, you need to know why you’re in this. And this sense of purpose and vision must be shared across your team.
Sit down with a cup of coffee, find a nice view to gaze at, and think about how you want to bring change into the world. How will your product change live? Is your primary purpose of educating and spreading awareness, or do you also want to add a touch of luxury and convenience to people’s lives?
You will probably not come across a single successful entrepreneur today who hasn’t made it big without a well-defined purpose. When you define a purpose for doing business, you’re setting a standard for what direction you need to move in.
So once you have set clear and measurable goals, sync them with your purpose and stick to your guns.
In the entrepreneurship game, you need to have a sense of purpose and fulfill that purpose through meaningful goals, which will help you reach your end goal or grand finale. Embrace change when needed and honor your deadlines to achieve lifelong success as an entrepreneur.
