Composites of Entrepreneurial Success and Failure


An entrepreneur has much to learn in order to be successful. Among the educational requirements are: The day-to-day complexities of running a business, creating and/or producing products, delivering services, making money and dealing with the public. The biggest challenge of all, however, is to develop an understanding of yourself.

Entrepreneurs must come to grips with what they want and what motivates them; this will support their willingness to face adversity – that is bound to arise – and come out as winners over the long term. Successful entrepreneurs will have learned to transform their thinking, allowing them to prevail where others fail along the way.

True entrepreneurs struggle with their business ventures just like anyone else and for a variety of reasons, among the most obvious of which are a lack of capital, lack of understanding about marketing, and personnel issues. However, from my own entrepreneurial experience (32 years in real estate and mortgage financing business), and what I know of others, there are three underlying causes of failure when individuals pursue entrepreneurial ventures.

  1. They tie the success of their business with their own self worth.
  2. They neglect to set realistic goals and plans for themselves and their business.
  3. They are not prepared to pay the price for success.

True entrepreneurs with the right mindset will prevail over a period of time because they will have learned to understand certain fundamental maxims of entrepreneurial success.

Playing the part

Successful entrepreneurs, in contrast to those who fail, have learned to separate their standings in life from their self worth or self-identity. They understand that positive performance or failure in their own venture is not a judgment of them as individuals. People who are inclined to measure their self-worth against their venture performance are inherently adverse to risk and seek to remain in a perceived comfort zone.

Being able to differentiate these two identities allows them to see risk differently, and manage it better, which in turn lays the groundwork for success as an entrepreneur. People who have risked failure, experienced it, and learned from it, have not only learned how to separate their business performance from their self-identity, they’ve also learned the lessons of risking and failing.

These risk takers have a clear understanding that early failure in ventures is a natural part of successful start-ups. They are able to embrace those experiences, learn from them early and move on. This is critical to success as an entrepreneur. They must be willing to face and deal with early failures in order to prevent ultimate failure.

Objectives

Even though much is said and written about goals and objectives being necessary for success as an entrepreneur, few people learn the mechanics of successful goal and objective setting and planning. It’s not the plan but the planning that is important, and the goal setting process allows them to develop the confidence to take risks and fail.

Successful entrepreneurs are not only goal driven and goal oriented; they have learned to put into place the steps required to plan strategically and put forth reachable goals and realistic objectives. Visualizing goals, writing them down and putting together a detailed plan for achievement provides the confidence and motivation to prevail.

More than just business or operational plans, they have goals and objectives for all the important roles in their life. They have learned early that if they aren’t working their own plan they are probably working on those set forth by someone else. They chart their own course, embrace risk-taking leadership positions, make adjustments as required and prevail over a predetermined period of time.

Paying the price

As with any other aspirant to accomplished fields of endeavor, an entrepreneur understands that in order to be successful s/he must be prepared to pay the price at one time or another. There are really no overnight entrepreneurial successes. In fact, it has been said that overnight success generally takes 15-20 years. One of the early prices that entrepreneurs are quite often forced to face is the “re-making” of themselves in a way that can propel them to grow beyond the comfort of their sphere of influence.

Since most people tend to stay within their own psychological comfort zone, they begin to lose the risk taker mentality. They are comfortable with the type of person who is more like them, while the successful entrepreneur moves on to a different circle of associates who understand the journey.

Breaking out, being your own person and venturing into the risk induced unknown is lonely but bold and forces the risk taker to face the new set of circumstances. Consequently, there can be a new-found stress in old relationships.

It’s been said before that pioneers get shot in the front and the back, and only through a process of separating the venture performance from self-worth, being open to risks, prevailing through adversity, sticking to set goals and objectives, and adjusting your plans will you be prepared to pay the ongoing price that must be paid if you are to be a successful entrepreneur.

Boost Activity On Your HBB Website Using Offline Methods


A major concern of all Home Based Business (HBB) Entrepreneurs is to get Traffic to their websites. Most entrepreneurs endeavor to promote their business online but, unless the website is ranked high in the major search engines, traffic will be hard to come by. This problem can become more frustrating and demoralizing when you are new to Web Marketing and have a low advertising budget.

Promoting your Web Business offline is a great way of getting over this problem while at the same time creating an image for yourself and a brand for your Home Based Business. Outlined below are popular, free and inexpensive offline methods that have been proven to work, are still very effective today, and can easily be followed by most entrepreneurs for promoting their businesses Offline.

Word of Mouth:

Word of mouth is one of the best forms of advertising your business. Pass the word around about your Home Business and your website. Let your friends, acquaintances, kith and kin get to know about it. More often than not you will find a few people who are prepared to go out of the way to help you in your efforts.

Jeff Bezos, founder of Amazon.com and one of the most successful entrepreneurs of the Web Marketing era places great importance to this mode of promotion, and he should know. He said on more than one occasion, “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful”

Business Cards:

Many entrepreneurs – and especially those who are new to business – do not realize the importance, significance and effectiveness of a business card. The card projects your business image and credibility. Seize the opportunity and pass the card on to friends and acquaintances at parties, seminars, conferences, clubs and other functions. A place to get started is Vistaprint which will supply you I00 cards free of charge if you contact them.

Flyers:

An inexpensive method of promoting your Home Business Offline is by distributing Flyers. This can easily be produced using your own resources part of which should be a computer. Provide all the details of your home business and your URL as briefly as possible.

Flyers can be distributed door to door with the help of your family members. They can also be placed at community centers, bulletin boards, libraries, malls, super markets and other places where people gather.

Brochures:

A well designed brochure always captures the attention of potential customers. This too can be done on the computer. If you are unable to design it yourself there are several sites in the internet that will help you design one yourself. One such site is http://www.mybrochure.com. Once it is ready, place them in clubs, bars, supermarkets and libraries.

Automobiles:

While we’re on the subject of inexpensive ways to promote your internet business Offline, let’s take a look at placing bumper stickers or magnetic signs on your vehicles. Have your website address, phone number and URL displayed clearly. This is a sure way of getting your website noticed by hundreds or even thousands of people everyday. Your friends could also assist you in this endeavor. Give them some of your products free as an incentive.


Classified Ads and Write up:

Placing Classified Ads in the local newspapers is a great way of promoting your Home Business and they do not cost much. Place a few ads on a regular basis and then request the editor to give your Home Business a small write up in the newspaper. Editors are always on the look out for news and if you are lucky your request will be granted. This will without doubt give your Home Business a great boost.

Novelties and Promotional Items:

Everyone loves free gifts. Items such as pens, key chains, coffee mugs and refridgerator magnets are popular and inexpensive gift items. Imprint your business name and URL on these items and distribute them at conferences, seminars and community meetings.

Promoting your home based business offline requires a certain amount of effort, public relations and organizational skills. Remaining motivated and dedicated is the secret of success in most businesses and the end result of all your efforts will be a steady stream of prospects, loyal customers and traffic to your Web Marketing website.