The Top 3 Success Factors for Entrepreneurs

Posted on September 19th, 2022
Business Skills & Planning Entrepreneurs

The Top 3 Success Factors for Entrepreneurs

While there is no standard recipe for business achievement, there are common success factors that all high achieving entrepreneurs share. This is whether you define your success by the amount of money you generate, the impact your business has on their community, or its longevity.

Looking to thrive as a business owner? Below is a list of pointers to ensure a successful entrepreneurial journey.

1. Be growth-orientated

It can be difficult for business owners to go beyond what they know or what has  always worked for them. However, in the current business environment it’s critical that entrepreneurs prioritise growth if their businesses are to survive.

Cultivating a growth mindset is not as difficult as it sounds. Some ideas business owners can try is investing in their development by learning new skills or enlisting the help of a business coach. Other ideas are exploring new markets or securing the right talent.

Some benefits you can expect by being growth-orientated is more money back into your business, reaching new markets and staying relevant among your market. On the other hand, the lack of growth can lead to stagnation if your business is not attracting new customers or successfully tapping new revenue streams.

2. Work on your mindset

Much of a business’s success comes down to the entrepreneur’s outlook. A positive mindset is indispensable in helping business owners overcome challenges; whether it’s an unsuccessful pitch or losing a long-term client. Additionally, positivity can give owners the confidence to chase after their business goals.

Rapelang Rabana in the article ‘Being an Entrepreneur is About More Than Just Business’, speaks to the importance of having the right mindset in the entrepreneurial journey.

“You will need a lot of perseverance to keep going. No matter how prepared or smart you are, the real test is the ability to keep going.

“As an entrepreneur, you will give and give and give so much of yourself, and after that… give some more.

“If you don’t know why you are doing it (which comes back to understanding of self), you will battle to make the kind of long-term commitment that will see you through the challenges.”

Below are some ways to help you cultivate an important success factor for entrepreneurs – positive thinking.

  • Be optimistic – prepare for the worst, but expect things to work out.
  • Surround yourself with people that inspire you and that you can learn from.
  • Tap into the expertise of a mentor who can provide much-needed guidance and resources.

3. Be passionate about what you do

It’s no surprise that some of the best businesses were launched by an inspired founder who is passionate about the problems their business is helping to solve. Besides being a motivating force, enthusiasm for your business is a great indicator of creativity and persistence to navigate the ups and downs of running a business.

An energetic approach can also be a competitive advantage in business. Sylvester Chauke who is the founder of the marketing agency, DNA Brand Architects, in the article ‘On Purpose, Passion, and Profit’ had this to say about his agency’s passionate approach.

“[Passion] makes us stand out from other agencies. It is really the energy and outlook we have of the world and the approach to our work.

“One that says we are able to influence and lead without being cocky and over embellished.”

To summarise, success factors for entrepreneurs such as the right mindset, positivity, and passion for your business can help generate sustainable growth over an extended period.