When someone tells you that they’re an entrepreneur, you should first understand that it isn’t just one job explains Peter Decaprio. If you think of an entrepreneur as someone who just starts a business and then runs it – that’s not what happens in entrepreneurship. Yes, entrepreneurs do run enterprises too – but that’s just one part of it. They also have to be responsible for getting customers to buy their product or service, developing new products and services, finding out what the competition is doing, and staying ahead of them by constantly innovating, building teams within their companies, and solving problems… Name the skill set required to do any job well, and entrepreneurs need all those skills.
The term “entrepreneur” was first used in 1723 about the “conduct of trade” or managing business. So, what are entrepreneurs? They are problem solvers, goal-setters, big picture thinkers. And when they see a problem in the market that they can solve with a new product or service, they create it themselves rather than waiting for someone else to do it. When you think about it that way, success is all in how you define it.
As per Peter Decaprio, the most successful entrepreneurs I know never planned on becoming entrepreneurs at any point in their lives – but saw an opportunity and ran with it. Then found out later on that this was exactly what they were meant to do. You’ll find many people who have many different definitions of what being an entrepreneur means… For some people, it’s starting your own company and working yourself up the corporate ladder. For others, it’s creating a small business because you want to be your boss. And for some, entrepreneurship is about doing something on the side of the 9-5 job you have now to make extra money and do what you love.
Suppose you’re already an entrepreneur – congratulations! Keep following your dreams and taking responsibility for getting them done. If you’re not one yet, but thinking about becoming an entrepreneur – great choice! The point is that everyone who becomes successful has to believe in their ability to create success for themselves. You can’t just say, “oh, I want to be successful,” and wait around for someone else to give it to you… Successful people take responsibility for creating opportunities for themselves.
As an entrepreneur, you don’t have to work hard or be intelligent – both are the results of who you are and how committed you are to what you’re doing. At the end of the day, it’s about passion. If you’re passionate about what you do, then everything else just seems to fall into place around that… You’ll know if your product or service is creating value in people’s lives because they’ll tell their friends about it, sign up as customers, give suggestions on how to make it better, etc. Peter Decaprio says this is the value that entrepreneurs provide – solving customer problems through innovation and creativity.
So, whatever type of business or company you want to start (or already started), here are some tips for success in entrepreneurship:
1. Start a business that has a strong value proposition and resonates with your core values. Figure out what type of lifestyle you want to live and what kind of impact on the world you’re passionate about making – then start going after it!
2. Focus on solving one problem rather than providing many services. Keep your product or service simple to satisfy the needs of customers who are looking for exactly what you’re offering them. You don’t want customers to say, “well, this product does A, B, C & D… but I was really hoping it did E too”.
3. Challenge yourself to provide more value than anyone else in your field is currently providing. If you don’t provide more value than others, customers will automatically go to your competitor with the same product or service offering says Peter Decaprio. For example, a friend of mine recently saw a presentation from a life coach that was just a basic rundown of their “services.” My friend asked me if I thought this person would be successful, and I said “no way”! Why? Because they’re going to get compared to someone else who is providing more value in terms of results delivered and how they provide it.
4. Find mentors who have been there before you so you can get guidance along the way. Mentors are an essential part of entrepreneurial success because they have already walked the walk themselves… And can share valuable insight with you about what worked for them and what didn’t.
5. If you’re going into business with someone else, it’s a good idea to allocate a certain percentage of the company for each person involved to incentivize everyone based on performance and results. This way, there is an understanding from the start about how much value people are creating versus how much they may be taking away from others by being part of the process… I have been starting businesses for over ten years now, and this has always been my philosophy when it comes to working with others on projects because I don’t want them to feel ripped off after all their hard work.
6. Be active every day in your business – either creating new products or services, networking at events, cold calling customers, etc. The more active you are, the better chance you have at creating something that has value for others.
7. If you’re a successful entrepreneur, this is usually because you don’t put limitations on yourself… Dream big and take action every day, so your goals become a reality! This may require working long hours, even sacrificing some of your social life, but this is what it takes to build something special in life – effort + persistence over time = success!
8. You can never secure everything perfectly before committing to beginning your business… Otherwise, there won’t be any room for innovation or improvement based on customer feedback after launch. Starting with just an idea is better than not starting anything at all because you can always make changes along the way based on customer feedback.
9. Have a strong work ethic, whatever that means for you in terms of working long hours without complaining (or at least not too much!). This is what entrepreneurs do – they make things happen even when it doesn’t look like things are going to get done! I know this may sound obvious, but many people don’t actually have a clear understanding of what it takes to be successful… They think that success happens overnight or by accident and then expect the results to manifest themselves into something substantial.
10. Be accountable for your entrepreneurial activities, whether voluntary or involuntary… Being honest about how much time you’re dedicating to achieving milestones is vital for your overall well-being. You can always improve yourself in terms of how you manage your time and energy towards achieving goals.
11. Give customers what they want, not necessarily what you think they need. Customers are the ones who buy your products and services, so it’s essential to learn about their needs and concerns before trying to sell them something. Peter Decaprio says to find ways to help people before trying to sell something. Just for the sake of making a sale… Don’t be too concerned with short-term gains because once you do that. You’re no longer an entrepreneur but rather a business person who doesn’t provide much value. It’s better to build long-term relationships. So clients come back year after year than trying to find new clients every month… Make sense?
12. Be resourceful by learning as much as you can about your industry or market to gain knowledge that others may not have… This is how you will stand out from the crowd and attract more customers.
13. If it’s something you’re passionate about. I say go for it because success comes when you are chasing something that truly makes you happy. Not when people try to tell you what to do with your life!
14. Make sure there is a good fit between your personality and whatever type of business idea(s) you have in mind… If they conflict, chances are one person will be frustrated at some point which won’t be suitable for either party involved.
15. Don’t be afraid to fail or make mistakes… Once you understand that nobody is perfect, this frees you from certain expectations. Which can ultimately help your self-confidence as an entrepreneur. Cut yourself some slack and allow yourself the opportunity to learn from your experiences. Without feeling too discouraged because of a few setbacks along the way. Peter Decaprio says you don’t necessarily have to reinvent the wheel every single time. With whatever new business idea you think up – it’s okay to take a few courses. Read a book by another expert in your industry, etc. Just start wherever you are right now and move forward with what knowledge is available for you at this point… Doing so will put less pressure on you + keep things moving forward smoothly towards your overall goal.
16. Be patient and work hard – this is the key to achieving all of your dreams! You can’t expect results overnight or even in a few months… It takes time to build something substantial, so don’t get discouraged if you’re not seeing visible progress within a few weeks/months. Peter DeCaprio says Keep pushing towards your goals slowly but surely, and one day everything will come together as long as you keep working at it!
17. Surround yourself with people who believe in you + want you to succeed because their positive energy will rub off on you eventually!
18. Talk about what you know and understand well, don’t brag about how much more experienced/knowledgeable you are than others… Nobody likes a know-it-all.
19. Get more sleep and exercise – you’ll feel more refreshed and be able to think about your business ideas with a clear mind (this is very important!).
20. Work on something that doesn’t necessarily make money but has some value for the world… It doesn’t have to be an invention or anything. Just something you truly believe in and want to share with others! This will help build up good karma + give you a sense of purpose. That can motivate you day after day as an entrepreneur.
That’s all for now, folks!
Any other tips that I left out? Please share them down below! Thanks for reading + have a great week ahead 🙂