What makes someone an expert entrepreneur and how can I become one? This is the question I wanted an answer to when I started my first business 6 years ago. We all want to increase the likelihood of success, right? Well, it turns out that the science of expertise has an answer that
is worthwhile reflecting on if we are serious about what we want to accomplish. Most people would answer that become an outstanding entrepreneur you need an appetite for risks, high intelligence and the ability to hustle but a whole stream of research shows that its more likely to be the result of something entirely different. Something that is accessible to anyone but very few actually focus on. If you aspire to become an expert this is what science says you should do.
Studies on experts in many different fields have come to the conclusion that outstandingly high performance is a result of something called Deliberate Practice. It has been shown to be much more crucial than talent as well as mere experience to explain the success of world class chess masters, concert violinists, athletes, surgeons and scientists among others. So, what is it? Well,
basically it is a continuous focus on effectively improving specific aspects of an individual’s competence.
Research on expert performance shows that Deliberate Practice consists of eight characteristics, ranging from being fully absorbed in what you do, repeating it many times over a long period, being self-observing and self-reflecting as well as analyzing feedback in relation to predetermined goals. It requires a lot of effort on a meta-level and is quite different from mere experience or practice. The result is an ability among experts to evaluate incoming information, conduct mental simulations and make superior decisions under difficult conditions. It also involves being able to direct attention to what is most important and to recognize complex patterns and their meaning quickly.
Here are tips to help you as an entrepreneur become successful:
Develop and Nurture Your Passion
Many people misunderstand what passion is. They confuse interest with passion, but passion is the addition of interest and skills. It’s great that you are interested in something, but for your interest to become a passion, you need to have or acquire the skills you need. Sometimes acquiring those skills may be painful, and you may lose interest. However, if you persevere and still maintain interest, that interest plus skills become part of your passion. Once you have developed a passion, you want to put it to use to create impact. While passions, with interest and skill, are inward-focused, the impact is outward-focused. The nature of that positive impact that your passion can make for others may then become your purpose.
Know Your Business All Round
Having a passion for your idea is not enough. You need to know your business area inside out. If you plan to open a restaurant, then work in the restaurant industry for several months. Think of it as paid training and as the best way to ensure this is the right track for you to pursue.
Master The Art of Selling
You are always selling as an entrepreneur. If you’re lucky, most of your time is spent selling a product or service in big, meaningful deals with customers or venture capitalists. But you’re also selling candidates to join your company, and you’re selling employees on the vision to stay motivated at your company. You might find yourself having to sell your spouse on the purpose behind late nights and early mornings, or your kids on providing you with a minute to unwind after a long day. Sometimes you’re even selling yourself on the meaning and purpose of your efforts to keep yourself going! To be successful as an entrepreneur, you need to develop your own sense of salesmanship, and perfect the approach.
Empathy and an Analytical Approach
I think empathy and an analytical approach to decisions are key to becoming a successful entrepreneur. Connecting with people and making them understand your decisions is another important aspect. At last, stay truthful, focused, and ambitious.
Know Your Cash Positions
Understanding your cash position at all times is a big part of becoming a successful entrepreneur as you may encounter a challenge that requires you to seek out debt financing. By understanding your business’s finances, you can better establish a long-lasting partnership with a financial institution.
Learn from Mistakes
Don’t be afraid to fail. Too many entrepreneurs have great business ideas, but they never
take the leap because they are afraid to fail. In today’s economic climate, it makes sense
why so many feel uncertain about the future, but if you never take the steps towards your
dream, it will never happen. You need to be able to embrace that fear and take the leap!
Research Financial Options
Entrepreneurs need a solid understanding of how financing options can help fuel the launch and growth of their venture. By understanding the differences between secured versus an unsecured business loan, entrepreneurs can better evaluate which financing route opens up the right options to support their business strategy. Speak with experts. Ask questions. Do your research. The only thing an entrepreneur should rush into is education, not a business loan with terms that can cripple long-term growth.
Be Open to Change & Innovation
Often, people in business get used to processes that have always been done one way. Though people are now coming out of the pandemic, many companies are deciding to continue operating remotely. Utilizing enterprise collaboration software and workflow automation to optimize your digital workplace is the kind of innovation that will help attract more success as your business grows. Another thing I have learned is that everything is a matter of balance. Trying to create a balanced operational strategy by combining people, technology and processes is the point that will make you unique and stand out.