How to Become a Successful Entrepreneur and Business Owner
Sean Higgins
how to become a successful entrepreneur

You aspire to become a successful business owner, but you aren’t sure what you need to do to fulfill your dreams of entrepreneurship.

There’s no single formula to follow to ensure your success; instead, focus on building long-term, sustainable habits that nurture your physical and mental health while embracing activities and actions conducive to your business goals.

Here’s what you need to know about how to become a successful entrepreneur and business owner. 

Make Sure That You’re Passionate About Your Business

One of the most important things you can do to increase your business’s chance of success is to make sure that it’s something that you’re passionate about.

Growing a business requires long hours and sacrifices; if you’re passionate about your business, devoting time to your business will feel less cumbersome. 

It’s easier to remain motivated when you’re passionate about your business’s product or service. 

See That There’s an Audience for Your Business

One common reason that businesses fail is that there isn’t a customer for the business’s product or service. When creating your business, you need to clearly identify who your ideal customer is and confirm that this customer is in your market.

For example, if your business provides educational services, you might decide that your target market is parents or educational administrators who want to invest in high-quality children’s activities.

However, if you live in an area with a high population of elderly people, you might not have enough local clients to support your business. You can revamp your business by expanding to online services or offering traveling activities. Or, you might decide to revamp your business plan entirely.

Be as specific as possible when establishing your target market, and conduct research to make sure the market exists. This should be done in the early stages of your business planning. 

Use Your Time Wisely

There are only 24 hours in a day; it’s essential to use your time engaging in activities that support your goal of entrepreneurship.

Make it a point to get between 7-9 hours of sleep a night. Sufficient sleep recharges your body mentally and physically so that you have the energy and focus you need to make your business a success.

Spend 30 minutes a day doing some type of physical activity, like walking, swimming, dancing, or lifting weights, to support your mental well-being and encourage creativity. Creativity is essential for improving your business and differentiating it from your competition. 

Embrace activities that promote a learning mindset so that your brain and business skills have a chance to grow. Spend time reading case studies and books related to your business or industry. Attend seminars or classes that allow you to acquire the skills and knowledge you need to run your business.

Consume TV, movies, and social media in extremely limited amounts. While these activities may seem “fun” or “relaxing,” they do little to nurture your physical and mental well-being or expand your knowledge.

Integrate activities that promote mindfulness, like meditation and yoga, into your day. When a negative thought creeps into your brain, you must know how to acknowledge the thought without letting it affect your productivity or outlook. 

Surround Yourself with Support

Entrepreneurship can be a lonely, hard journey. It’s important to seek out a network of other business owners who you can use to bounce ideas off or discuss the merits of your different business strategies.

While supportive friends and families are valuable for providing emotional support, unless they’re business owners, they can’t truly identify with the unique issues you’re experiencing as you work to grow your business. 

You can find an entrepreneur group online or by connecting with a local community organization. 

Hold the Blame

When your business isn’t doing as well as you’d hoped or you think you’re not putting in enough effort, avoid blaming exterior factors, like the environment or your family. Instead, realize that you’re responsible for nurturing your business.

If unexpected factors are impacting your ability to reach your goals for your business, it’s your responsibility to craft a plan of action for dealing with these factors and get your business back on track. 

Maybe you need to spend more time building your online presence to attract more customers in a sluggish economy, or perhaps you need to focus on single-tasking to get the most results from the time you have for your business. 

Be Willing to Take a Risk

As a business owner, you’re going to need to be comfortable taking some risks. Review the worst-case scenario to help you determine if the risk is worth the reward.

Even though most people are naturally risk-averse, entrepreneurs must be comfortable identifying and taking risks that have the potential to benefit their business. 

Some business owners avoid risks that can help them become a success due to low self-esteem. If you think your self-confidence is interfering with your success, spend a few minutes each day doing confidence-building exercises.

One easy exercise involves reviewing your day and identifying decisions that led to a positive outcome. The more you identify decisions that were beneficial or helped you work towards your goals, the faster you can build your confidence for taking risks. 

Visualize Your Goals

Setting a specific goal increases your chances of achieving the goal and makes it feel more tangible. Creating a visualization of your goal ensures that you’re reminded of what you’re trying to achieve by building a successful business.

Some ideas for producing a visualization of your goal include diagrams, maps, sketches, photographs, and infographics.

Invest in Talented Employees

It’s easier to build a successful business when you’re surrounded by a stellar team that supports your goal. When hiring employees, look for individuals whom you enjoy working with and who have the skills and knowledge to help make your business a success. 

Build the Habits You Need for Success

At BetterYou, we can help you establish the habits required to become a successful entrepreneur. Our interactive digital coach allows you to put more time back into your day and embrace the habits that matter to you. 

The BetterYou app uses behavior science to improve digital health and make it stick.

Want to learn how?