Community//

Randall Hunt on Strategies For Becoming a Successful Entrepreneur

A successful entrepreneur understands there are many cautionary roadblocks and hurdles to conquer before someone realizes their dream. Statistically speaking, approximately 25% of all start-ups fail within the first five years. The majority of the reasons behind these failures lie in poor money management, but there are other reasons.  Before embarking on a solo business venture, it […]

The Thrive Global Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.

A successful entrepreneur understands there are many cautionary roadblocks and hurdles to conquer before someone realizes their dream. Statistically speaking, approximately 25% of all start-ups fail within the first five years. The majority of the reasons behind these failures lie in poor money management, but there are other reasons. 

Before embarking on a solo business venture, it is vital to research your target market and your competition thoroughly. This is becoming more of a challenge these days because the advent of technological advances has made previously single-purpose items into multi-purpose ones that branch into other industries. Smartphones are the perfect example of a gadget that has made innumerable other ones obsolete. During your due diligence about your product, it’s essential to think ahead into potential futures where you might have to adapt and evolve as things change. Successful CEOs know they can never relax and industries can morph into something else seemingly overnight. Staying educated and reading all of the journals and publications in your field, and subscribing to articles and latest news will keep you on the front lines of any new developments. 

Another strategy is to keep assessing your progress and hold your team accountable. One of the biggest mistakes that CEOs make is to get too comfortable with their current success. Once you have a target base, it’s essential to keep them, so get regular feedback about the goods or services you provide, as well as feedback about team members themselves. You also need to keep your team happy to reduce turnover. Many companies go under because of a lack of employee morale. This can come from poor hiring and training practices or a poor leadership style. In general, feedback and accountability are what makes a good leader connect with others. 

Smart entrepreneurs also understand the difference between being a risk-taker and being a reckless individual. While it is true that the boldest people who take chances are the forerunners of development and change, there also needs to be an element of wisdom involved. There is a difference between a confident individual who has acquired the financial and resourceful means to take a huge leap into the unknown and a person who blindly and impulsively makes a decision with little or no planning. 

This article was originally published at https://surprisinglyfree.com/randall-hunt/

    Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

    You might also like...

    Community//

    The 6 Most Inspiring Quotes from World Famous Entrepreneurs

    by Timothy Sykes
    Community//

    Top Tips for Succeeding as an Entrepreneur During Pandemic

    by Ian Monroe
    Community//

    Patrícia Osorio: “A failure is not always a mistake”

    by Candice Georgiadis

    Sign up for the Thrive Global newsletter

    Will be used in accordance with our privacy policy.

    Thrive Global
    People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

    - MARCUS AURELIUS

    We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.