10 motivational tips for aspiring entrepreneurs

Throughout history, times of crisis have been instrumental in the development of new products and services. Where there is a need, an opportunity exists, and eventually, an entrepreneur will recognise it.

Lyndy van den Barselaar, Managing Director of ManpowerGroup SA shares that as we enter 2021, entrepreneurship will need to be fostered to assist with the country’s economic recovery and job creation. 

She continues: “Although the economic impact of this pandemic has been devastating the world over, there seems to be a glimmer of hope in the form of entrepreneurial opportunities.

There is no doubt that succeeding as an entrepreneur requires hard work, a great deal of vision and plenty of perseverance, especially in the wake of a global crisis.

The following 10 tips and pearls of wisdom, from renowned tycoons, are sure to assist aspiring entrepreneurs to be successful and reach their full potential.”

1.     Continue to challenge yourself

To achieve success as an entrepreneur in today’s day and age, you need to remain up to date on current trends, be mentally robust and be actively involved in the day-to-day running of your business.

Moreover, as an entrepreneur, you need to stay competitive and continuously challenge yourself in good times and bad.

According to Richard Branson, business magnate and founder of the Virgin Group, his biggest motivation is simply to keep challenging himself.

“I see life like one long university education that I never had. Every day I’m learning something new.” 

2.     Care about your work

It goes without saying that running a business will require a good deal of time and, as stated by Steve Jobs, former chairman, CEO, and co-founder of Apple Inc.

“The only way to be truly satisfied is to do what you believe is great work, and the only way to do great work is to love what you do. If you haven’t found it yet, keep looking, and don’t settle.”

3.     Take risks and learn from failure

It is true that we will never know the outcomes of our efforts unless we try, and numerous successful entrepreneurs have pointed to mistakes and failures as being their best teachers.

In the words of Jeff Bezos, founder, CEO, and president of Amazon: “It helped to know that I would not regret failure as much as I would regret not trying.”

4.     Have a clear mission and vision

Formulating a vision and a mission statement requires both an intrinsic connection to the work you do and a certain amount of creativity.

Although you might derive a profound sense of purpose from your new endeavour, if you lack the capacity to communicate your goals or the ability to practically apply your passion, you will likely have a difficult time getting your new business off the ground.

David Karp, founder and CEO of Tumblr, notes: “An entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.”

5.     Networking is key

It is a well-known fact that business networking provides an exceptionally valuable opportunity to gain and increase your knowledge by learning from the successes and accomplishments of others.

Networking also provides an opportunity to acquire new clients and make others aware of your business. To this point, in her book, The Connectworker, author Michele Jenae writes: “Networking is not about just connecting people.

It’s about connecting people with people, people with ideas, and people with opportunities.”

6.     Actions speak louder than ideas 

Although great ideas are key in business, true success can only ever be achieved through action and ongoing effort. In the immortal words of Walt Disney: “The easiest way to get started is to quit talking and start doing.”

7.     Build a great team

It is virtually impossible to succeed in business on your own, and those who attempt to do so are likely to lose great team members along the way.

The best way to ensure that your business flourishes is to build a strong and loyal team.

In this regard, it is of great importance that you place character and values at the top of your list of requirements.

While employees can always be trained on a skills level, you can’t force an individual’s values to fit those of your company once they have been hired. 

8.     Learn to delegate

When managers and leaders delegate specified tasks to other knowledgeable individuals, they not only empower others but also free themselves up to concentrate on higher-value endeavours and use their time more productively. 

According to billionaire entrepreneur and philanthropist, Eli Broad: “The inability to delegate is one of the biggest problems I see with managers at all levels.”

9.     Embrace digital

In an article titled 5 Key Learnings for Entrepreneurs from the COVID-19 Crisis entrepreneur Erick Alvarez, CEO and founder of Big Clout Media notes that COVID-19 brought the shutters down on the world’s markets.

“The rise of digital from e-commerce to social media to health, education, and work have been paramount. While it is important to have a brick-and-mortar office for many businesses, online has become indispensable in the present and the future,” states Alvarez.

10.  Know your market and understand your industry

Having an innate understanding of the industry in which you wish to operate and the market you plan to serve is fundamental to the success of your business.

As Tony Hsieh, former founder and CEO of online shoe and clothing company Zappos, once warned: “Don’t play games you don’t understand, even if you see lots of other people making money from them.”