A successful entrepreneur is someone who can take any idea, a product or service, no matter how "unrealistic" it may seem to others, and possesses the will, skill set and grit to take extreme risks and allow this idea to come to fruition by introducing it into the market. This is the tenacious entrepreneur – one who can dream of the unreal and work relentlessly to convert it into a reality.

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Apart from tenacity, successful entrepreneurship also involves confidence and self-motivation. Instead of following the complacent norm of "maintaining a status quo," entrepreneurs are encouraged to stretch well beyond the traditionally established industry rules and indulge in newer thinking and initiatives. While challenges are inevitable in any professional journey, entrepreneurs should be willing to fail and start over again. An entrepreneur should consistently motivate himself by internalizing life lessons through the years, to create something new, improved and more beneficial. To be innovative, you have to unlearn and reassess to keep up with present-day needs and requirements.

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Requirements to ensure successful entrepreneurship

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Certain factors are important to consistently keep in mind while running your enterprise. Some of the pointers to ensure a successful trajectory in your entrepreneurial roadmap are:

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1. Sharpening critical business and leadership skills: Attending entrepreneurship conferences, reading books and articles on the subject help to keep abreast of the latest news. One also must seek to learn from others' failures and success stories.

2. Maintaining a positive frame of mind at all times: Attitude is everything. A simple smile and showing confidence is what your team would always expect from you.

3. Networking is key: Being part of trade bodies and associations, such as the Rotary Club, etc., will help in increasing your contacts and opportunities.

4. Foster innovation: In today’s competitive landscape, an entrepreneur must be able to provide a monopolistic, out-of-the-box idea, which helps users solve the most unique challenges with ease and efficiency.

5. Embrace new technologies and avenues of marketing: Social media, applications and new ways of digital marketing are the keys to success in today’s competitive landscape.

6. Be passionate and persistent: Successful entrepreneurs are driven primarily by a need for achievement and the desire to make a meaningful difference.

7. Get mentors as your sounding board: This is very crucial for entrepreneurs to avoid the feeling of being lonely at the top. Mentors act as a useful sounding board, filtering ideas and providing new ones.

8. Peer-to-peer learning platforms: All the above points can be checked simply by being a member of peer-to-peer platforms that are coming up today. These form as ecosystems for entrepreneurs, creating a holistic universe of all matters related to entrepreneurship.

 

Pitfalls to avoid while running an enterprise

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Entrepreneurship, although certainly a privilege, is one that must be shouldered responsibly. Certain cautions must be tracked to avoid any mishaps, especially for entrepreneurs who aspire to scale up their businesses. Some of the important pitfalls to avoid while running an enterprise are:

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1. The right company: Entrepreneurs should seek to surround themselves with smart, innovative thinkers who have a burning passion for the venture’s success.

2. Avoid expensive consultants and advisors: Professional consultants and advisors tend look at matters rather objectively. They lack a personal touch, which can go a long way for an entrepreneur.

3. Seek mentors instead: Mentors provide inexpensive and priceless perspective and can expend vast personal experience that traditional professional consultants are unable to offer.

4. Avoid “Yes Men”: Leaders must be wary of appointing "Yes Men," who, although may serve pleasantly, could possibly leave deep holes in the business in the long run. Hire someone who is strong in analysis and isn't afraid to voice their opinions, which can often be beneficial.

5. Keep emotions and sentiments aside: A good rule of thumb for a good leader is to keep personal and professional separate during work hours.

6. Never be too rigid with your ideas: A fresh perspective is always beneficial to the business, so embrace different opinions because they're mostly shaped by experiences.

7. Always document and maintain regular reports: Documentation of work and roles, such as maintaining MIS reports, keeps a good control over your business. Such a practice ensures better governance and can help plug holes at early stages.