How to Start Your Company:
5 Things that Make a Top Entrepreneur & Ways to Create Successful Companies
Considering starting your own company? Building your own business or new venture? If so, you shouldn't just want to become an entrepreneur or business person. Rather, you should want to become a great entrepreneur. Creating a new company requires that you follow key characteristics of the most successful people working today. In order to become a great entrepreneur and successful CEO, you need to think different, act smarter, and build a company with a long-term vision and mission.
Within this article, we'll show you how to create, build and launch your own company.
#1 To Start a Company, Plan Ahead.
In order to be a successful entrepreneur, you need to be the type of person who is ready to plan out every last move on the road ahead of you. According to Forbes, there are 28 million small businesses in the United States - how do you make sure that you're one of the successful ones? Do you have a plan in place for how to find investors? Do you already have your eye on one or more private equity firms? Do you have three different paths all laid out to get to the same goal so that you can quickly pivot from one to the other in the event of an unforeseen obstacle? Without this type of mentality, you'll find that even great business ideas can only carry you so far.
#2 Winning Companies, Focus on Customers.
Another quality that makes a great entrepreneur is a focus on the most important aspect of business of all - their customers. The fastest growing sector for entrepreneurs is auto repair shops, according to Forbes. Why? Because they're customer focused.
Think about it in the simplest terms: without your customers, you have nothing. One of the major factors that separates the wheat from the chaff as far as entrepreneurs are concerned is an ability to offer personalized, intimate attention to those clients who need it the most. That attention to your customers on a base level is what turns them into a loyal army of followers who will be there for you when you need them and who will follow you wherever you go.
#3 Entrepreneurs and New Businesses Must Take Risks.
According to Forbes, one of the most important qualities that all great entrepreneurs share is an understanding that risk is inevitable in such a high stakes game. Forbes reported that as of 2015, a full 90% of all startups fail within the first year. When starting your own company, Murphy's Law definitely applies - what can go wrong will go wrong. The moment that you think you've "done enough" to prepare for risk, or if you think that you're somehow immune to the types of challenges that successful businessmen and women face on a daily basis, you've already lost a battle that you didn't even know you were fighting.
#4 Building a Company Requires Smart Intuition.
As an entrepreneur, a large part of the work that you'll do on a daily basis involves making decisions. However, you won't necessarily always have access to every last piece of critical data that you need to make the most informed decisions - but you have to make them anyway. This is where solid intuition comes into play, which is why it is another one of the most important qualities an entrepreneur can have.
#5 Entrepreneurs Must Start a Lasting Company.
One of the most critical skills that you can have as an entrepreneur is an ability to manage your time wisely. You will have no shortage of responsibilities that need to be fulfilled, but not all of them need to be taken care of right now. Not only do you need to know how to make every moment count, but you need to make sure that you're prioritizing tasks at the same time. This is something that you will most definitely get better at with practice.
Above all else, one of the most important qualities that an entrepreneur can have is perseverance. Starting your own company is a road that is long and hard. It's filled with peril, frustration and rejection. You need to know how to trust your instincts and push on, even in the face of adversity. Instead of being disenfranchised by the people telling you "no", you need to learn how to use them to empower yourself to keep going regardless of the costs.
As a private equity and venture capital firm, Angel Kings makes calculated, intelligent investments in startups ranging from cybersecurity to biotechnology. Get started investing private equity and venture capital.
Learn from a successful early investor in tech and leading expert in cybersecurity and biotech startups, Ross D. Blankenship.