5 Elements to Help You Succeed as an Entrepreneur

If you dream of becoming an entrepreneur, hopefully you know by now that it won’t be a walk in the park. Instead, you’ll be tested a number of different ways before you actually taste success. While there’s no one objective formula that will take a nine-to-fiver and turn them into their own boss, some things are almost always present during an entrepreneur’s journey. If you have any of the five elements below in your life right now, you’ll be off to a great start. Have more than one? Even better.


1. Opportunity

This one is pretty obvious, but it needs some clarification. There’s a difference between “opportunity” and “luck.” The main difference is that someone who is prepared has opportunity fall in their lap and knows what to do with it. Those who aren’t prepared may have luck befall them, but often have no idea what to do next.

Be someone who constantly looks for opportunities around them. Better still, be the type of person who takes those opportunities, even when there’s no clear guarantee of success. Consider it practice and you’ll soon be turning opportunities into gold.

2. Expertise

Most people have some kind of expertise. Maybe it’s what they do for a living. A lot of times, though, it’s something related to a hobby or pastime. Do your friends constantly come to you for advice about something? When they need a certain job, do they ask if you can do it for them?

Why not leverage this expertise for a paycheck? If the expertise you’ve established is related to your current job, fire your boss and go into business for yourself!

3. A Problem

Throughout the course of history, nothing has signaled a business opportunity as well as a problem. In fact, an entrepreneur should probably look at “opportunity” and “problem” as being one in the same.

Think of all the problems you have in your life right now. Make a list. You’re not trying to be negative here. You’re trying to find ways to make money. Solve any one of those problems and chances are you’ve just done the same for others. Sell them a product that will keep solving this problem or write an e-book that will show them how to copy your results.

4. A Network

There’s that old saying that says, “it’s not what you know; it’s whom you know.” This is often very true. Having an expertise is still very important. However, plenty of people have made money simply because of their network. That group of people could become your greatest educators. They could also provide you with the investment capital you need to get your business off the ground. Just one person you know may be the one who introduces you to your future business part. With resources like LinkedIn, you’d do well to take advantage of building a profitable network.

5. Determination

Don’t forget that, by far, your most important trait as an entrepreneur is dogged determination. Simply refuse to give up and eventually one of the above will deliver you your dreams.