According to a study, there are currently more than 582 million entrepreneurs in the world, with 26% of entrepreneurs choosing to launch their own business as they wished to be their boss. We are living in a brand new decade with more people wanting to leave a mark on the world, which simply can’t be achieved from a 9-5 job.
Another statistic that is important to highlight is that only 9% of all entrepreneurs have a Bachelor’s Degree in Business. This shows that businesses success isn’t solely dependent on conventional education taught in classes, but also on some unconventional practices. Here are some of the most successful entrepreneurs who made a name for themselves, despite not having the financial and mental support:
● Dr.Arokiaswamy Velumani: Owns no car, lives in a small quarter, but helms a Rs 1,320-crore company
● Kailash Katkar: Born in a small village at Rahimatpur in Maharashtra, Kailash Katkar worked his way to the top to be chairman and CEO of INR 200 Cr business. He is the man behind Quickheal Technologies Pvt Ltd.
● Patricia Narayan: She started her career 30 years ago as an entrepreneur, selling eateries from a mobile cart on the Marina beach amidst all odds — battling a failed marriage, coping with her husband, a multiple addicts, and taking care of two kids.
Today, she has overcome the hurdles and owns a chain of restaurants.
These entrepreneurs are considered to be legends in the business world because they had the power to break conventional norms and use unconventional methods to achieve success.
There have been multiple books and articles published by multiple people talking about what people need to do to be successful entrepreneurs. With so many different steps and tips from various experts, it’s not easy to follow all of them. Hence, in this article, we have studied the best practices recommended and various successful entrepreneurs to create the ultimate list of unconventional things to do to become a successful entrepreneur.
1) Keep Reading
If you look at almost every successful entrepreneur in today’s times, you will find common among all of them; they are all voracious readers. Don’t believe us? Here are a few examples:
● Bill Gates, the co-founder of Microsoft reads at least one book every week
● Mark Zuckerberg, the brain behind Facebook reads one book every two weeks
● Warren Buffett, one of the most successful investors of all time has gone on record to say that he spends almost 80% of his day reading
● Oprah Winfrey, one of the richest female billionaires, reads one book every month
All of these successful individuals hailing from very different backgrounds have one thing in common; reading. By reading, budding entrepreneurs can learn valuable lessons and get the power to overcome huge challenges and become successful.
2) Always Be Knowledge Hungry
Charlie Munger, a renowned American investor and philanthropist said, “go to bed every night and a little wiser than you were when you got up.”
With increasing customer demands, evolving and trends and simply the cut-throat competition, it’s imperative that people are on the constant look-out for new ways to enhance their brand. The only way to achieve that is through continuous learning. An entrepreneur can never be satisfied with the amount of knowledge they have because there’s always something new. Hence, to be successful, you need to obtain new learnings through multiple methods actively.
3) Know What’s Happening Around You
As mentioned above, the trends and customer wants in every industry is changing continuously. The best way to know about these trends is from the horse’s mouth, i.e. the customers and your competition. Moreover, there are many things people can learn by following the current happenings around them. For example, you can find out what the latest techniques are being used in different industries and be the first to adopt something similar in your industry. Another example is that you’re able to keep up with the latest political laws that impact you by keeping track of what’s happening around you. Hence, regardless of whether it’s the place you live in, the area you work in or the political and financial rules and was about your state or country, you need to be aware of what’s happening around you.
4) Be Passionate About Your Company
Running your own business is not easy. There are multiple roles and responsibilities that you need to take care of when you’re the one in charge. To ensure your company achieves great heights of success, continuous hard work, loads of sacrifices, and countless rough days are inevitable, especially in the initial days. If you want to brave through this rough period, you need to be determined and passionate about your company. It’s very easy to shut shop when the going gets tough and find a nice comfortable job in another company, what’s not easy to be sticking to your company even in the toughest of times. And, that type of endurance only comes with passion.
5) Be A Problem-Solver
There are multiple problems that people face in their day-to-day lives, and each of these problems acts as a million-dollar business idea. What a successful entrepreneur requires is the knack of being a problem-solver, someone who finds unique solutions to problems. A great example of this is Bhavish Aggarwal, the founder of Ola Cabs. Ola has recently started a new chapter of its success by recently launching its service in London. However, this journey from an India startup to an international phenomenon if Bhavish didn’t see the transport issues the people of this country were facing. With an aim to solve this issue, Ola Cabs was born. So, start solving problems. You don’t need to look for big problems, the smallest of issues can make the biggest of companies!
6) Socializing Helps
Climbing up the ladder of success if no easy feat, especially if you’re alone. Networking has been a huge part of the business since the early ages and has become more prominent over time. If you want your brand name to be known amidst the current industry leaders, you’re going to have to make an impression. People need to believe in you. For that, you need to attend trade shows, conferences, fairs, etc., that are relevant to your business.
7) Everyone Loves A Social Volunteer
There’s a reason why Greta Thunberg and her mission garnered so much attention. We’re living in a time where people are increasingly aware of the plight of other people and the environment. They wish to support brands that are serving the greater good. So, as a new face in the market, it’ll be of great value for you to show that you’re supporting a good cause. This will attract the attention of audiences and urge them to support you. And, in the bargain, you do a good deed too! A true win-win situation.
8) Always Stay Positive
You just lost a client, and an investor backed out at the last moment, or your best employee quit… there are a host of scenarios that could cause you to lose hope and become negative. But, this is the true test of an entrepreneur. It is in these situations that you need to stay focused and positive.
When a tough situation arises, all eyes are on you to see how you will react, from your employees and investors to customers and competitors. So, put on your best smile and show them that you won’t stop at anything to ensure your business is a resounding success!
9) Don’t Shy From Challenges
When you’re running a business, it becomes very easy to become’ comfortable’ after you’ve seen a glimpse of success. You start ignoring pursuing opportunities and stop taking risks. Nothing can be more harmful to your business. In competitive times like these, no company can rest as you never know when your service or product will lose its demand. So, regardless of which stage you’ve reached with your company, don’t stop or shy away from challenges.
10) Organize Your Way To Success
There’s a very popular quote, ‘a cluttered desk leads to a cluttered mind.’ This quote is extremely true and probably the best advice for any business-aspirant. We’ve already discussed the multiple responsibilities that will fall on your shoulders. The last thing you want is to not be able to find an important file or misplace a client’s agreement. These are all very likely scenarios if you don’t remain organized. Hence, if you want to carve your way to success, stay organized, in your office, and your mind!
There is no right or wrong in business. It’s all about following your gut and doing what you believe is right. If you’re still on the fence about launching your own venture, just remember this, “All our dreams come true, if we just have the courage to pursue them.”2