Breaking away from the rest and forming your own business is a dream for many people. Business entrepreneurship can be a risky but rewarding venture, and it’s possible to achieve great success in your new company. Although running a business takes a lot of hard work and has challenges, you can reach a high level of success. Here are four keys to achieving great things as a business owner, as well as some advice from successful entrepreneurs.
Business Entrepreneurship: 4 Keys to Achieving Success
1. Hire a Lawyer
“Surround yourself with great mentors.”-Thalej Vasishta, CEO, Immigration Lawyer
Sound advice and a strong team to lean on are essential for entrepreneurs. One of the first things you should do when starting your company is hire a lawyer. Choosing a business entity and licensing can be intricate, so have all paperwork looked over before making big decisions. A good business lawyer will be able to guide you through the whole process and assist you in protecting your intellectual property rights along the way.
2. Keep Thinking Ahead
“You can’t ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new.” – Steve Jobs, Co-founder of Apple Computer Inc.
As you complete each project, think, “What’s next?” Always keep new opportunities on the horizon and picture yourself and your company in the future. Don’t be afraid to reach out to other entrepreneurs and ask for advice; they have likely been through the same trials and can offer you valuable advice.
3. Embrace Change
“In business, change sometimes happens more quickly than you want it to-transformative technologies arrive suddenly and economies shift.” -Richard Branson, Author and Founder of Virgin Group
Successful entrepreneurs know a good idea when they see one, but they also know when to pull the plug when one isn’t working. Don’t be afraid to walk away if your initial idea does not pan out; you can always think about what you could do differently in the future and use these lessons to improve your future business endeavors. If you have an idea you think is gold, go for it! Success in business entrepreneurship takes calculated risks, so jump when you see an opportunity within reach.
4. Stay True to Yourself
“Remain the same person throughout all the successes and failures of your career.” – Angelo Sotira, CEO and cofounder of deviantART
Although your goals may change over time as you run your business, remember your values and who you were when you started. It’s important not to lose yourself or your message on your path to success. If you find that you are passionate about what you are doing, your business will be built upon your talent and strengths, and you will have a stronger chance of success. Aside from building a profitable business, you will also be happy with what you spend your time doing.
Successful entrepreneurs are always willing to learn and experiment. There is no magic formula to business success, only hard work and determination. Are you interested in starting your own company but don’t know where to start? We would love to accompany you on your journey to success. Contact your team at Structure Law Group today!
About Structure Law Group
Structure Law Group is a San Jose based firm that specializes in business issues including business formations, commercial contracts and litigation.