To become a successful entrepreneur, one must be willing to take risks. The beauty of choosing this path is its endless possibilities and the opportunity to put your passion into an idea. However, none of it would be achievable if entrepreneurs didn’t embrace risk-taking and make it part of their business process. Focusing on a niche, while constantly paying attention to current market trends and needs, should be your priority.
Lessons to Learn from Successful Entrepreneurs
Many entrepreneurs have set up businesses in high-risk markets, with ideas that might not have seemed appealing in the beginning but worked. Here are a few lessons from those that succeeded in their fields.
Putting your Idea into Practice
The most important thing before putting your idea into practice is to make sure what you choose to do is something you are truly passionate about. Your idea should be something you will be happy to do in ten, twenty, or more years’ time.
Take artisanal pencil sharpener David Reese, for example. David is passionate about the art of pencil sharpening and he has turned this niche into a profitable business. People send their old pencils to him and for $40 he uses his high-quality tools to restore them.
It might seem like an idea that wouldn’t work, but the love he has for his craft has helped him publish a book that became the subject of a National Geographic documentary.
Some others were lucky enough to win a big amount of money that allowed them to turn a passion into a business. When faced with an opportunity like that, John Kutey, whose dream was to set up his own business, decided to get involved in many new projects until he was able to open a water park in New York.
Although winning the lottery is a game of chance, persistence also proved key for someone in India, who had three wins in three consecutive years. Now, people who want to become entrepreneurs are maximizing their chances by taking advantage of major advances in technology, including placing tickets online. It’s possible to play for free but to be in with a chance of winning a cash prize you do have to put down some real money.
Focus on what people need
Apart from having a passion, a future entrepreneur also needs to do market research and see what it is that people need, but can’t find yet. Needing something, but realizing there is nothing similar out there yet is how people like Ajay Yadav and Angela Marcus have started their businesses.
Ajay Yadaf is the Founder and CEO of Roomi, a website that helps people find flexible, affordable housing and connect with roommates. Meanwhile, Angela Marcus is the Founder of GetYourPet.com, an online community that connects people who want to adopt a pet with people who want to find a new home for theirs. Both of them have started with a small vision that together with a great team of like-minded people has turned into reality.
Being able to continuously reinvent yourself should also be at the top of the priority list. It is one of the lessons that most entrepreneurs preach. You have to keep educating yourself and be up to date with what is happening in the industry your business is part of.
Although it seems tempting in the beginning to get lost in work and focus solely on it, it is vital for your success to take breaks, to analyze the world around you, and to take lessons from it.