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Those embarking on a brand new business venture will find no shortage of advice, whether they actively seek it out or, conversely, don’t go looking for it at all. It is inevitable that, for every recent success story in the near-endless world of business, there will be at least a small handful of well-intentioned businesspeople willing to offer their two cents. It is also inevitable, of course, that the advice-of-the-moment will change, evolve, and replace itself like any other modern trend.

Still, that’s not to say that certain pieces of business advice don’t subsist through time and space. On the contrary, plenty of fundamental principles and practices hold as true today as they did years, decades, or even centuries ago. They will never be replaced by modern techniques and tricks of the trade – and there will always be creative, new ways of complementing one with the other.

Arguably one of the most fundamental rules for new businesses is laying down a foundation defined by its scalability – or, in other words, its ability to accommodate, welcome and adapt to growth as and when that growth occurs. Thing of it as the difference between a brick wall, and one that is made out of Lego, wherein the latter can, in time, be altered, redesigned and reconstructed with far greater ease than the former.

But, even when we are aware of the importance of scalability, actually establishing an environment which will lend itself to development on an as-and-when basis is harder in practice than it sounds in theory. Particularly amid the usual chaos of launching a new business, putting these measures in place can all too easy slow us down. But, does it have to? Read more below.

Online

A big part of the drive toward scalability stems from the ever-increasing significance of business’s online profiles, simply by virtue of the fact that scalability is far more manageable away from brick-and-mortar locations – and, of course, far more rewarding.

Online, we can reach markets that would, in the real world, require many separate physical locations (and, of course, a monetary investment beyond the scope of most SMEs).

Still, scalability is not inherent to your online presence. Rather, it is essential that you understand where to begin, in order to create an effective springboard for the future.

The most obvious place to begin is, of course, with your company’s website, which must present a high standard to your first, hundredth, and thousandth visitor alike. A strong, industry-leading website builder offers the most scalable resource, from answering beginner friendly questions like what is a domain and why do I need one? To, of course, the questions that will inevitably arise when your business begins to see significant growth and development: How do I facilitate orders on a larger scale, and how do I surpass my competitors’ SEO?

Whether it’s on the customer-facing side of your site, or behind the scenes, laying the groundwork for flexibility and scalability at the very beginning will always prove far more valuable than simply ‘winging it’ at every stage.

Offline

Beyond the digital aspect of your business, preparing for scalability is an art in and of itself.

Take, for instance, the subject of stock – or, alternatively, your services. When looking ahead to the future, and considering how you will facilitate an increased demand, one of the easiest traps to fall into is the belief that offering as many products – or as many hours – as possible is the best way to create and cater to a growing client-base. If you are a carpenter offering bespoke work, for instance, then taking on far more orders than you are comfortable with could be an example of this.

If, on the other hand, you are selling a range of products, then growing that range well beyond its initial scope, rather than focusing on honing that core range, then the outcome will likely be the same. Learning how to say no to doing too much is an essential practice for any small business owner.

In both instances, the key is almost invariably to focus on perfecting your initial offering before attempting to grow beyond it. This may well sound like something of a contradiction when the topic of the conversation is scalability, but only those practices that prove sustainable will turn out to be truly beneficial to your business’s growth and development. From your products to your packaging, fees, and time, all aspects should feel like second nature before development occurs.

For anyone just embarking on a new business venture, it is very easy to feel preoccupied by the future, and your ideas for the ways in which your business will grow. This is, of course, natural, but by far the most effective way of preparing for that future is to instate a number of practices and methods now, rather than later.

Growth certainly represents the ideal for any business, whether it is just starting out, or already a ways into its development. It must, however, be underpinned by a solid foundation, or it will prove to be a hindrance, rather than a blessing.

Owning your own business is a liberating feeling, it frees and empowers you at the same time. You get to build things and watch them grow.

But being a successful entrepreneur means so much more than just starting a new business venture every other day. Entrepreneurship means the definite attitude towards your business and the grit to get back up when you fail.

Entrepreneurs rely solely on themselves and their vision. They develop lasting relationships with other entrepreneurs, customers, and vendors.

Entrepreneurship is certainly a great way to live. And who doesn’t want to be a successful entrepreneur?

Nonetheless, the path to entrepreneurial success lies in evolution, whether it be an evolution of ideas, services, products, or technology. The only way to maintain your position on the top is to keep on evolving with time. Only then can you serve your clients in a better way.

The way to get started is to quit talking and begin doing.
-Walt Disney

Let us look at some of the must-have qualities that go into making a successful entrepreneur.

Self-Confidence

Being an entrepreneur means trusting and relying on your wisdom and intuition in all facets of life. Your ability to rely on yourself exudes confidence. And people are attracted to confidence.

Furthermore, the journey of entrepreneurship is filled with uncertainty, trusting yourself takes some of that uncertainty away. In times of uncertainty, think of all the knowledge and experience you’ve accumulated over the years.

And remember, there’s absolutely nothing wrong with asking for help when you really need it.

Passion For Your Work

A successful entrepreneur gets excited by the prospect of work. You must possess a strong resolve to succeed and overcome the obstacles that get in your path. As Ryan Holiday puts it “The Obstacle Is The Way”. You should not only set goals for yourself but make sure you are committed to achieving them.

When you have a burning passion for your work, putting in the long hours won’t feel like a sacrifice. Take Elon Musk, for instance, he has the motivation to keep doing what he does because he genuinely enjoys his work. That’s passion. And genuine passion can not be negotiated.

Patience

There is no such thing as an overnight success. Each and every entrepreneurial success was a product of meticulous decision-making, failures, and hard work.

If you think someone had overnight success, you may want to examine the time and effort that went in. Examine their life, their failures, their mistakes.

And if you think you’ve been at it for too long, take a break. Then get back on the grind, put in the hours, fail, learn from your failures, and before long you’ll be where you want to be.

Picking The Right Partners

Alone we can do so little, together we can do so much.
-Helen Keller

When we say you should pick your partners wisely, we don’t just mean someone who can do the job. You should hire someone who has an inherently moral and upright character and whom you like and respect.

You’ll be packed in a room with the partner you pick, going at something for hours. If you don’t respect them, your team won’t last. Pick people who are ambitious and who share the same vision as you.

Knowing Who Their Target Customers Are

One of the most common reasons for the failure of entrepreneurial businesses is that there isn’t a customer base for what you are offering.

If you don’t know who will buy your product then that person might not actually exist.

Before doing anything, you must make sure that you know who your target customers are. Successful entrepreneurs are aware of their customers and target markets.

Hunger & Curiosity

You can’t become a successful entrepreneur if you don’t adopt the mindset of constant learning and creation. You should get in the habit of consuming new information and creating.

Pursue TV, movies, and social media in moderation. These activities can be really draining for your intellectual growth. Limit the entertainment you consume, and focus more on creating.

Read books by people whom you admire, meditate, and read case studies. Find activities that compliment your learner and creator mindset.

Taking Baby Steps

How do you eat an elephant? The answer is one bite at a time.

The idea of building a successful entrepreneurial business can get many overwhelmed, and that’s fine. It is a huge task after all.

But the solution is simple: One step at a time.

Break down every problem you see into baby steps. And take one step at a time. Before you know it, you’ll have covered massive ground.

Final Thoughts

When you finally reflect on these 7 qualities you may feel a bit overwhelmed, But you have to remember, you won’t become a successful entrepreneur overnight. It actually demands your all. And developing these 7 qualities is a long-term strategy for building yourself up as a successful entrepreneur.