Not all entrepreneurs are the same. Some entrepreneurs exist to succeed while others exist to fail. If you’re an employee who’s thinking of entering into the world of entrepreneurship to become your own boss and get rich, think again.
The entrepreneurs who achieve success are not what you imagine as people who are relaxing in a beautiful island while counting all their earnings shown in their fancy laptops. The real world of entrepreneurship isn’t exactly like that. It’s more about hard work, persistence, and sacrifice.
If you’re an aspiring entrepreneur, you have to be aware of what’s truly happening in the entrepreneurial arena. You have to distinguish the ways of a successful entrepreneur and an unsuccessful entrepreneur.
Here’s a list of 12 differences between successful entrepreneurs and unsuccessful entrepreneurs to guide you on your entrepreneurial journey:
12 Differences between Successful and Unsuccessful Entrepreneurs
1. They are strategic, not sugar coated.
Successful entrepreneurs may sound crazy, but they know what they are doing. They establish clear goals and devise an effective strategy to achieve them. On the other hand, unsuccessful entrepreneurs only create a business plan to satisfy third party users, such as banks and investors.
2. They focus on the return rather than the cost.
When presented with a product or solution, successful entrepreneurs will ask first “why should I buy it?”. They are more interested on what it can do to them in the present and future. On the other hand, unsuccessful entrepreneurs will ask first “how much?”. They tend to buy a product from suppliers that will save their money even if it doesn’t have the right quality.
3. They build an enterprise that lasts, not a short-lived business.
Successful entrepreneurs build an enterprise that will live for a long time and survive a series of crises. On the other hand, unsuccessful entrepreneurs only ride the bandwagon and choose to start a business because it’s what’s hot right now even though they don’t have the right passion and skills to run it successfully.
4. They hire experts, not slaves.
Successful entrepreneurs hire people who are smarter and more skilled in their own fields. They also hire people who can challenge their own ideas and help them make better decisions. On the other hand, unsuccessful entrepreneurs, hire people who will just follow their words without even questioning.
5. They take responsibility for their failures instead of blaming others.
Successful entrepreneurs are humble and responsible leaders who take responsibility when their team fails. Instead of blaming others, they correct themselves, learn from their lessons, and make themselves better. On the other hand, unsuccessful entrepreneurs are more reactive than proactive.
6. They give due credit to others rather than claiming it all for themselves.
Successful entrepreneurs are grateful to the ones who help them. They never forget to thank people and give credits that are due to them. On the other hand, unsuccessful entrepreneurs don’t like to share the spotlight to other people and even to their team members. Consequently the people around them tend to become disappointed.
7. They consider change as an opportunity, not a worrisome problem.
Successful entrepreneurs get excited when they encounter new challenges. On the other hand, unsuccessful entrepreneurs are afraid to face new challenges. They stick to traditions rather than innovations.
8. They do business to make a difference, not to solely make profits.
Successful entrepreneurs want the world to be a better place to live, while unsuccessful entrepreneurs only want money and success for themselves.
9. They love learning and teaching; they aren’t know-it-all people.
Successful entrepreneurs love to share their knowledge and wisdom to other people. And the more they share, the more they are obliged to learn new things. On the other hand, unsuccessful entrepreneurs only keep their knowledge for themselves, thus, their brains’ are not poured into others and they don’t learn new things.
10. They take entrepreneurship deeper and serving people more seriously.
Successful entrepreneurs understand that entrepreneurship is a serious way of life. They know that entrepreneurship is not about becoming their own boss, but becoming a servant to more people and even to more bosses. On the other hand, unsuccessful entrepreneurs think that entrepreneurship is just a way to escape employment and get rid of their terrible bosses.
11. They don’t give up easily.
Successful entrepreneurs have the strong conviction to succeed. This is because they put their hearts and even their lives to their enterprise, causing them to stand firm and fight for their goals against all odds. On the other hand, unsuccessful entrepreneurs don’t see a clear destination or future of their journey, thus, when they face hardships and trials, they believe that’s the end.
12. They constantly strive to maintain success.
Successful entrepreneurs consider entrepreneurship as a long-term journey. That is why when they achieve success, they know that they have to preserve it. On the other hand, unsuccessful entrepreneurs tend to relax and congratulate themselves too much when success is in their hands. They do not prepare for the storms that are yet to come.
I hope that the differentiation above will help you put yourself in the right track to successful entrepreneurship. Remember that realization comes when you have self awareness. If you want to realize success, you have to be aware of what to do, what not to do, where you should be, and where you shouldn’t be.