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Thursday, July 9, 2020
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Home ✔Naija HB Special How to Become a Successful Entrepreneur in 2020

How to Become a Successful Entrepreneur in 2020

2019 was filled with ups and downs for entrepreneurs all over the world. So many businesses crashed and as a result, investments went down the drain. If you want to become a successful entrepreneur in 2020, we have compiled seven steps you must follow to help you achieve that.

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If you’ve suffered from any form of failure in the year 2019 the best New Year gift you can ever get will be to receive the right words and motivations that will gear you up roaring into the New Year with a hunger and drive to be successful.

The ultimate goal of every entrepreneur is to be successful whenever He or She invests money into any form of business or sales. Nobody invests into a business with the mindset of incurring any loss or suffering failure.

Sadly, it’s not everyone that succeeds as an entrepreneur. A lot of people suffer failure in their businesses or investments on a yearly basis and as a result, incur an excessive loss and enter into debt.

The feeling of investing money and losing it all is one of the worst feelings in the world, especially if you invested almost everything you could ever afford.

Though the saying goes that “you will only know the true taste of victory after failing before succeeding”. That’s why it’s called ‘success’, right? Trust me, it wouldn’t have been a nice thing to hear if you invested into a business and suffered failure and someone in a bid to offer kind words tells you that you have to fail before becoming successful.

There’s no harm in becoming successful at your first shot in business or investment.  Every business failure could have been prevented if certain measures were adopted.

How to become a successful entrepreneur

#1. Choose a business or trade that accommodates your time and resources

This is one very important thing to consider when starting up a business. You must be able to meet up with the financial requirement of the business you intend to start. Also, you must have enough time to monitor the progress of your business.

If possible, avoid taking loans to start up your business at all cost. I know right now you are probably thinking ‘what am I going to do if I don’t have the capital I need to start up my business?’ The answer is, there’s always a way around it. If you don’t have enough capital to start up the business you are passionate about, you can leave that business for the future and start up the second or third-favourite option that your available resources can accommodate.

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Every entrepreneur must always try to take advantage of all the best deals and opportunities at his or her disposal.

For instance, a blog is an avenue to give your business some bit of exposure. However, If you don’t have the resources to give your brand some exposure using a professional WordPress blog, then, a free blogger blog is always the best alternative you have.

If it’s for the time… no business will grow if you don’t invest your time on it. The time you spend on your business is the best resources you could ever invest in your business.

#2. Map out your business Plan

After making up your mind on the business you intend to start this year, the next thing you must do now is to at least draw a simple business plan. Your business plan will help in guiding you through your path to success. You could hire a professional to help you with that if you have enough resources.

Your business plan may be a simple table showing the breakdown of all resources needed to get your business up and running including the time and monetary demands.

#3. Set your goals for the year

You must set your goals for the New Year. All what you want to achieve this year and when you want to achieve them. Set your goals for every quarter of the year or better still make it on a monthly basis.

These goals will help you monitor your progress and alert you on the areas you need to improve on.

You can’t be considered successful in any business if you are not able to set a standard for measuring your progress.

#4. Be ambitious

To be ambitious means to have a strong desire for success. And this is one of the most important attributes every business person must possess. When setting your goals for the year, you must dare yourself to achieve things you have never achieved before.

Mind you! It shouldn’t be taken to the extreme. This can also be dangerous for your business. You might end up feeling like a failure at the end of 2020 when your unrealistic goals do not materialize.

You can’t aim to become a billionaire overnight. It doesn’t work that way. You must be ambitious but at the same time realistic in your ambitions.

If you ended the year 2019 with your bank account balance reading only 5 figures, you should be aiming to make it read up to 6 or 7 figures at the end of 2020. Growth takes place bit by bit.

#5. Ensure proper management of your funds

Always make sure every money you invest in your business in 2020 is well accounted for. No business will succeed if the funds are not properly managed.

No matter the amount of money you invest into your business not ensuring it is judiciously spent may still amount to zero.

Like I said earlier, there is always a cheaper option for every purchase you make. I’m not saying you should go for the low-quality options. I’m saying you must always make sure you get the best alternative at the best price possible. After all, our sole aim is to make some money. So why must you overspend unnecessarily?

#6. Avoid Complacency

Complacency they say is the enemy of success. There is every possibility that when you start to reach some certain level of success, the urge to take your legs off the pedal and chill out awhile sets in.

If you are really keen on reaching the height you desire this 2020, then you must avoid letting complacency ruin all your good efforts.

Here are a few approaches you can use to tackle complacency;

  • Create a healthy competition for your business; always look up to people offering the same services as you and doing better than you are doing. Think of ways you can either reach or beat their level.
  • Always think of ways to improve on your skills and new ways to render your services better.
  • Maintain a strict routine for your business.

Last but not least,

#7. Always treat your customers with respect

You must always treat your customers, clients or audience with all the respect they deserve because they put money in your pocket. Yeah… that’s right.

Listen to their complaints if they have any. Let them know that you appreciate them. Listening to them will help you improve on the services you render to them.

We could write a book on how to become a successful entrepreneur in 2020. However, I’m going to leave it at this.

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Matt Stephens
Hello guys, I'm Matt Stephens, the founder and Editor in Chief of NaijaHomeBased. For business and editorial enquiries, please get in touch with me using any of my social handles below.

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