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How To Become A Successful Entrepreneur

We all share the dream of wanting to become a successful entrepreneur. We want to be able to say we as individuals have the freedom to be our own bosses, have a sense of accomplishment, hold a responsibility to society, have and impact of the world, and leave behind a legacy and inevitably become a successful and wealthy individual in the process.

But how can you be such an individual? Well many people will tell you either one of two things. Practical things one needs in order to achieve in becoming an entrepreneur such as a strong business plan, good marketing and the capital in order to set up the business itself. Despite these being vital to becoming an entrepreneur it does not set you on a path of becoming a truly successful one.

Another outcome you might receive when posing this question are the characteristics which make you an entrepreneur. Some examples include tenacity, passion, self-belief, vision, hard-working, open minded, confident, creative and disciplined. Don’t get me wrong, these are vital characteristics for someone to be a successful entrepreneur. However, there are many who hold these characteristics yet fail to achieve a successful business when they head out to be an entrepreneur.

Whereas, there is one ability which nearly every truly successful entrepreneur holds which separates them from the rest. This unique skill is having an accurate insight into the causes of Human dis-satisfaction.  This essentially means becoming an expert in what makes life hard for people. This is due to the fact that every properly striving business is in some way trying to fix something for other people, improving human satisfaction. The bigger and more unique thing you aim to improve the bigger the reward and the more successful your business will be.

You may think to yourself, but there are so many things solves already in the world, what else is there to fix? But if you want to grasp the vast amount of opportunities that are currently available in today’s modern market all you have to do is think about what is it the dissatisfies you on a day to day basis.

If you think about it this way. Every human dissatisfaction is a new business opportunity. Therefore the best way to master this skill is to first study your own unhappiness as solving a problem that is personal to you helps contribute towards the drive you need to be an entrepreneur. Take GoPro for example. The founder of GoPro was dissatisfied with the fact he could not properly film himself surfing and so built a camera to solve that problem. This then lead to him realising he was not the only one who had this problem and so this led to his company having one of the biggest action cameras on the market.

Normally when profits start to decline in a business it is because they don’t have a unique enough problem to solve and so many others are also attempting to solve that dissatisfaction and so in a short time the problem is solved and no longer requires more of that specific business.

For example, if a new Pizza shop opens up in an area with 4 other pizza shops it is unlikely that the business will be truly successful as people are most likely already happy with the service already provided. However, if none of the shops sell a specific flavour which people are unhappy about by you serving that flavour you have a unique selling point and have solved a human dissatisfaction and therefore you have a higher change at being successful. Therefore great profits are a reward for those who recognise a problem in human satisfaction that needs to be solved.

Of course it would be naïve to think that only an idea can lead to you being a successful entrepreneur. An idea is just an idea without the hard work. You need to take care of practical things, money and your character of course but if you do not have a sound idea that aims to solve an actual current human dissatisfaction it is highly unlikely you will be a successful entrepreneur.  Therefore if you have a good understanding of human dissatisfaction and you have a good solution in order to solve this problem then as long as you appropriately run your business you will have a high chance of running a profit making successful business.

So what are you waiting for? Start focusing on solving the vast amount of human dissatisfactions today!

If you have any other questions, you can tweet me @mrjamesvincent or you can check out my other business strategy posts HERE.