Differences between Successful & Struggling Entrepreneurs

Are you a successful or struggling entrepreneur? How would you define yourself as an entrepreneur?

It was just yesterday that I had the opportunity to speak to one of big players in the business world during their visit to Resorts World Genting. They flew all the way from Las Vegas Michael Frey, which has successfully owned the hospitality and entertainment space there .  When asked of his opinions, Frey shared that every entrepreneur struggles before they became successful. He also said that the key to becoming a successful entrepreneur is to just move forward and eventually you will find success as you progress.

Every successful journey begin from humble beginnings and struggles.  While there is nothing wrong to begin as a struggling entrepreneur. However, if you remain struggling after many years, then must have been you doing it the wrong ways.

Here are some of the mistakes struggling entrepreneurs make:

  1. Do Everything Myself- They Do Not Delegate Work

You can’t and shouldn’t be do everything yourself. If you are still doing design works on a Mac, posting contents to Facebook, proof reading each and every word in a text. In short, if you are still looking and doing little things like these, then you’re doing it wrong.  A successful entrepreneur delegates work and success is always determined by the team’s efforts.

2.They Do Not Work Smart but Work Too Hard

Most struggling entrepreneurs have a traditional mindset of only those who work hard will succeed.  Don’t get me wrong. As an intra-preneur in my workplace, I too work hard as anyone of you although I don’t have a company of my own yet for now. Successful entrepreneurs work smart, they leverage time and resources to expand their empire.3

3.They Don’t Have an Exit Plan

While all entrepreneurs hope to be making money and grow your company in the shortest time, you should also prepare themselves for setbacks and failure in case the startup or business plan didn’t turn out well as planned.

4.They Don’t Have a Mentor

Having a mentor assists entrepreneurs in advising you in areas that you’re not familiar with or when you basically stumble a block, refraining you from making time wasting efforts and unwise decisions.  A mentor is like a genie in a bottle –he or she will show you what you should be doing, and tell you whether you’re messing up.

Now that I have worked 7 years for companies from SME to public listed corporations, I aspire to become an entrepreneur and start a business on my own soon. Well, I haven’t figure out what would I do in future. I’ll figure it out real and let all of you know soon. See you at the top, people 🙂

Irene-Chua

Editor

Irenect2- Irene’s City Square

Live it!iNspire Others

 

 

 

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One Comment Add yours

  1. Apple Berry says:

    Do understand that there is no one man show in entrepreneur industry. Thanks for sharing as it do give me more ideas to critical thinking. ^.^

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