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Entrepreneurship is one of the most daring decisions anyone can make in life. The average man will opt for the easy way out of working for others while only the bold can decide to tow the path of entrepreneurship. Without question, although it takes a lot of guts to become an entrepreneur, not every entrepreneur ends up a success. There are five things underlying success in entrepreneurship, and these five things are exactly what every entrepreneur needs to attain success in their craft. These five important elements of entrepreneurial success include;

  • The power of Yes
  • The power of No 
  • Something to chase 
  • Something to measure and  
  • Something to do 

The power of Yes: Most of us are fond of acceding to every offer that comes our way, sometimes even without detailed consideration of the terms of the offer, so far as it promises financial returns. Some entrepreneurs have ended up committing significant errors that have had long term effects on their finances. What the power of yes means is finding the best ‘yesses’ in your business so that you can succeed. The power of yes is intimately understanding what your biggest ‘yesses’ are. 

Say ‘Yes’ only to ideas and offers that move your business forward. Hence, if a big ‘Yes’ is a massive account, yes. If a big Yes is hiring the right person, yes. If a big Yes is meeting somebody that has the potential to accelerate what you’re doing, Yes. If Yes is to learn something brand new that makes you better at your job, then Yes. Most of us readily accede on a daily basis yet we don’t understand what our biggest yesses are. Take a little bit of time to understand what the biggest yesses for you are right now, and what they are for your business long term. Then only those things you say yes to, your business will start to grow. 

The power of No: Having a good character and personality is an important trait that is helpful for entrepreneurs. However, as an entrepreneur, you must understand where your limits lay, otherwise it can hamper the success of your business. 

For instance, most of us are terrible at saying no, which is why we say yes (all the time) to things, but the power of No means that we understand what our priorities are and we stick to them. And when we understand that, then we in turn, can have better control over what we’re doing with ourselves, and in times when it is necessary, we say No. You must always evaluate everything so that you disregard things that are inherently intrusive and unhelpful to you. It is amazing how you can add so many activities and pile up stress on yourself all because you refuse to refuse certain things. The ability to say No to mundane things and rather focus on what is most important; what is highest order of good, or what is most critical, or what’s going to make you happiest is essential when you’re an entrepreneur; Understanding the power of No, helps you to be able to say no with a clean conscience, because you know what is incredibly important to you. Does that make sense? Awesome. 

Something to chase: For most people, something to chase is a goal or an outcome such as earning a million dollars, landing a big client, etc. but something to chase is more than that. Your ultimate goal should be to constantly improve yourself and your business. When this has been achieved, your business will grow along with you. If you have something to chase, it makes it much easier when you face adversity or challenges to be able to do what you need to do which is to chase and pursue. Because if you’re not pursuing something, if you’re not chasing it, you’re not feeling driven every single day, then you’re effectively limiting your potentials. Why? The most driven people don’t fail. They might not win all the time, but anytime they don’t outright win, they use it as motivation to do more and be successful. 

Everybody loses sometimes. 

That’s life. 

But failure is something that doesn’t happen often to those people that have picked a goal, an outcome or result and they’ve chased it, they’re pursuing it with absolute passion and clarity of purpose. When you know what you want, you know what you’re chasing, then you’re in a really good spot. Okay?

Something to measure: In business, just as in most things in life, you must be able to measure your performance to see the level of progress you have made. Something to measure implies that when you are pursuing your goals and dreams, when the outcomes and results show, you must be able to measure your results. In other words, what are the measurements that make the most sense for you to succeed as an entrepreneur? 

Of course, you’re going to measure your money. 

You need to. 

You need to measure how your marketing campaign is performing and how it is impacting your sales closing ratio is.

But if you don’t understand what it is that you need to measure, how can you tell whether you’re achieving your goals or not. So, picking the things that are most important for your business and, being able to measure them and then look at what you’re doing regularly so that you can measure success is vital to you being able to win. Does that make sense? 

Something to do: Most of us will get into a job or accept a role simply because it is something that we can technically do. For instance: you’re a welder, or you’re an accountant, and you just delve straight into setting up your own business simply because it looks fashionable and in vogue. Well, that might not necessarily be the absolute best fit for you. 

Picking something to do that marries your passions with what you are good at, technically good at is going to give you something that long term you’re going to be able to sustain. So, even though you have a skill in something, you must consider your level of passion for that thing before delving into it. Pick something that you can do, that you’re passionate about, you know what the most important Yeses are, you know how to say No. This way, you will have a clear goal to chase and an outcome and a dream to chase, and you’re able to measure it, then your chances of success will be high in that activity. 

Remember that the five things you need as an entrepreneur to win is the power of Yes, the power of No, something to chase, something to measure, and something to do. If you get those things in line, you’re going to be able to succeed, and when you succeed, you’re going to be able to win a business. Meet you at the top. Cheers!