How To Become a Happy and Successful Entrepreneur

For all those who are going to become entrepreneurs for the first time and are at the outset of beginning a new venture, keep this in mind: "Money has no value if you are not happy. Be sure to have fun, enjoy life, and take time for yourself." If you are in immediate need of cash, then you have made the wrong decision by taking up entrepreneurship. But if you have enough to live (or more), and want to pursue your dream of doing something you have always wanted to do, then this is the right place for you. When you are going to begin a new venture, you will have to face numerous challenges. I feel that these challenges are the good part of entrepreneurship, as it keeps you alert and boredom-free and more interestingly, gives success its sweet taste. In this article, I attempt to describe the ways to become a successful entrepreneur with an emphasis on ‘happiness' and ‘satisfaction.'

The very first lesson that we need to remember before venturing out is that we should derive pleasure from what we are doing rather than focus exclusively on the material results that are expected. Take up a business in the field of your liking rather than one which is ‘money making.' Remember that entrepreneurship is not like a salaried job where you get paid at the end of every month for that month's work. Income from new ventures is very erratic, especially in the initial periods. Please do not expect an income from your business initially. Derive pleasure from what you are doing: Find thrill in meeting deadlines of customers, satisfaction in delivering high quality products, enthusiasm in tackling tricky challenges instead of repeatedly asking yourself, "When do I get paid for this? Will this ever work out? Why is it that all the others around me (except for me) are so successful?" For the safety and security of you and your family, you may keep a deadline and decide that you will try your level best for your business to take off before that deadline, or else retire to your previous (safer but less exciting) occupation.

Here are qualities that you must develop (remember that no one is born as an entrepreneur...they develop these skills with practice and perseverance...so even you can do it!) to become a successful entrepreneur.

1. Passion for work: You must have a passion for the business that you are doing. Rather than doing it just for money, do it for thrill and satisfaction (as mentioned before). I am not asking you to do free social service...being a businessman, you need to make money...but thinking only about money and getting overanxious about it will only land you in trouble. Money will automatically flow if your hard work and sincerity is present in your work.
2. Freedom from depression: It is a common phenomenon that most people get depressed and frustrated within a short period of starting their new venture. The reason may be erratic income, the complications of being involved in the business world, stiff competition, lack of leadership qualities, family pressure, etc. I feel that if the reason for your frustration is anything other than urgent need of money, then say to yourself, ‘The darkest time of the day is just before dawn' and hold on to your business for some more time. Miracles may happen.
3. Decision making: Make bold decisions whenever required, without delay. Great opportunities come rarely...delay in making decisions may result in you missing them. But remember to think twice before making crucial decisions...be wise.
4. Creative thinking: Applying creativity to your business is crucial for your firm's survival. Try to find creative solutions to problems you are facing, apply creativity to manage your employees, and put creativity into the products you are manufacturing. Creative ideas can revolutionize the world and also your own lives! Several sites and books offer courses in improving creativity. You may go through them if you feel you are not very creative.
5. Planning and organization: Planning and organization are crucial ingredients of success, not only in business but in any field. Everyone (including animals) work, but the reason why certain people are successful and most others are not is that successful people do well planned and organized work. They clearly know what has to be done, when it has to be done and how it has to be done. Plan what has to be done when and do it in an organized way, whatever may be the assignment. Developing these two qualities alone can completely change your present life into a marvelous one. Successful people are experts in time management. If you feel you are a bad time manager, then you better study books on time management or attend time management workshops. Without this quality, no achievement is possible.
6. Risk taking: Taking calculated risks is very important for stable growth of your firm. Businessmen who don't take risks fail to succeed or even if they succeed, their success is very limited.
7. Careful about money: Entrepreneurs are very careful about managing money and don't waste unnecessarily initially. Once your business has grown into a big one and you have lots of money, you can enjoy it the way you want to, but be careful not to spend too much during the initial stages.
8. Work for long hours: You must prepare yourself to be able to work for long hours initially. It is crucial for the stable development of your venture. Try to keep all your customers satisfied and deliver services in time. Remember that customer satisfaction is the success secret of any successful firm. Try to deliver good service to your customer promptly. You will surely lose your customers if you can't deliver products on time.
9. Desire, dedication and discipline: These three Ds are highly necessary for you to become a happy, successful entrepreneur. They can be developed easily with constant practice and perseverance.
10. Human relations: Being an entrepreneur, you will have to interact with a lot of people. Be it your subordinates or customers or partners, proper communication skills and attitude is very important. Remember, "85% of success in life is due to the ability to communicate and get along with people." Try not to get angry with your subordinates very often; it spoils their spirit. Compliment them whenever they do good work...remember praising doesn't involve any expenses but it raises energy levels to an amazing extent. Work with your employees as a team. And while dealing with customers, ensure 100% customer satisfaction and that you become an indispensable provider. This will ensure two gains: The customer will come back to you whenever he is in need of more products and he will refer his friends to you and the chain continues (and hence the number of customers multiplies without you wasting a single penny on advertising).

I am sure that developing the above qualities will make you a happy and successful entrepreneur. I wish you all the best in your new venture!!