How to build your own startup and become a successful entrepreneur

Starting your own business and being an entrepreneur has never been easy. But having the chance and desire to be in charge of your own destiny is clearly a big reason why having a start-up is so popular among people lately.

Being the founder of an effective, brilliant idea that will work and to build a business around it from the ground obviously needs lots of patience, effort and time. Your experiences, personal finances, mental performance and more are on the table. You have to be realistic and ready for this groundbreaking journey. But how?

First of all, believe me, you are not alone! Many mind-blowing ideas fade away because people struggle to survive in the startup ecosystem. If you are truly willing to launch your own startup and make it sustainable as a successful entrepreneur, I would like to share my experiences and advice with you.

Take risks and don’t be afraid to fail

Starting your own business is a risk and risk is a huge part of entrepreneurship. If you are taking a risk, you need to take it completely and get ready to fail. There are many calculated risks that you will have to make on the way to becoming an entrepreneur, from the political to the financial. It’s important to be comfortable with ambiguity — you won’t always be able to 100% control the circumstances around you. There will always be the risk of failure.

However, as Steve Jobs said, “Fail fast and fail often because failures will teach you how to succeed.”

Serve your customer, not yourself

I know you want to hit the jackpot and to achieve financial freedom from the get-go. However, the road to success is not a solo journey. You need people to support your growth, especially loyal customers. You have to create value for your target customers and work hard to satisfy them. Follow the right trends for your business and make sure you’re delivering to real customer needs. If you are starting your own business to be comfortable and to make money from the first day, then you are making a big mistake. You have to bring others with you on the journey, convince them to believe in your brand’s mission, and ultimately require your services in their everyday lives. Only then you can be a successful entrepreneur in the long-term.

Create an elevator pitch

What’s an elevator pitch? It’s a is 20 to a 30-second long summary of your start-up. It’s your pitch to convince people about why they should believe (and invest in) your product or service. An elevator pitch is not only for prospective customers but also a way to attract the attention of potential investors.

Manage the financials

If you are starting a new business, no matter the scale, you have to brace yourself for the expenses. Particularly at the beginning, you must track and manage your cash flow carefully in order to ensure your startup will survive. Expenses will come from every direction. I recommend trying online accounting software instead of hiring a full-time employee to manage your finances.

Don’t forget to look after yourself

Always remember that you are the founder. So you are and always be the key person for the business. However, that doesn’t mean you need to sacrifice all your available time and energy in growing your startup. Make sure you invest in your physical and mental health. Eat nutritious food and keep physically active. For example, paying for a gym won’t destroy your startup’s finances and will help you feel stronger and clear your mind. Keeping yourself healthy and in a positive mindset is crucial if you want your business to thrive.

Never stop networking

Networking is the easiest and cheapest way for an entrepreneur to establish business relationships and grow their venture. You should never miss a chance to introduce yourself at social and business events, and build a reputation for your startup. It’s a great way to meet future business partners and investors. Networking is also a fantastic avenue for personal and professional development as you can regularly share your expertise and gain self-confidence. Believe me, you never know who (or what) will bring you new opportunities!

In conclusion, you need to be determined, patient, open-minded, and hard-working be successful as an entrepreneur. No one will ever tell you that it’s the easy path, but if you have the drive inside of you, hold on tight to your vision. You must never miss the chance to be in charge of your own destiny.

Never regret your decisions

As a founder, you need to come up with some decisions every day, which may be as small as buying a new chair or as big as shutting down your business. Never regret them afterwards, act like a trained machine learning model. And always keep in mind: with given inputs, you generate an output. That’s all you have to do. Just move forward without carrying the weight of your decisions.