Description: Entrepreneur success stories are rare during the pandemic, but if you build a resilient mindset, visualize your success, understand the current risks, adapt your strategy and learn how to work in a remote world, you will succeed and win.
Success is often borne out of entrepreneurs changing their current routines and pursuing new ideas and strategies. Entrepreneurs can be unwilling to change, leading to stagnation. However, during the pandemic, they have been forced to shift their strategy resulting in the uncovering of new opportunities. In these uncertain times, an innovator can excel.
Adapt Your Mindset
The traits of a successful entrepreneur include resilience, intellectual curiosity, and imagination. It is easy to have a negative mindset during the pandemic, especially as you are surrounded by financial loss. Your business will never be successful if you think like this. No matter the situation, there is always an opportunity to adapt and thrive. If you can focus on cultivating these successful entrepreneur traits, you can put yourself in the optimal position to identify new opportunities created by the pandemic and take advantage of them, making you successful.
During the pandemic, many successful entrepreneurs are suffering from financial losses. If you are in this position, you need to dig deep and show resilience, as becoming a successful entrepreneur requires toughness. You have to adapt your mindset and tell yourself you can overcome this obstacle and immediately start actioning a plan that can make your business pandemic-proof. If you are resilient throughout this pandemic, you will be poised to gain new market share as your previous fragile rivals who had to exit the industry are no longer a threat. This could be a key chapter in your entrepreneur's successful story.
A key characteristic of a successful entrepreneur is imagination. During the pandemic, so many entrepreneurs are obsessing over how bad the business conditions and lost revenue are that they are in no position to seize the opportunities that the pandemic has created. If you want to be a successful entrepreneur, you need to use your imagination to identify new revenue streams that the pandemic has presented. It could lead to you diversifying your current business or creating a new venture. Entrepreneur successful stories always start with imagination.
Focus on Successful Life in the Future
How to be a successful entrepreneur? It is a question many people ask. Before you start looking for a step-by-step guide, you first need to visualize your ideal future. You need to go deep and visualize in as much detail as possible what your perfect life looks like. When imagining your successful life ask yourself, where do I want to live? Do I want a family? What time do I want to wake up? How often do I want to work? What hobbies do I want to do? Successful women entrepreneurs are particularly good at this skill.
Once you have got a certain idea of the kind of life you want, you then can start reverse engineering your life. It will help you as a future successful entrepreneur find what industry you should be in, where you should base your venture etc. If you are too focused on the current pandemic situation, you may limit yourself on what’s possible and never start your successful entrepreneur journey. Many entrepreneur success stories begin with a dream and, through determination and hard work, turn into a reality. Start dreaming big today!
Develop Risk Assessment Skills
Stories of successful entrepreneurs are few and far between these days as the pandemic has left many entrepreneurs exposed to risks they never thought possible. Entrepreneur successful journeys require intelligent strategic thinking. If you want to thrive in this current high-risk environment, you need to be able to perform successful cost-benefit analyses before you dive headfirst into your next venture. If you can find asymmetric bets where the potential payoff is much higher than the potential downside more effectively than your rivals, you will dominate the pandemic environment.
To find these big payoff bets, you need to search in places that your rivals either don’t know about or lack the expertise to explore. That is what the most successful entrepreneurs do. You also need to remove as much of your biases as possible before making a decision. If you can weigh up potential decisions objectively, you may be able to find some hidden plays that others in your industry have missed. Most of all, you need to have the courage to back your decision. In this current business climate, making bold, high-risk moves is even more challenging. But remember, the qualities of a successful entrepreneur include toughness and fortune favors the brave.
Learn How to Pivot Your Business
To pivot or not to pivot? Before the pandemic, entrepreneurs could often take their time and weigh up their options before shifting their company’s focus. In the current reality, successful entrepreneurs don’t have that luxury and need to pivot to keep their businesses operational. If you are an entrepreneur who is feeling the pressure of the pandemic and doesn’t know what to do, then it is time to pivot and start pursuing a new successful strategy.
You need to analyze the current market conditions, and just like you came up with a profitable pre-Covid strategy, you now have to develop a successful post-Covid plan. Don’t be intimidated by making significant shifts in your business during this period. Once market conditions have changed substantially, companies often need to make an equally big pivot in response. Don’t forget characteristics of a successful entrepreneur include risk-taking.
Before pivoting, it is best to check out how your industry rivals are dealing with the pandemic. Copying is a common tactic used by successful entrepreneurs — just ask Bill Gates. See what moves they have made. This is a great way to generate successful entrepreneur small business ideas and determine what your best next move is.
Master Remote Management
With offices shut down and entrepreneurs running their businesses remotely, it takes a particular set of skills to thrive during the pandemic. Only the most successful entrepreneurs can run their business empire entirely remotely.
We will now list and describe the three traits needed to become a successful entrepreneur while working remotely:
Patience - When working from home and managing your employees remotely, you will have to be patient. Communication will be a little difficult, especially when kids may stumble into your office or your partner may accidentally interrupt important business calls. Remember that successful entrepreneurs are known for their patience.
Tech-savvy - You are going to have to find the right tech stack which is going to allow you and your team to keep productivity levels high during the pandemic. Whether that is Slack, Microsoft Teams, or Zoom, you need to find software that helps you smash your goals and become successful.
Focus - When working at home, it can become easy to be distracted and let your work performance suffer. You need to keep focused on the task at hand and continue working towards your big objectives. Entrepreneur successful stories always feature intense focus and drive.
Adaptability - In this pandemic environment, you can never be sure your plans will go ahead. That office workday you planned may be canceled, or that super important supplier meeting may have to be rescheduled. In this uncertain environment, you always need contingency plans and the ability to adjust as the situation unfolds. The trademark of a successful entrepreneur is adaptability.
Entrepreneur successful journeys pre or post-pandemic always begin with imagination and a vision. Entrepreneurs who can show resilience when things get tough are better suited to overcome the current challenging environment. These traits alone are not enough to create a successful entrepreneur, but if they are combined with sharp risk management, a keen sense of when to adjust business strategy, and a seamless remote management system, then the chances of entrepreneurs winning and becoming successful during Covid-19 shoots through the roof.
We would love to hear from successful entrepreneurs! What tips and tricks have you used to keep kicking goals during the pandemic? Please comment below.
Emily Moore is an English & programming teacher with a passion for space and blogging. She believes that current exploration should be focused on preserving our planet’s resources. With satellites circling the orbit, it is easier to get relevant data on any environmental changes. This, in turn, should help people quickly address any challenges.