#Entrepreneur# Definition: Create Your Own Entrepreneurial Success Story

Being successful at entrepreneurship is more than just having the ability to start a business venture, but it means having the right mindset to take actions that will yield the right results and keep the business profitable in the long run. No single action can completely guarantee the success of a business, but rather a combination of actions and the right mindset to persevere through the difficulties that accompany running a business.

According to the US Bureau of Labor Statistics, 20% of all businesses fail in their first year and 50% fail by their fifth year ( https://www.grandyassociates.com/what-percentage-of-companies-fail-each-year/ ) . When you ponder a little on these statistics, it makes you wonder what makes a business successful and what makes a business fail, and you can see that an #entrepreneur# is 100% responsible for the success of their business. So what then can you do to create your own success story? Let’s find out, shall we?

Entrepreneurship and Emotional Intelligence

Emotional intelligence is quickly becoming a survival skill for both our personal lives and in the workplace. Furthermore, research has shown that a higher emotional quotient in entrepreneurs is a great indicator of strong performance in entrepreneurial success. Putting it in plain terms, emotional intelligence is principal in creating your success story in entrepreneurship. This is not to say that cognitive intelligence is unimportant, because according to researchers, both cognitive intelligence and emotional intelligence are needed to achieve success in entrepreneurship however emotional intelligence was found to have a higher determinant of success by over 50%.

However, Jared Allen noted that while emotional intelligence is important to entrepreneurial success, their study did not show the combined effect of cognitive intelligence and emotional intelligence on the success of an #entrepreneur#. Stating the possibility of cognitive intelligence having a higher effect when emotional intelligence is already high, and emotional intelligence can also aid performance when cognitive intelligence is already high.

What Determines Entrepreneurial Success
1. Emotional Intelligence
A lot of individuals will assume that the general mental ability of an individual is sufficient for entrepreneurial success, but a meta-analysis carried out by Jared S. Allen, Regan M. Stevenson, Ernest H. O'Boyle, Scott Seibert, and was published in the entrepreneurship journal explained the greater importance of emotional intelligence to entrepreneurship, as compared to just mental ability.
Importance of Emotional Intelligence to Successful Entrepreneurship
● Managing People: A high emotional quotient means that you will have to be more sensitive towards the feelings of others, and this will make it easier to relate to them and identify their needs.
● Regulating Your Emotions: The ability to handle your own emotions will go a long way in handling clients and co-workers no matter how difficult they may come.
● Building Resilience: Entrepreneurship presents various challenges including unexpected losses and all kinds of business pressures, and resilience is what makes you carry on with the business, keep your staff motivated.
2. Negotiating Power
Right from the onset of a business, the negotiation begins to happen. Building your negotiation power and skill as an #entrepreneur# will give you the confidence to negotiate favorably with incoming investors, staff, and of course consumers of the product or service you’re providing. Taking time out to hone your negotiation skills is never a waste of time, and there are several resources you can use to learn the power you possess in a business just by having these skills. Negotiation is a key skill that every #entrepreneur# must have to succeed because in the early stage of every business the #entrepreneur# has to negotiate for minimal resources.

3. Be A Salesperson
Having a product or service with all the nice products and services that your consumer market needs is nice, but what happens when you’re not able to sell? You can’t get these products in front of those who need it. In an era of hyper-competition, entrepreneurs are learning that knowing how to sell a product is just as important as the product itself. Learning how to sell will give you a level of tenacity and persuasion that you need to survive in entrepreneurship. As an #entrepreneur#, you will need to first sell your business ideas to investors, prospective workers and then your product to consumers. Remember that a product is only as good as its ability to thrive in the market and meet the intended target audience.

4. Networking and Business Relationships
Forming meaningful professional and business bonds with the right people is a skill that is needed by any individual for career growth and likewise entrepreneurial success. Networking is a skill that can be learned over time, so even shy entrepreneurs can learn and lean into it. Knowing the kinds of people that you should network with based on your business and their backgrounds will offer you an effective way to connect with them and get the best out of a relationship with them. It is all about building meaningful relationships with individuals and you’ll see it gradually presenting profitable opportunities for you and your business.

5. Take On Some Risk
Bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, political and economic risks are some major classes of risks that every #entrepreneur# should evaluate before starting a business. A business will still need to undertake a certain amount of risk to get the best of the business. Innovation and investment opportunities are what propel a business forward and are both tied to a certain amount of risk. Taking risks however does not mean walking into a business venture blindly and expecting great results, but instead careful planning and building a strategy means that you are taking calculated risks. Risks undertaken may not always have a positive outcome, so you can learn from it, adjust your strategy and try again. Having the mindset to continue your business venture even after a huge risk is undertaken will be a huge advantage.

6. Patience And Tenacity
Rome was not built in a day and neither was any business out. The successful businessmen that we admire didn’t build their businesses among roses, but rather over high and low periods. The key to staying in the business is patience and a tenacious attitude that will keep your zeal even in times of business challenges. Patience with your business, your staff and most importantly yourself will go a long way in sustaining the business, especially when facing business challenges. Having a mindset to get through difficulties in your business is very beneficial to the success of that business. Sometimes, your mindset is the only thing standing between you and what you want to achieve as an #entrepreneur#.

7. A Balanced Skilled Team
The business owner needs to have all the skills mentioned above, but an #entrepreneur# can’t execute all parts of the business that require these skills. This is where delegating and hiring comes in. The ability to delegate itself is a principal skill for a successful #entrepreneur# as it will give you more time to accommodate other managerial aspects of the business. Hiring a skilled team that will buy into your business dream and effectively handle the technicalities of your business to achieve the goals and objectives of the business is key to your success at entrepreneurship. With the right personnel, you will be free to focus on other aspects that will push the business forward because you are confident that your team will perform well, even without your hawk-eye constantly watching them

8. Leadership
Leadership is probably the most important attribute to have as an #entrepreneur# because without this you won’t be able to act as the captain of your ship. Leadership skills are what will give you the ability to hold your team together and motivate them even in difficult business periods. Every year there are several leadership conferences around the globe, so you can tune into one of these to strengthen your leadership skills as it will be an advantage to your business.

How Are You Going To Create Your Own #Entrepreneur# Success Story

These days, we are so romanticized by the idea of entrepreneurship and seeing the influential businessmen that we admire what makes us want to be like them without paying attention to how they achieved these successes in their various businesses. The truth is that entrepreneurship is not an escape route from the 9-5 daily work. It is hard work that requires deliberate learning and continuous acquiring of skills. The great thing is that almost everything can be learned, from the basic subjects in high school to the skills needed to navigate life as an #entrepreneur#; networking, sales, marketing, leadership, etc. are all skills that can be learned with deliberate effort. So, if you have ventured into the world of entrepreneurship without enough knowledge in any of these key areas, it is not too late to start learning and practicing to build your business and person and achieve the successes you desire in entrepreneurship. The #entrepreneur# story you tell yourself shapes your future. What story are you going to tell yourself?

The ultimate security in life comes from being in control of your destiny as an #entrepreneur#.

Media Contact

Name: Robert Moment
Email: Robert@HighEmotionalIntelligence.com
Website: www.HighEmotionalIntelligence.com
Location: Arlington
State: Virginia

About the Author

Robert Moment is a results-driven certified social + emotional intelligence coach and trainer and certified peak performance coach and author.

Robert specializes in helping entrepreneurs overcome imposter syndrome using the power of high emotional intelligence coaching to be your authentic self, living inspired doing what you love scaling to a 6 or 7 figure business.

Schedule your FREE 15 minute Transformation coaching call. No sales pitch. No fluff. This call will bring you clarity to your mind, and peace to your heart about life and the future of your business.
Visit https://HighEmotionalIntelligence.com

Enroll in the transformative online course #Entrepreneur# Mindset Success Secrets to Start a Business with Rapid Results.
https://courses.highemotionalintelligence.com/courses/StartingaBusiness

This release was published on openPR.