What is one important skill to learn in order to become a successful entrepreneur?
To help aspiring entrepreneurs succeed, we asked experienced business owners and CEOs to share their best advice. From nurturing your passion to learning how to handle failure, these insights can guide you on your entrepreneurial journey.
Here are ten tips to help entrepreneurs succeed:
1. Know Your Business Thoroughly
Having a passion for your idea is not enough. You must understand your business inside and out. For example, if you plan to open a restaurant, work in the restaurant industry for several months. Think of it as paid training and the best way to confirm that this is the right path for you.
—Mark Peterson, Senior Lecturer at Eller College
2. Develop Your Passion
Many people confuse interest with passion. Passion comes from combining interest with skills. It’s great to be interested in something, but for that interest to turn into passion, you need the right skills. Acquiring those skills may be challenging, but if you persist and maintain your interest, it will turn into passion. Once you’ve developed a passion, use it to make a positive impact, which may even become your purpose.
—Carlos Alsua, McGuire Center for Entrepreneurship, Senior Lecturer at Eller College
3. Combine Empathy with an Analytical Approach
Empathy and a logical decision-making process are key to being a successful entrepreneur. It’s important to connect with people and help them understand your decisions. Stay truthful, focused, and ambitious throughout your journey.
—Rahul Mitra, MBA (Corporate Finance), MS (MIS), University of Arizona
4. Master the Art of Selling
As an entrepreneur, you are always selling something. Whether it’s selling your product to customers or your vision to employees, mastering salesmanship is crucial. You’re also selling yourself on the importance of your work to stay motivated. To be successful, you need to sharpen your sales skills.
—Brett Farmiloe, CEO and Founder of Markitors
5. Understand Your Cash Flow
Keeping track of your cash flow is essential for success. You need to know when you might need debt financing and how to build relationships with financial institutions. At AVANA Capital, we help entrepreneurs by offering financing solutions and financial advice to ensure long-term success.
—Sanat Patel, AVANA Capital
6. Learn from Your Mistakes Quickly
Don’t be afraid to fail. Many people have great business ideas but never act on them due to fear of failure. It’s important to overcome that fear, take action, and learn from any mistakes you make along the way.
—Kristy Bach, COO of BestCompaniesAZ
7. Work with Numbers
Entrepreneurs must understand how their business will make money. You need to be comfortable with financial planning tasks like setting prices, forecasting revenue, managing cash flow, and preparing taxes. Being able to work with numbers is a crucial skill for any business owner.
—Amy Zwagerman, Founder and CMO, The Launch Box
8. Research Your Financial Options
Entrepreneurs need to understand their financing options to support their business growth. Whether it’s a secured or unsecured loan, you need to carefully evaluate which route best suits your strategy. Always seek advice from experts and do your research before making financial decisions.
—Craig Johnson, Unsecured Funding Source
9. Adapt to Change
The ability to adapt to change is critical for success. Whether it’s changing industry trends or the needs of your clients, being flexible allows you to keep growing and stay competitive in the market. Be open to adjustments and willing to shift direction when necessary.
—Elyse Flynn Meyer, President and Founder of Prism Global Marketing Solutions
10. Embrace Innovation and Change
Business processes can often become routine. However, being open to change and innovation is key to long-term success. For example, many companies continue to operate remotely post-pandemic, using technology to optimize operations. Finding balance between people, processes, and technology will help your business stand out.
—Spiros Skolarikis, Comidor
