A giant-sized piston of the world economic engine, entrepreneurship has been steaming incessantly into the business scene of many countries. From mobility, food-tech and e-commerce to internet services, consulting and fintech, entrepreneurs are pushing their ideas to investors and making breakthroughs with new inventions and ideas to solve people’s problems.
But how do these rainmakers demarcate their success? Although there’s no set definition for success in entrepreneurship, there are some common denominators that underline an entrepreneur’s success story.
Some of the punchy reasons why entrepreneurship appeals so much to people as a career option are:
Realization of Passion
Possibly the game changer, the pursuit of one’s passion ticks their entrepreneurial interest like no other. When entrepreneurs get hands-on into their business – closing mountain-sized deals, conquering investor meetings, front-ending teams, hiring like-minded people and brainstorming the next new idea – they’re constantly rubbing shoulders with their passion. All the victory moments associated with these activities are emblems of their passion. When they understand the implication of these moments, realization of passion becomes their success. Sir Richard Branson said it best:
“My definition of success? The more you’re actively and practically engaged, the more successful you will feel.”
Acquisition of Business Acumen
Every entrepreneur likes an intellectual challenge. The harder the problem gets, the sharper their business acumen becomes. An unquenchable thirst for knowledge and skills keeps their biz-wiz minds stimulated. Numerous entrepreneurs consider learning as a generous return on time spent – whether it be testing and failing at a new idea, raising capital, recruitment, partnerships, or strategizing exit opportunities. Though the concept of ‘lifelong learning’ is true for regular employees too, the effect it has on entrepreneurs is more pronounced.
Bagging Financial Gains
Let’s get through with the obvious – all entrepreneurs eye financial returns. Venture capitalists are like eagles who keep a piercing eye on their investments. Some investors pitch in their funds just because an idea is just too ingenious, but money is still perennially at the back of their minds. When entrepreneurs hit their financial goals out of the park, or just break even within a year or two, they’re successful. Period.
Impacting People, Customers
Entrepreneurs understand the slogan “The customer is always right” more than anybody else. Since every startup is either trying to solve a specific problem, or improve on an existing concept, the fuel for idea almost always comes from the customer. Through thorough market research, speaking with a plethora of people and previous experiences, entrepreneurs conjure ideas that potentially solve every customer’s problems. The thumbs up that clients give once the entrepreneur’s product meets their expectations is pure success for the entrepreneur. When these clients come back for repeat business, it exceeds expectations on entrepreneurs’ report cards. When they recommend the product to their professional network, that report card reads ‘outstanding’! Elon Musk’s words resonate here:
““I like to be involved in things that change the world.””
Giving Back to the Economy
Success for some entrepreneurs is contributing towards the betterment of their national and thereby, the world economy. They use a three-pronged approach for this:
- Youth Recruitment: Most entrepreneurs in the 21st century want young blood. Hiring the 20s and 30s diaspora is a norm in the bastion of entrepreneurship. The effect of this recruitment results in a trickle down of the unemployment rate of an industry and country.
- Seed Investments: The concept of identifying, investing and mentoring new entrepreneurial talent is also a smashing idea to give back to people who start up just like seasoned entrepreneurs. Ever heard of franchising?
- Charitable Contributions: When entrepreneurs have an abundance of capital, they turn towards charitable organizations.
It’s true that entrepreneurs have both financial and non-financial metrics to gauge their success. What success means is extensively subjective – a clandestine concept in every entrepreneur’s mind that wants to make a difference in their own and other’s lives.