The 7 Keys to Success as an Entrepreneur
By Mark D’Agostino, President at ConnectedHR
Sep 5, 2024
Mark D’Agostino founded ConnectedHR in 2014 and currently serves as President.
During my time in business, I have had the opportunity to start and run two different businesses. I’ve seen firsthand how difficult building a business can be, and learned many lessons about what works and what doesn’t.
Along my own personal journey, I’ve had the pleasure of meeting and working with hundreds of other entrepreneurs. Some have had incredible success and others are no longer in business. No matter the outcome of a business, there is a lot to learn from an entrepreneur’s journey. While each of us has our own business story and lessons, I’ve also seen that there are a few traits all successful entrepreneurs seem to share.
1. A winning team
At the heart of every successful business is a winning team. Companies that thrive and grow are those that have laid strong, scalable foundations. This begins with strategic hiring practices.
Entrepreneurs who succeed in building resilient companies understand the importance of recruiting for potential. They define roles and the skills necessary for growth, and ensure that these align with their strategic goals. This growth mindset enables them to assemble teams capable of propelling the company forward.
2. Investing in people
Successful entrepreneurs recognize that their people are their greatest asset. These leaders invest in people from day one, not only running effective onboarding and training but also providing continuous learning opportunities. These investments not only equip employees with the skills needed to excel but also foster a culture of growth and development.
By creating an environment where learning is prioritized, businesses are better able to adapt to new challenges, such as disruptive technologies like AI or new competitors to the marketplace, and seize emerging new opportunities that lead to growth.
3. Building a strong culture
At the highest level, entrepreneurs are often servant leaders. They work hard to be fair and balanced with employees, pay above-market wages, celebrate wins, and coach and encourage employees. All this builds a culture of trust and respect within the organization.
4. Empowering leadership
Empowering leaders and managers is another tell of successful entrepreneurs. Great leaders don’t micromanage; rather, they work to instill confidence in their team leaders, allowing them to manage their responsibilities without someone always looking over their shoulder.
These leaders focus on accountability and deliverables. This balance allows team members to take initiative and prioritize action.
5. Setting clear goals and offering feedback
Clear goals and regular feedback are critical components of a successful business. Successful entrepreneurs prioritize goal-setting and make it a priority to check in regularly to provide feedback.
Coaching team members along through these processes helps build trust and loyalty, and encourages employee growth. Providing consistent communication builds a trusting team environment. When employees are informed and involved, they are more likely to be engaged and committed to the company’s success.
6. Scalable processes and embracing the pivot
Successful entrepreneurs build scalable processes and are not afraid to adjust or delegate these systems and responsibilities as the company grows. They embrace pivots and maintain flexibility and adaptability in the face of change. Agility is a vital entrepreneurial treat that helps navigate challenges and seize new opportunities with confidence.
7. Investing in technology
In today’s economy, every company is a tech company. Investing in technology is non-negotiable. Entrepreneurs who leverage emerging tech solutions are able to streamline operations, improve efficiency, and gain a competitive edge.
Final thoughts
Entrepreneurship is a journey filled with challenges and opportunities. Those who succeed are the ones who combine visionary ideas with strategic execution. They build strong teams, invest in their people, and create a culture that values learning, team building, and adaptability.
Having seen hundreds of entrepreneurs over the course of starting and operating two businesses, I’ve learned that the key to entrepreneurial success lies in a relentless focus on building a strong foundation, empowering people and embracing change. These are the hallmarks of businesses that endure and prosper, regardless of the challenges they face.
Details
September 16, 2024
ConnectedHR
Name: Mark D'Agostino
Phone: 512-693-4020
Email: mark@connected-hr.com