10 RULES You Need to Know To Become a Successful Entrepreneur.

File Photo: Entrepreneur Daymond John

Here are some of the rules you need to live by to become a successful entrepreneur:

Rule #1. Believe in yourself: Entrepreneurs are mostly focused and tend to maintain a strong belief in their ability to achieve their goals. Each morning you get up you have to believe that you are waking up because there is something meaningful to achieve and a legacy to leave behind.

Rule #2. Never stop investing in yourself: Many of the successful entrepreneurs are well known for not completing university or high school, but these stories do not necessarily indicate that entrepreneurs are not interested in learning. One has to understand that the aim of learning is continual self-improvement and therefore it does not need to be done in a formal environment.

Rule #3. Love what you do: Passion is key to keeping a business strategy moving day in day out. Perseverance is the one thing that’s guaranteed to move anything over time, whether it’s a person, a job or an entire company.

Rule #4. Learn from others: Successful entrepreneurs often worked for others in their field of choice before striking out on their own. One needs to spending a few years in the industry under an excellent mentor who will provide a good launching pad.

Rule #5. Make a Plan: By this we mean you need to take in the wealth of knowledge that’s been provided by successful entrepreneurs such as Steve Jobs and the personalities from Shark Tank.

Rule #6. Be mindful of your attitude: Success largely depends on making mistakes and accepting blame in stride. Owning up to and facing challenges head-on is what makes a mere business owner a leader.

Rule #7. Grow Your Network: Continuously build your teams inside their businesses, they grow their network of investors, advisers, suppliers, associates and customers outside of it.

Rule #8.  Be Persistent: You should stay committed to your vision or pivot on key data. Know when to change. The challenge is to follow them both, but know which advice is most appropriate for which situation.

Rule #9. Learn How To Manage Risk:  For every entrepreneur, risk comes with the territory. They simply cannot avoid it altogether no matter what. The rule is to manage risk, mitigate it wherever possible, and to constantly hedge against it.

Rule #10. Always Be Innovative: Innovative idea is seldom enough to carry a business for longer than a couple of years. The most resilient businesses are the ones that adopt innovation as a broad approach to whatever they do, especially when it comes to taking feedback from their customers seriously and trying to incorporate it into their products and services so as to satisfy their needs and specifications.

We hope that will help, all the very best in your endeavors African Post Readers.