Can we all succeed, though?
What does it take to be an entrepreneur?
Success is a subjective term and frankly, I feel like success = still going since 2020, haha.
But this keeps coming up with my network of other entrepreneurs. The truth is, that not everybody is going to make it.
The folks who say "if I can do it, so can you" are usually neglecting a bunch of stuff that allowed for them to be able to do it.
Stuff like: looks, charisma, money from another source like a partner, ability to be outgoing, big network.
It's stuff they might not even recognize.
The other day I came up with the top 10 things I think you need in order to be successful, and here they are:
1. Relatively high risk tolerance
There will be times when things don’t work. There will be expenses you weren’t anticipating. There will be moments where you have to bet on yourself and take a financial risk. This means you need to be real with yourself about your capacity for risk, and if you know it’s low, look into ways that you can work on that.
2. Capacity for feedback
Hahahaha I’m laughing because this has been historically very hard for my rebellious self. But the truth is that other people can see what you can’t. If you find direction/feedback/criticism difficult, this is something that needs your attention.
3. Dedication to shadow work and personal growth
This should probably be number 1, but that would mean reformatting. Nobody can tell you how much personal growth you’re going to have to go through to get your business running, and then how much personal growth you’re going to have to go through to keep it flying, and then how much personal growth you’re going to have to go through to bring it back when it doesn’t work the same way it’s always worked. You will have to peel back the layers of ego, old hurt, self deprecation, difficulty being seen.
4. Ability to be non committal so that you can pivot
Stuff won’t work. Stuff that you love. Stuff that you were sure was going to make you enough money to coast for a while. Stuff that people told you they would buy as soon as you put it out there. It’s tough, but being too precious about what you create means you can’t be flexible, and flexibility is fundamental to growth.
5. Ability to do boring and monotonous work
Reaching out to people on Instagram. Building the damn sales pages. Editing your workbooks. Hiring assistants. Doing your bookkeeping. Writing blog posts. [Not this one, though.] One day you can hire somebody to do this stuff for you, but guess what? You’re going to have to double check everything, and that is also boring and monotonous.
6. Long range thinking
Everything will change. Everything will cycle. Growth likely needs to happen in order to keep going. Your business will probably look different a year from now than it does today. 5 years? It might be completely different. Knowing that things might change is so important to what you create today so that you’re not constantly rebuilding the wheel.
7. Keep building visibility
The people who love you now will move on. Visibility has to be a strategy. Expanding your network has to be a strategy. You will have folks that stay in your circle for a while, but most will move on, and you’ll need to fill the gaps. Keep meeting new people. Keep putting stuff out there. That will keep people flowing to you.
8. Lots of safety nets for failures
It’s no secret that in 2024 I had exhausted almost all of my safety nets. And I had quite a few of them. A lot of folks have safety nets, but go out of business before using them. Part of that has to do with your risk tolerance. And part of that is knowing what a safety net is. It’s not just a line of credit. It’s also a network of folks you can ask for help.
9. Community of peers who are in the same stage as you
I’ve been with my mastermind group since February of 2020, and these folks know my business inside and out. They are the ones who help me make the best decisions because they know all of the things that have happened, that have gone right, or wrong. They know how I like to operate, and they are genuinely invested in my success [as I am in theirs]. Like any good relationship, it means you have to keep showing up. Keep booking meeting dates. But a group like this is invaluable. Priceless.
10. Investment in learning and development
I think I invested over $20,000 in my first couple of years. Did I have the money to do that? No. Would I still be going if I hadn’t? Also no. This goes back to your risk tolerance, and not everybody wants to go into further debt for education and development. Every time I’ve invested in myself and in my business, I’ve never regretted it, and it’s paid off in exponential ways.
I'd love to know your thoughts - what have I missed? What needs clarifying?
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Hi! I'm Megan - a speaking, visibility and confidence coach. The speaker advisor for the TEDxQueensU. Also a speaker, musician [check out my latest song and video Horse Thief Bay Road on YouTube and all of the streaming services], tarot reader and host of the Embracing Enchantment podcast on the Women in Media Network.
You know how they say to niche down? Yeah, that didn't work for me.
