How to Be a Successful Self Made Entrepreneur

Co-authored by Madison Boehm

Last Updated: September 23, 2021

Becoming a successful, self-made entrepreneur is a strenuous feat that demands risk of time and money. It requires countless nights, hours of intense focus, and having faith in yourself, your team, and your company. It also requires patience, time, and being able to discard the “non-believers” also known has the “haters”. But, once you get past all of the hardship, you will have the privilege to become your own “boss”, work on your own time, and make your dreams come true!

Method 1

Method 1 of 12:
Have a passion for what you do.^{[1]
X
Expert Source

Madison Boehm
Business Advisor, Jaxson Maximus
Expert Interview. 24 August 2021.}

1
If you don’t have any passion or love for the work you are doing, then being a successful entrepreneur is not possible. You must decide what you have a passion for and stick with it.

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Method 2

Method 2 of 12:
Make a plan.

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An effective plan can help achieve any goal you set out to achieve.
- Know where you are going.
- Be specific.
- Create measurable milestones.
- Make a list.
- Break large tasks into smaller, more controllable portions.
- Put end dates on everything (small and major goals).

Method 3

Method 3 of 12:
Take small steps at a time and learn from each step.

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Learn to take a central goal and break it down into smaller steps. Breaking goals into small steps allows an easier understanding of the idea. Instead of doing a whole project in a day, break it up into several parts. Do one step a day and this will allow each part to have more quality and understanding of the goal.

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Method 4

Method 4 of 12:
Build a team.^{[2]
X
Expert Source

Madison Boehm
Business Advisor, Jaxson Maximus
Expert Interview. 24 August 2021.}

1
One of the most important structure for your company is to build a team. A company without a team is nothing. Your team needs to bring each other together and help each other solve complex problems and work towards a common goal. Here are a few things you should look into when you are creating a team.
- Get to know each other.
- Be aware of how you work.
- Set individual strengths.
- Establish ground rules.
- Have a common goal that each member is constantly working towards.

Method 5

Method 5 of 12:
Become an expert in your field.

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Once you become an expert in your field, you are able to specialize your work and provide an enormous amount of skill and resources to your company. Thus, this will help you gain an advantage over the people working underneath you.
- That said, remember that you can't possibly know everything. Whether it's clients, sales or marketing, you're not perfect, and no one is. As an entrepreneur, it’s important to realize where your faults are. ^{[3]
  X
  Expert Source
  
  Madison Boehm
  Business Advisor, Jaxson Maximus
  Expert Interview. 24 August 2021.}
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Method 6

Method 6 of 12:
Invest in yourself.

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This is the most important investment out there. The amount of effort you put into investing in yourself will play a large role in how you run your company and the quality of how you treat yourself within the company. Also, here are a few tips on how to invest in yourself.
- Read self-development books.
- Advance your knowledge.
- Keep your mind active: play strategy games or word games.
- Learn a new skill.

Method 7

Method 7 of 12:
Build a reputation.

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Your actions + what others say about you = your reputation. Here are a few ways to build a strong and lasting reputation for you, your product, and your company.
- Do what you say you will do.
- Go a step beyond what is expected.
- Go out of your way to help others reach their goal.
- Be consistent.
- Act with Integrity.
- Be likable.
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Method 8

Method 8 of 12:
Learn the arts of negotiations and persuasion.

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There is a scene in the movie called “Wolf of Wall Street” directed by Martin Scorsese, how Jordan Belfort (Leonardo DiCaprio) was able to convince a client, over the phone, to buy $10,000 worth of stocks. This client was someone he has never met. Being able to persuade and negotiate has a critical role in a becoming a successful entrepreneur. There are a few books and a seminar that will help you improve your persuasion skills:
- How to Win Friends and Influence People by Dale Carnegie.
- The 7 Habits of Highly Effective People by Stephen Covey.
- Influence of Persuasion by Robert Cialdini.
- Jordan Belfort’s Straight Line Seminar.

Method 9

Method 9 of 12:
Stay organized.

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Staying organized will help you deal with less stress, and more time for getting work done. It also allows greater productivity, when you know where things are, what goals you have to accomplish and know what is coming towards you. Here are the benefits of being more organized:
- You will be able to be more productive.
- You will be able to achieve more balance in your life.
- You will be able to prioritize you tasks.
- You will be able to achieve freedom from chaos.
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Method 10

Method 10 of 12:
Come up with ways to solve problems.

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A major opposition you will face in your company is solving problems such as innovation ideas, budget, customer service, media, etc. If you are able to find faster and efficient ways to solve problems, then you are able to move your company progress forward. Here are 5 steps to solve a problem:
- 1. Figure out the problem you’re trying to solve.
- 2. Analyze the problem.
- 3. Classify the decision standards.
- 4. Come up with more than one solution.
- 5. Pick the best solution.

Method 11

Method 11 of 12:
Build up great customer service.

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Having a great customer service will allow your company to gain potential life customers, and raise company profit margins. Thus, with massive advertising opportunities, potential customers will spread the word about your product. Keep in mind, a bad customer service can destroy everything you worked for. Here are some key strategies to build great customer service.
- Patience
- Attentiveness
- Clear Communication
- Knowledge of the Product
- Ability to “Read” Customers
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Method 12

Method 12 of 12:
It is never too late to start.

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As soon as you realize you have a unique idea, get to work.

Community Q&A

Question

What are the qualities of a good business owner?

Madison Boehm
Business Advisor, Jaxson Maximus
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Advisor, Jaxson Maximus

Expert Answer

A good business owner is tenacious and driven. They're able to roll with the punches and be super flexible, even if things aren't going so well. At the end of the day, a good business owner is willing to say that even if today wasn't great, tomorrow will be better.
Question

What should a business owner not do?

Madison Boehm
Business Advisor, Jaxson Maximus
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Advisor, Jaxson Maximus

Expert Answer

A business owner shouldn't assume that they know everything. Whether it's clients, sales, or marketing, nobody is perfect—that's why you have to be comfortable delegating tasks to other people.
Question

What should a new business owner know?

Madison Boehm
Business Advisor, Jaxson Maximus
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Advisor, Jaxson Maximus

Expert Answer

You can't cherry-pick your day-to-day work. As a business owner, you'll have to do a lot of different tasks that you can't opt out of or delegate to someone else.
Question

What are the most common mistakes first-time entrepreneurs make?

Madison Boehm
Business Advisor, Jaxson Maximus
Madison Boehm is a Business Advisor and the Co-Founder of Jaxson Maximus, a men’s salon and custom clothiers based in southern Florida. She specializes in business development, operations, and finance. Additionally, she has experience in the salon, clothing, and retail sectors. Madison holds a BBA in Entrepreneurship and Marketing from The University of Houston.

Madison Boehm

Business Advisor, Jaxson Maximus

Expert Answer

Some new business owners assume that they can juggle a full-time job along with their business, but this isn't a good idea. You have to be really present in your business to be successful.