Entrepreneurship 101: Five Key Factors You Need To Master in Order To Be a Successful Entrepreneur By Lenin Perez

Freedom, wealth, and independence. These are three things that many people aspire to have, and a motivating factor for many young adults to start their own business. What a lot of them don’t know is how hard doing so actually is. As an entrepreneur who has built multiple sources of income by working in the music industry, building an eCommerce business, and selling and renting real estate, I have learned what it takes to be successful in this world. These are just a few of the key factors that I have learned throughout my entrepreneurial journey:

1 Motivation

Having and running a business is not a linear path. You have many ups and downs and some times are better than others. I’ve always wanted to have the freedom of selling the products that I want and have my own business, but that is not enough motivation to keep anyone going if you’re in the business world. With all the challenges you face as a business owner, it is important to hold onto your true motivation, something that truly motivates you to get up and work every day and push through the toughest times, even when you’re feeling low.

For me, it’s my legacy. I have always aspired to have my own business and be financially wealthy, but most of all, I desire to be happy and provide the same for my family. On the days that it gets tough, I am reminded of the impact I want to have on the world. I would like to be remembered for who I am and all the work that I will do. I would like to teach my kids the purpose of life.

2 Preparation

I graduated with an Associates in Business Administration and moved onto FIU where I doubled major in Finance and International Business with a certificate in International Bank Management. In addition to my degrees, I also have a Real Estate license in Florida, a certificate from Berklee College on Music Business and multiple courses on stock market and crypto currencies.

Since I started, I haven’t stopped educating myself. It doesn’t necessarily have to mean academic education or preparation, but in order to be successful in the world of business, you have to be prepared. You can’t start a business without a clue of the industry you are going into. In order to have a successful business, you need to study every aspect of the industry in which you want to start before you take the risk. Many people get into businesses without knowing the good and the bad things about it, and just because somebody is doing it, it doesn’t mean that you will be good at it too.

3 Mindset

It goes without saying that mindset is extremely important in running a successful business. I think it is fundamental to be mentally prepared in order to overcome the challenges of the road. It is key to have a winner mentality, and always hustle for what you want.

I promise you, there will come a time when you feel like giving up. That’s why you need the right mindset to keep pushing through. Learn from your mistakes and use them as learning opportunities.

4 Willpower

You don’t always need to be the smartest person in the room, but if you are the hardest working person in the room, there is no way you won’t reach success. I am very different from my competition because I never stop.  I am disciplined, responsible, and I don’t have a limit. I’m so ambitious and focused on the things that I want that 24 hours a day are not enough for me. I wake up everyday at 4:50 AM, workout at 5:15 AM, I’m at the office before everyone else because I want to be ahead of the competition. I always have in mind what I want to do, and even in my sleep I’m already planning what I want to do and where I want to be in the upcoming years. In order to succeed in the business world, you need to be willing to hustle and handle the long list of responsibilities it comes with at once.

5 Open Mindedness

Both life and the business world are unpredictable. Things can change at any point in time, which means you need to be open minded and react well to change. When the pandemic hit, I experienced many ups and downs. I needed to get heart surgery, but that did not stop me. I quickly got back to my routine. At the same time, my business was heavily impacted like many others because of the pandemic, but I found a way to keep selling as much as we could.

Being able to adapt to change in business is critical. While the pandemic was an extraordinary event, unexpected changes happen on a daily basis. Furthermore, you need to keep up with the new trends of the world, such as new social media marketing strategies. If you resist change, your business and your growth will lag behind.

By Lenin Perez