The idea of starting your own venture and being your own boss sounds like a dream, but many people have no idea what it takes to build and run a successful business until they have tried it for themselves. Statistically speaking, the majority of businesses fail in less than two years. So, you may be asking yourself, what can someone do to make sure their business will succeed? Well, even with the best team and resources available, no one can be sure that their business will prosper. However, Philip Schulte is someone who knows first-hand what traits any individual will need to find success.
Schulte is a marketing expert and author who owns one of the most sought-after marketing agencies in Los Angeles, PR Plugs. As a self-made entrepreneur, he began his business with nothing but a vision backed by a strategic plan. “People are often surprised to find out that I began with no funding whatsoever. Everything came out of my pocket alone,” Schulte shared. Through the ups and downs of creating a successful business, Schulte has learned exactly what it takes to create and scale a business. “Entrepreneurship isn’t for everyone, that’s for sure. If you’re going to try to start a business, you need to be fully committed once you begin.” As someone who is known for helping others as a published author of books such as The Eight H’s; a Young Person’s Guide for the “Real World,” Schulte shared what he believes are the most important traits an entrepreneur must have.
Discipline and Work Ethics
Although it seems straightforward, having the discipline and a strong work ethic are vital to becoming a successful entrepreneur. Of course, most people would already assume these traits to be necessary; however, the amount of discipline and work ethic required is far beyond what most people expect. “When becoming an entrepreneur, you can expect many 18-hour workdays, sleepless nights, and people trying to distract you from your goals,” Schulte stated. “It’s easy to let time slip away from you when you’re not in an office full of people, so you have to force yourself to get your work done in a timely manner. You will also need to sacrifice many things that are fun, especially in the beginning stages of your business.”
Creativity and Innovative Thinking
As an entrepreneur, you will find that there are thousands of others doing exactly what you are trying to do, and many of them have been doing it for some time. According to Schulte, it’s likely that many of these businesses have been around for years and have accumulated a large part of the market. “If you’re going to survive in a competitive industry, you will need to take an angle that makes your business, service, or product unique. If there is nothing special about your business or what you offer to differentiate yourself from the existing competition, there is a good chance your business will not be around for very long.
The Ability to Adapt
In the digital world, we find ourselves in today, things are constantly changing and evolving. As an entrepreneur, Schulte emphasizes that it’s your responsibility to stay current with market trends. It’s not enough to find something that works and stick to it. “To succeed long-term, you must frequently research market trends as well as the industry around you. It’s important to understand consumers and exactly what they are looking for. Adjusting your services, products, or business plans may happen multiple times. Similar to how life on Earth adapts to the environments we live in, businesses must also adapt to the industries they are in.”
“Passion may be the most overlooked trait that an entrepreneur should have,” Schulte stated. “Without passion for what you’re doing, it’s almost certain you won’t succeed in the long run.” Schulte strongly believes that behind every successful business is someone who is (or was) passionate about their work. “If you don’t love what you’re doing, or at the least have some interest in it, you are likely to get burned out eventually,” he states. “To make your business successful, there needs to be fire, excitement, and drive in everything you do. Without that, you’re just going through the motions.”