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What is success for an entrepreneur?

You can not deny that we have all ever questioned what success is, because we may not consider that the achievement that has had your acquaintance can be called as such.

Learn in this article why this happens, besides, we will talk about what success is for an entrepreneur, the types that can be achieved, and more.

What is success for an entrepreneur
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Table of Contents

What is success?

The concept of success tells us about the happy and satisfactory outcome of a matter, which can also be a business, a performance, or any aspect of our life. 

Often this term also serves to refer to the good reception of something, or that can get to receive someone. This is a word “éxito” in spanish has its origins in Latin, being then exitus, which the translation would mean “exit” … somewhat different. 

Generally, it is necessary to have a proposition to say that we have succeeded in it. It is understood as meaning that this is the triumph, or the achievement of victory in it. The term is also used when we are successful in obtaining recognition that is due to our merits. 

The last phrase we have mentioned to you is what has helped that, with the passage of time, the definition of success can also be associated with what is related to public recognition, fame or wealth, which is one of the most common ways of looking at it. 

For example, we all have a favorite artist. Let’s say in this case it’s Lady Gaga. It is usually said that she is a successful woman due to the fact that she is one of the best known by the general public around the world, has great wealth, and, apart from that, fame that helps her to be a recognizable icon in different aspects. 

However, we must point out that the notion of success can be subjective and relative. It should always be kept in mind that what one person may consider a success, for another may be a consolation in the face of failure.

Success
To success!

Types of success for an entrepreneur

It is important to mention that the types of success for an entrepreneur may not have the same focus as they would for any other type of professional.

And that’s why we’ll take a moment to help clarify each of them:

Economic success

In this case we are talking about when a business gives the opportunity to return the investment for those who have given their capital (in this case, the entrepreneur), with the purpose that the company (in this case, the enterprise) reaches the triumph. 

It is well known that in these matters the entrepreneur is also usually the investor, so when they achieve success, if they know how to manage it, they are able to obtain wealth and security for their families, both in the present and in the future, so they have the ability to provide a better life for their descendants.

Personal success

If we look at it from the point of view of types of success for entrepreneurs, we must recognize that satisfaction goes hand in hand with the creation process. Developing an idea until it becomes a service or product is a personal success. 

Within this point we should also mention that component of pride for having created something of your own and being able to own it. For example, if you have a company that offers a successful product, you will be filled with recognition and pride as an entrepreneur.

Longevity

Longevity should be taken as an element of success of great importance for any business today. There are a lot of companies that start their career with a good momentum and then disappear because they can not keep up in a market that is very large. 

It is for this reason that one of the many factors involved in the success of an entrepreneur is to be able to maintain your business over the years. No matter if you are going through difficult times, it is satisfying to be able to cope with all the changes that your market may have.

Social success

In ventures, social success can be measured in terms of how much good they are contributing to society. Some of these have specific objectives, as is the case of providing schooling opportunities to children, among others. 

The commitment that many entrepreneurs have with society is so great that, with actions for charity, or the help of specific citizens, they reach a new level of success. Which can be just as satisfying as any other we are mentioning in this list.

Employee and customer satisfaction

One of the success factors of a business is that its employees feel satisfied with it. In the end, this will greatly influence the type of motivation they have to give their best effort to the project. 

Similarly, you should also keep in mind that collaborating with the customer to find the solution to the problem is the goal of every venture. 

For you, as an entrepreneur, observing the way in which your product or service improves and facilitates the life of your public will be a great source of satisfaction.

Entrepreneur working with a laptop and documents

When can we consider a successful entrepreneur?

If you are now wondering what a successful entrepreneur is, we can already give you a pretty clear idea based on the points we have developed above. 

And it is not necessarily must meet all of them at the first moment, but it never hurts to have them on a list of things to do. 

The next time you ask yourself when to consider a successful entrepreneur, remember that he/she must have the following keys:

  • Offer a service or product that meets the needs of your customers.
  • Evolve according to the market so as not to disappear. 
  • His employees do not see him as a tyrant. 
  • He is creating capital to ensure his life and that of his descendants.
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