by Dr. D Ivan Young, ICF Master Certified Coach

Maintaining your status as a successful entrepreneur is a much greater challenge than attaining success. Many achieve their goals only to lose everything because they lack the skills to maintain them. 

As an entrepreneur, you’re either in the midst of a storm, coming out of one, or about to enter one. 

The Transtheoretical model of change involves six stages. The first two stages are pre-contemplation and contemplation. Then comes preparation and action. Finally, there’s maintenance and termination. 

If you’re reading this now, you’ve contemplated plenty. You’ve prepared and taken action. Now, you’re in the maintenance stage. You’re trying to figure out how to keep the success you’ve earned. 

Many of my entrepreneur clients are in this stage when they come to me for coaching. Together, we figure out what’s holding them back, what they need to do to maintain and increase their success, and what they want their lives to look like overall. 

If you want to remain a successful entrepreneur, there are certain steps you can’t afford to skip. There are also pitfalls you must avoid. 

What to Avoid If You Want to Maintain Success as an Entrepreneur

Most of us think that if we make a certain amount of money or attain a level of notoriety or power, then we’ll be happy, and life will be perfect. Thinking this way will get you stuck in a revolving door of unfulfillment and frustration. Furthermore, this attitude can get you into trouble and lead to poor outcomes. 

If you set yourself up to believe you’ve made it, that’s the first step toward failure.

If you want to remain a successful entrepreneur, you have to avoid this mindset that neglects learning and growth. 

There are many psychological and environmental factors that contribute to one’s success as an entrepreneur. Different types of support, such as moral, financial, and social support, play a key role, but they aren’t the sole determinants¹. 

You can still become and remain a successful entrepreneur when the odds are against you. As an African American man who was adopted, I felt like I lacked emotional and social support, even though I didn’t grow up in poverty. Because I was always adjusting the way I spoke and behaved, I struggled with socializing and connecting with people. I really had to work on understanding myself and being able to bounce back from tough times. As I pursued my dream of becoming a successful entrepreneur, I found myself constantly thinking about the lessons I learned from both my failures and my achievements. 

Qualities of Successful Entrepreneurs

My most recent article discusses the importance of focusing on what you can do for your clients and how your purpose helps others. Honing in on your “why” is one of the most effective strategies that can help you remain a successful entrepreneur². It helps with staying motivated, communicating properly, and making a difference. 

Other qualities that almost every successful entrepreneur possesses include:

1. Discipline – motivation comes and goes, so you must hold yourself accountable.
2. Resilience – you must be willing to fail, learn from your mistakes, and move forward.
3. Self-awareness – you should be aware of your strengths and weaknesses and be willing to delegate when necessary.
4. Open-mindedness – if you aren’t willing to change your approach, adjust your mindset, or confront your limiting beliefs, you won’t make it far. 

Some publications suggest that entrepreneurs should also have business skills, be risk takers, and be decisive³. However, these characteristics are developed through trial and error. Don’t assume you don’t have what it takes if these qualities aren’t second nature to you yet. 

Nobody is born to be an entrepreneur. You can develop these successful entrepreneurial qualities if you’re willing to learn as you go. 

If you’re reading this right now, you’re likely ready and willing to learn what it takes to maintain your status as a successful entrepreneur. So, what’s next?

How to Be a Successful Entrepreneur and Stay One

We’ve covered what it takes to be a successful entrepreneur. Now, there’s only one thing left for you to do: keep taking the right actions. 

You’ve made it this far. You know you have what it takes to succeed, but you must keep working at it to sustain your success. Odds are, you’ve gotten where you are by developing the qualities we discussed. So, how do you maintain these qualities and improve upon your weaknesses?

1. Reflect on what worked and what didn’t.

You can’t become a successful entrepreneur by pretending your mistakes didn’t happen. And while it’s important to celebrate what went right, you also have to take some time to figure out why it went right. 

There’s a lot you can learn from your wins and losses. 

2. Double down on what worked. 

Early on in my practice, I set benchmarks. I’ve met every benchmark and learned that new levels come with new devils. 

I remember saying I’d be happy with a certain amount of money. Now that I’m much wiser, reality has taught me that I must change how I measure success. When I adjusted the way I viewed and approached success, I ended up hitting those other external goals. 

My main takeaway from being a successful entrepreneur in the coaching industry is that true success is measured by how much of a difference I’ve made in the lives of others. This includes my clients, loved ones, mentors, and anyone else who comes into my life. 

3. Regularly revisit your beliefs and habits. 

Stop defining yourself using outdated belief systems and measurements. Reexamine your core values, identify which beliefs hurt or help you, and adjust your goals if necessary.

You can’t accomplish new goals if you aren’t willing to shed beliefs and habits that no longer serve you. 

How I Became a Successful Entrepreneur and Maintained My Success

I had a failed business, but now I have a successful business. 

What changed?

I did. And let me tell you, all that change was no picnic. It took getting clear on my goals for myself and my clients and taking intentional action day in and day out. I’m always working on myself and evolving my coaching strategies. 

Even after I became an ICF Master Certified Coach and National Board Certified Health and Wellness Coach, I still had to work at it. You have to be willing to grow and adapt to remain a successful entrepreneur. Otherwise, you’ll be left behind. 

So, keep figuring out what your clients want and need, continue developing your skills, learn from every experience, and use this time to become who you’re meant to be. This is your season. 

If you need some support and guidance along the way, follow me on LinkedIn and sign up for my email list. 

subscribepage.io/drdivanyoung 

Bio – Dr. D Ivan Young is an expert on human behavior and relationships. He’s a Master Credentialed expert on personality type, an ICF credentialed Master Certified Coach, a Certified Professional Diversity Coach, and a National Board Certified Health and Wellness Coach. Dr. Young is also a member of the prestigious Forbes Coaches Council.   

1. https://core.ac.uk/download/pdf/234624389.pdf 
2. https://www.diva-portal.org/smash/get/diva2:1546547/FULLTEXT01.pdf 
3. https://hal.science/hal-01484491/document 

by Dr. D Ivan Young, ICF Master Certified Coach

Identifying your ideal customer is a non-negotiable first step in building a successful brand. Having a vision for your brand is one thing. Establishing a successful and profitable brand is another.

Are you struggling to get to the next level with your brand? If so, this article might shed light on the reason. 

As a brand, your ultimate objective is to identify the problems you’re solving for your ideal customers. But before you can do that, you need to identify who your ideal customers are. You also must be able to communicate why they should choose you to solve their problems.

As an ICF Master Certified Coach and National Board Certified Health and Wellness Coach, I know what it takes to build a successful business and brand. I’ve been through the struggles, failures, and eventual successes that come with it.

If you’re ready to pursue your dreams of becoming a successful business owner, then keep reading. By implementing these steps, you can save a lot of time, energy, and resources. 

Steps to Find Your Ideal Customer

Finding your ideal customer is a critical process that demands your attention. Starting a business without first knowing your ideal customer is a colossal mistake. 

Having a deep understanding of their blindspots, challenges, and potential can pave the way for mutual success. Your ideal customer informs the way you approach the customer journey. It helps you ensure that your content and offers speak their language and meet their needs. You have to position yourself to be taken seriously so you’re not seen as another cookie-cutter vendor who adds zero value to their lives.

Focus on bridging the gap between customer expectations and brand objectives. This will allow you to establish lasting relationships with your ideal customers. 

When you try to speak to everyone, you’ll reach nobody. There’s no room for ambiguity or half-hearted attempts. Determining who your ideal client is before going all in on your marketing will produce wonderful results. You can get started with these tips. 

1. Draw on your personal experiences and passions.

If your main focus is on making a dollar and not on what your brand can do for your ideal customer, that will come across to them. 

When your words and actions don’t align, it’s a recipe for distrust and severed connections. 

It’s no secret that purchases are closely related to emotion¹. If you’re not fully invested in your offer, your ideal customer will sense that, too. 

2. What gives you credibility? 

There’s also an element of credibility, which is why it’s essential to determine what separates you from every other brand in your niche. 

As a prosperous African American male with a background in both the business and entertainment industries, I understand what it takes to succeed as an entrepreneur and as a global brand. My services are particularly valuable to individuals who are in the public eye and cannot afford to fail, as their personal lives and brands are intrinsically linked. I understand my clients’ experiences at a deep level, as I’ve through the process of building a brand while simultaneously navigating the challenges of maintaining a successful name. 

My clients look for someone who’s competent, has an ever-evolving capacity, and is successful. Someone who’s walked the walk as much as they’ve talked the talk. I make sure this is obvious in my marketing by sharing my personal experiences and staying true to my values.

Now, it’s your turn to create an authentic and impactful brand. Start by connecting to your unique history and organic skills. Use these components to communicate your message to your audience effectively. Your brand will stand out, be memorable, and align with your identity and values. 

3. What will your process look like (for you and your ideal customer)?

In this step, consider logistics and the customer journey. 

Do you need a storefront, or will your services be online? How much time and money will your services require? Whatever you decide should match up with your ideal customer’s needs and desires. 

What will your clients need so you can better care for them? You may need to have a client questionnaire that helps you become familiar with their history and goals. They might need additional support outside of your offer. 

Finally, think about how you’ll get your client from point A to point B. This involves considering where they’re coming from, where they want to go, and how you’ll get them there. 

You have to be able to guide them through this journey. 

4. Tap into your natural abilities. 

You don’t have to be an expert in a certain field right away, but you do have to be willing to learn. 

Play to your strengths, but be willing to improve upon your weaknesses. I am constantly evolving my methods and clinical approaches.

What are your organic gifts? Are you a naturally talented communicator and a great listener? If you put in the work to become a certified coach, these two qualities will serve you well.

Don’t be afraid to rely on other people as well. If your company offers services to a large audience, make sure you partner with experts who can address the different concerns your ideal customer might have.  

So, what do you do if you’ve gone full steam ahead without doing this work beforehand?

If You’ve Already Had Clients but Aren’t Seeing Sustainable Results…

Speak to your current clients. Client interviews and surveys can be a goldmine if you conduct them properly. 

Try to ask open-ended questions that don’t lead them to a certain answer. Instead of asking, “Has our offer been the best choice for you?”, ask them, “How has our offer impacted your life?”.

When you do this, you’re giving them the chance to consider how your offer has impacted their life, positively or negatively, without assuming the impact it’s had on them. 

This can also help you determine who’s not an ideal fit for your business. 

And figuring out who isn’t a good fit is just as important as identifying your ideal customer. This can help you avoid conflict as well as unnecessary stress². 

Refining Your Messaging for Your Ideal Customer

When I began my practice, I knew that “nobody hires a coach because they want to hire a coach”.

They want to solve a problem. It’s up to you to relate to them. You have to show them you understand their fears, objections, hopes, and values. 

It’s not enough to guess or assume you know because you can relate to them. 

Do your research. 

1. Talk to your current clients and ask them open-ended questions about their experiences with your offer. 
2. Find out where your ideal customer talks about their issues and what they want – social media has made this easier than ever. 
3. Connect with those who are your ideal customers and listen to their concerns.

Playing the guessing game with your ideal customers is a one-way ticket to marketing that gets you the wrong fit clients and no long-term relationships. 

If you need mentorship as you navigate the ups and downs of business ownership, check out my Executive Coaching program. 

Executive and Diversity Coaching | Dr. D. Ivan Young

I’ve been where you are, which is why I know that everyone needs someone in their corner. 

This article is part one of a three-part series.

Subscribe to my email list to be notified when the next article is released. 

subscribepage.io/drdivanyoung 

Bio – Dr. D Ivan Young is an expert on human behavior and relationships. He’s a Master Credentialed expert on personality type, an ICF credentialed Master Certified Coach, a Certified Professional Diversity Coach, and a National Board Certified Health and Wellness Coach. Dr. Young is also a member of the prestigious Forbes Coaches Council.   

1.https://www.repository.cam.ac.uk/bitstream/handle/1810/262863/Keiningham_et_al-2017-Journal_of_Services_Marketing-AM.pdf?sequence=1 
2. https://amwajournal.org/index.php/amwa/article/download/22/11

by Dr. D Ivan Young, ICF Master Certified Coach

If you feel like you’re a failing entrepreneur, or you think you’re already a failed entrepreneur, I have news for you. That’s part of being an entrepreneur. 

But this doesn’t have to be the end for you. 

Starting a business was your life’s desire. You don’t quit on that after facing a few setbacks. 

So you’ve had ups and downs. You’ve drained your resources and energy. But even if you’re at the point where you have to decide between buying food and buying gas, there’s still time. 

I promise you, there is a bright side to being a failing entrepreneur. 

For starters, you had a vision, you planned it out, and you took the steps you needed to take to get there. That’s more than most people ever do. 

Now it’s time to prove you have what it takes. 

So what does it take to transform from a failing entrepreneur into a thriving business owner?

First, let’s look at why entrepreneurs fail. 

What Creates Failing Entrepreneurs?

There are a lot of pitfalls that produce a failing entrepreneur. 

1. Not doing your research. 

When you’re starting a business, you have to know who you’re serving, what they need, and why they need it. 

Is there a realistic demand for what you have to offer? 

It’s still not enough to know that there’s demand. You have to determine what makes your business unique and why it could be the best choice for your target customer. 

2. Giving your customers too many options.

Let me share with you a positive example of a sauce brand that realized the importance of focusing on their strengths. 

The business initially offered ten different sauces, but customers found it hard to decide which one to buy. The variety was causing their best products to underperform. Additionally, the shelf life of the sauces was becoming an issue, causing them to lose even more money.

The company recognized these challenges and narrowed down its offerings to four sauces. 

By doing so, they were able to fine-tune their focus, concentrate on what they did best, and improve sales before it caused them to go out of business.

The lesson here is that as an entrepreneur, you must continuously reassess your business strategies and make necessary changes. 

It’s better to master a few things than to try to excel in everything and fall short. 

Whether you’re selling a product or offering services, by aiming to help your customers, you’ll earn their trust and loyalty. This approach will help you build a successful business and make a positive impact in your industry. 

3. Not knowing when to pivot.

Entrepreneurs MUST learn to pivot. Starting a business requires you to accept that things will not always go according to plan. 

Giving your strategy time to work is important. But if it’s rapidly draining your resources and keeping you up at night without yielding any results, it’s time to pivot.

It pays to consistently revisit your strategies and eliminate procrastination. Putting off critical tasks only delays your success while draining your finances unnecessarily. 

Take action to avoid holding on for too long and becoming a failing entrepreneur. 

4. Overestimating your resources. 

As an entrepreneur, it’s easy to get caught up in the excitement of starting a business. But it’s crucial not to overestimate your abilities and resources. This can be a grave mistake that can take you from aspiring business owner to failing entrepreneur. 

To avoid this, you need to do your research. 

Consider the required investments, expenses, and the burn rate of your money. You should also have a contingency plan in place in case of unforeseen circumstances. 

When estimating the time required to make your business work, be sure to double it. 

A personal experience that highlights the importance of these steps was when I decided to flip a house with a relative. Unfortunately, I put too much trust in their expertise and didn’t do my own due diligence. 

This led to significant financial loss and the loss of a relationship. 

If you want to be successful, you need to plan for both the best and worst-case scenarios. This is especially important if you can’t afford to lose what you’re investing. 

By taking these steps, you’ll be better equipped to navigate the challenges that come with starting a business. You’ll increase your chances of success exponentially.  

The Effects of Failure on Entrepreneurs

It’s not surprising that some failed entrepreneurs progress to form successful businesses, yet others fail again and again.

Not everyone will benefit from being a failed entrepreneur. Success in a new venture is greatly impacted by your ability to learn from previous failures and make necessary changes¹.  

If you’re a failing or failed entrepreneur, the good news is you’ve already fought half the battle. 

What I mean is that most people won’t ever start their business because of their fear of failure². 

But you did. 

You tried, and maybe you failed. Odds are, failing was your worst fear. But failing doesn’t mean that “YOU” are a failure.

Now that your fear of failure has come true or is coming true, you have a unique opportunity. Your mistakes don’t define you; how you bounce back from them does. When your worst business fear comes true, you can only improve from there. 

You get to choose whether your failure becomes a lesson that you learn from or a mistake that haunts you forever. 

So why are some failed entrepreneurs able to move on and succeed while others never take a chance again?

The Difference between Failing Entrepreneurs Who Succeed and Those Who Never Move On

If you have an entrepreneurial spirit, odds are you’ll want to try again. But does that mean you will? 

Many entrepreneurs pursue a new business venture and find success. Then there are those who never recover from being a failed entrepreneur and either fail more or never try again.

So what makes the difference?

Embracing the grieving process can help failing entrepreneurs make sense of their shortcomings and find a way forward³. 

In this stage, you can benefit from surrounding yourself with supportive people and taking time to process your emotions. 

The healing process usually begins with self-reflection and making sense of what happened and what it’s meant to teach you. 

Taking time to reflect and analyze what led to your failed entrepreneurial experience can help you learn more about yourself and what you need to do differently. This process allows you to identify your strengths and weaknesses. 

Even if you need to make changes, you probably did some things right. 

Now you have the whole picture, so you can expand upon what you did right and improve upon what you did wrong. 

You’re not a failed entrepreneur if you make the decision to learn from your experience and move forward with the knowledge, skills, and resources you’ve acquired. 

What You Can Do Today – From an ICF Master Certified Coach Who’s Been There

I started my coaching practice with no office and little financial stability.

I met with clients wherever I could, always prioritizing their convenience. However, I knew that I needed an office to be taken seriously as a coach.

When a friend offered to share an office with me, I jumped at the chance. But the rent was $500 per month, which I could barely afford. 

To be honest, I was afraid I wouldn’t be able to pay my rent and the rent for the office too. 

But, if I didn’t rise to the occasion, my dream of becoming a successful coach could be crushed.  I refused to let these challenges stop me from pursuing my dream. Instead, I worked hard and made sacrifices to pay the rent and turn my dream into a reality.

In the first year, I faced many challenges and came close to becoming a failing entrepreneur several times. 

But I turned my mistakes into lessons and refused to give up. I used those struggles as an opportunity to learn and grow. Today, I’m proud to say that I’m one of the most successful life coaches in the United States and globally. 

I started with nothing and built a flourishing coaching brand.

I’m able to relate to my clients’ struggles and help them achieve their goals, just as I did. So, if you’re facing challenges in pursuing your dreams, know that it’s not easy, but it’s possible. 

With hard work, determination, and a willingness to learn from your struggles, you too can turn your dreams into a reality. 

The lessons I learned during that challenging time have become invaluable to me and to my clients. 

1. Revisit your goals, purpose, and strategies consistently. 

If you’re a failing entrepreneur, or on your way to becoming one, ask yourself what you’re doing, what you want to do, and what you need to do. 

Do you really need an office space now? Would moving to a smaller office save money and not harm your credibility? 

Is your current strategy helping you make progress after a reasonable amount of time? 

Are your goals still in alignment with what you value?

2. Figure out where you can improve your skill set and position. 

Many failing entrepreneurs fail to ask themselves if they’re as good as they think they are at what they do.

You might be underestimating yourself, or you might be overestimating your abilities. Either way, you have to figure it out so you can learn. 

It’s time to focus on how you can enrich your skills and knowledge, as well as how you can improve as a person. 

If you focus on being a value add to your clients and those who engage with your business, you won’t be a failing entrepreneur for long. 

So if you’ve failed as an entrepreneur, revisit what went wrong, what went right, and what you can do here and now. 

You’re closer to success than you think.

And if you need extra support from someone who’s been through it, book a call with me. If we’re a good fit we can work together so you can gain the clarity you need to confidently move forward and leave your failing entrepreneur persona behind. 

Contact Dr. D. Ivan Young

Bio – Dr. D Ivan Young is an expert on human behavior and relationships. He’s a Master Credentialed expert on personality type, an ICF credentialed Master Certified Coach, a Certified Professional Diversity Coach, and a National Board Certified Health and Wellness Coach. Dr. Young is also a member of the prestigious Forbes Coaches Council.   

1. https://clok.uclan.ac.uk/28485/2/28485%20JBR%20Accepted%20-%20Final.pdf 
2. https://www.frontiersin.org/articles/10.3389/fpsyg.2020.00229/full 

3. https://link.springer.com/article/10.1007/s11365-020-00655-0