Michael S. Melfi, J.D., MBA, is an attorney with Bodman PLC who represents emerging companies and established businesses in a wide array of technology and corporate matters. He has extensive experience mentoring, counseling and securing funding for entrepreneurs, inventors, startups and small businesses and their disruptive technologies. His passion is guiding and supporting emerging companies and entrepreneurs and has authored four books aimed to help entrepreneurs gain a better understanding of often seemingly complex areas. Michael is a partner at Bodman PLC, one of the Midwest’s leading business law firms, that provides counsel to some of the region’s most successful companies and individuals on a broad range of issues.
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For many entrepreneurs, the end of the year is a grind to the finish line. This is followed by an entirely new set of goals, sometimes based on the tradition of New Year’s resolutions. As the new year begins, I want to share five keys to success every entrepreneur needs in order to have the most successful 2018 possible!
Have a clear vision
The right mindset as to why you want to achieve a certain goal in the new year will be crucial to your success. The ability to understand the purpose behind your outcomes is an important part of achieving results. Know your “why” and you will find motivation in times of challenge. A clear vision will allow you to work through and overcome obstacles that you face throughout the year.
Be slightly unreasonable
By nature, entrepreneurs are willing to deal with uncertainty, so it only makes sense to make sure that your resolutions are slightly unreasonable. If when you talk about your goals you don’t feel a little nervous, you aren’t creating a big enough vision for the year. Innovate and create by stepping out of your comfort zone. The time for being unreasonable is now, because your future depends on it.
It’s easy to write down your resolutions and tuck them away, checking in on them once in a while. But being intentional in building an accountability system around them will drive you toward your ultimate goals. Most successful entrepreneurs find other individuals or groups by which to create accountability. This can be a co-founder, a professional advisor, or mentors and friends. Some of the greatest successes around resolutions and goals come when organizations join together to create accountability. The saying goes, “what you measure you improve on.” By checking in and making adjustments on a regular basis, inevitably you will find the correct path to achieving your goals.
Build habits for success
Start off the new year by identifying the behaviors necessary to achieve your goals and resolutions. Constantly work on those behaviors until they become habits in your daily routine.
Pivot when necessary
It is inevitable that the entrepreneurial path will have challenges, obstacles and frustration. It is imperative that you do not let that stop you. The ability to face rejection or deal with failure and then powerfully move past it through a series of pivots is the key to achieving your success. It is probable you will come face-to-face with a circumstance that will leave you feeling unable to continue. Break through this moment, and continue to your ultimate success. Pivots are essential to your growth and even more essential to your success.
On the dawn of 2018, take the time to understand the five keys to success. Have a clear vision of how you’d like to grow as an entrepreneur. Be slightly unreasonable in what you want to achieve. Create accountability around your path. Build strong habits that are going to get you to the finish line. When challenges arise, because they always do, pivot to stay on the path to success.