There are a lot of people who have quit their jobs and became self-employed, but does that make them a true entrepreneur? Did you know that 25% of startup businesses fail within the first year, 44% by the third year, and by the fifth year it increases to more than 50%? This is why it is vitally important for you to get these 3 keys for your success.

Let’s discuss what a true entrepreneur is. Most of you would agree that an entrepreneur is one who is a risk taker, a visionary, thinks outside the box, is passionate and determined, driven and courageous, strong work ethics, highly motivated and creative, a learner and a maverick. These are just the basic characteristics of an entrepreneur.

However, to be a true entrepreneur you must also be a charismatic leader with integrity, who knows how to listen and make decisions, is disciplined and a passionate servant, humble, driven, loyal, a good listener and influential. To be successful, you must be the combination of the two. In addition, you need to develop a procedure of leading that becomes the foundation of your business’ growth and prosperity.

Now, let’s look at why a lot of businesses fail and what you need to do in order to become successful. Here are the 3 tips for your success:

1. Change your mindset! Most people fail because their mindset remains focused on steady paychecks, job security, benefits, promotions and time off. They get discouraged and give up. Being self-employed means changing your focus from an employee’s mindset, to focusing on being your own boss and doing things your way. Starting a business takes serious focus, day-in and day-out, all hours of the day. Don’t burn yourself out by doing all the work yourself. To be successful, look for others who are the best to do the work for you. Strive to use other people’s time and other people’s talents (OPT). The true entrepreneur will find the best employees or the best specialists to run their business.

2. Be a leader! Get out of the mindset of having employees and start thinking about building a team. Employees compete with one another and have a win/lose mentality. Build a team that works together, helping one another for a common goal. Teamwork is not just something you teach. It is a lifestyle you live every day. It starts with you. A true leader will take responsibility for the success, as well as, the failure of the team. Learn how to communicate effectively with your people and develop great people skills if you really want be successful.

3. Adjust your focus! Life has a way of bringing distractions in front of us. Distractions can prevent us from seeing what’s on the other side. If you want your business to be a success, you must look beyond the distractions in life and focus on the joy of gaining possession of your dreams. Allow your focus to bring out the best in you. Robert Kiyosaki has a great definition for focus. In his book entitled Midas Touch, he defines the word FOCUS as Follow One Course Until Successful. You need the strength of character and the ability to stay on course until successful.

When you apply these 3 tips in your life, you position yourself for success. You don’t have to be another statistic. You now have the power to be a success for everyone to read about and follow your example. Develop the qualities of being a true entrepreneur and live the life you were destined to live.