We asked series entrepreneur Michael Ginnerskov Jensen about some of his best tips for becoming a successful entrepreneur, and we thought we’d share them with you. Michael Ginnerskov Jensen has started companies in many different industries and has gained experience from, among other things, the entertainment world, product trade, appliances, and the IT industry where he has worked with both hardware and software.
Work smart, not hard
Many people imagine an entrepreneur as an individual who works 18 hours a day. We tend to paint a picture of a person driven by success… So much so that their whole life is work. Of course, hard work is one of the keys to success. In reality, that’s just not always the case. Just because you’re working all the time, it doesn’t mean that you’ll be successful. This is something Michael Ginnerskov Jensen definitely can agree with.
Make sure to not get exhausted, says Michael Ginnerskov Jensen
“Working too much can lead to fatigue and exhaustion, which leads to mistakes. And another thing is that nobody can do everything themselves. Most of us are good at a few things. There are simply things we have to realize that we are not as good at as others.” says Michael Ginnerskov Jensen. You need to learn to work smarter, not harder. This can be a mindset that for many is unnatural and takes a long time to get into. We have previously shared some tips on how to handle everyday stress, so if you feel like you want to read about that, you can do that by pressing here.
Hire people for the tasks you are not good at yourself
“It’s pretty simple, as I mentioned before, we are not all equal, you are better at some things than others, and vice versa. So find someone who can do what you cannot, so you have the opportunity to focus on the areas where you are strongest,” adds Michael Ginnerskov Jensen. As an entrepreneur, you also need to be a leader, and being a leader is among other things about understanding the importance of outsourcing work. While the thought of adding employees, payroll expenses, or getting a partner may seem daunting, it is far better than overworking yourself, and then end up failing because you do not have the experience and time.
Get more done, and consume less
Using freelancers is not always the ideal situation for an established business when you are in an early stage of business life. However, it can be one of the solutions where you get large and useful amounts of work done. In addition, for an extremely advantageous price, so you do not have to ruin the company.
Don’t be afraid to fail, for that is what you are going to do
Working smart, finding the right people, and doing more with less are all keys that will help you open up to success. Unfortunately, there are no guarantees, and you have to be realistic – not all companies become successful. “Sometimes the competition is too fierce, or the competitors were tougher than expected. As soon as you have ruined your momentum, you must prepare to fail, but more important is not to be afraid of failing,” says Michael Ginnerskov Jensen.
Wake up with a purpose and be ruthless
“The biggest contribution of success for an entrepreneur is the fact that they just did it. They got up every day, working hard until they succeeded. They worked their way through problems and hard times.” – Michael Ginnerskov Jensen.
Let’s see if we will be entrepreneurs like Michael Ginnerskov Jensen anytime soon
We all have so many different interests so we could definitely come up with a good business idea, but it’s not something we have thought about for real before hearing these tips from Michael Ginnerskov Jensen. Well, for now, we are all happy with what we’re doing, but who knows what will happen in the future. We are excited to see where we are in 10 years from now. Maybe we have started a company together? That would be something!
– A, E, M and B