5 Principles Entrepreneurs Need to Follow for Success
Entrepreneurs need to obey some universal concepts that serve as guides and beacons for their success. These five principles will serve as markers for both aspiring as well as existing entrepreneurs.
1. Money Making Should not be the only goal
It is important to commit to the ideal of entrepreneurship and to explore new business models and new ways and paradigms of business transactions. In other words, entrepreneurs shouldn’t be in a rush to make money from the word go and realise what business is all about instead. For example, instead of chasing dead-end leads, it is easier to come up with a game-changing concept, which means that entrepreneurs must be willing to be in the game for a long time.
2. Find the right opportunity
This idea translates into waiting for the right chance and taking the moment when the opportunity comes at the same time. The goal here is to ensure that entrepreneurs have the appropriate foundation in place to capitalise on the opportunity and must also have an idea and a business plan that will generate opportunities if they find it difficult to get the venture going. This means that entrepreneurs must both produce and seize opportunities as they occur.
3. Actions speak louder than words
Any conversation and no execution will lead the new venture nowhere, and it is, therefore, necessary for entrepreneurs to ensure that they obey the conversation and deliver on their promises. Having a game-changing concept and a fantastic team in place is not enough unless the entrepreneur learns the art of execution. The entrepreneur must be a leader who knows the essence of execution and walks the speak. If you think you have a brilliant idea and are implementing it well with the right team, even though common wisdom suggests you are doing it wrong, you need to persist and keep going.
4. Building a successful team
Before beginning the project, entrepreneurs must ensure that they have the right team in place. After all, the venture will not be able to capitalise on the opportunities, unless there is a team in place. Also, entrepreneurs need to make sure that the team is passionate, dedicated and, most importantly, shares the founders’ vision and mission.
In other words, the company will flounder unless there is a buy-in from the team with the ideas of the founder. Besides these, in addition to being inspired and innovative, having the right people who have concentration, ambition, commitment, dedication, courage, and consistency are some criteria that entrepreneurs can ill afford to overlook.
5. Should be a Visionary
In reality, money is important and profits are also necessary, it’s not all about money or that the only thing that matters is to make profits. Instead, great entrepreneurship is all about listening to the inner voice, generating employment and opportunities for others, becoming mindful of the company’s social prosperity rather than getting a me-only mentality and, most importantly, translating their attitude.
Good entrepreneurship is all about making a difference to the world and becoming a social messiah through his or her projects that will change societies.
Entrepreneurship must be seen as a starting point for transforming oneself and becoming a transformation agent in the process. For this to happen, the entrepreneur must be able to meet the environmental, social and economic demands of the larger system and must push himself to follow his dreams at the same time.