Entrepreneurs forsake stability and embrace the uncertainty of building a business around an idea. But in this process, irrespective of the success or failure, they add value to both the society and their own lives. Fred Mouawad (2015) shared in LinkedIn some basic principles that would serve as guidelines and beacons for their success:
- Have a vision: If an entrepreneur can transform their vision into reality, then it is known as successful entrepreneurship.
- Choose the right Business: It’s advisable to do a lot of research, gather facts, understand the market size and talk to experts before you make a move.
- Capital:Make optimistic financial assumptions before starting your venture. However, it is wise to accurately assess how much capital will be required by running multiple scenarios including a pessimistic and very pessimistic one.
- Resources: Abusiness plan is importance in defining all your resources.
- Viable Products or Services: The business products or services must be innovative and fulfil the stakeholders’ needs. They must be different and unique from other competitors too.
- Know your costumer: The life of a business is determined by the customer base. Your customers will automatically increase if you give some valuable solutions to approach and improve their needs.
- Priorities: Entrepreneurs must categorize things for business success. Analyse the future and create what will give you the best return on investment.
- Experiment in stages: The following four steps will enable you to experiment successfully as well profitably:
- Experiment: Come up with a hypothesis which will differentiate you from competitors and add value to your customers
- Learn: Understand the impact of your hypothesis and evaluate it objectively
- Adjust: Refine your hypothesis based on the learning
- Scale: Grow what works, and prune out what doesn’t.
Experimenting will allow you to lower the cost of failure by testing on a small scale. Too many organizations spend too much money going in the wrong direction and realize it too late.
The info graphic will give you a briefed idea on what you learned concerning the principles of entrepreneurship:
Find out more about entrepreneurship characteristics by watching:
“Successful entrepreneurship characteristics” video, accessible here
