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Being a successful entrepreneur
Developing the correct frame of mind
To be a successful entrepreneur requires the correct frame of mind, which will involve confidence in the one's ideas, the courage to take the plunge and the willingness to work hard!
- Many people believe that entrepreneurship is starting their own business which means they emphasize in a single task instead of focusing on the bigger picture. So the first principle is suggested to view entrepreneurship as a career, which will allow a person to more easily accept bankruptcy instead of declaring failure as an entrepreneur. By preparing in advance for setbacks, you can retain enough strength and resources for a second chance.
- There are no such thing as the ideal entrepreneur. Entrepreneurs display a diverse range of personality and traits which means they are no different from the rest of people in the world. However, extremes of personality traits such as perfectionism can be problematic.
- There are no secrets to success. Each business opportunity is unique and that the mystery is the heart of the entrepreneur. The resources, experiences, skills and decisions that you applied to a failed business may be just what it is needed for the next venture.
- Luck plays a role and is part of the equation of a successful entrepreneur. Good luck can come in the form of good timing, a chance meeting, a fortunate find or a sudden, favorable change in consumer tastes or technology. Bad luck can come from an economic recession, the death or illness of a client or partner, a natural disaster, or unfavorable changes in technology or consumers' taste. Essentially, what's important is the ability to recognize events as good or bad luck, and then have the ability and willingness to act to increase the probability of success.
- Set more reasonable goals can possibly provide greater satisfaction and significantly increase the chances for success. This suggest a person to strive to reach a point where additional wealth will no longer provide you with any psychological or emotional benefits. The most important reason is by encouraging to achieve greater wealth can possibly increase the risks in reaching such goal.
- Profit seeking must be an important goal for any venture. However, business opportunities should not be evaluated solely on their potential to make money. In short, it should not only be about money. Make sure you understand the difference between a venture that serves many goals and a venture that is pursuing many goals. (example: it is difficult to simultaneously pursue goals of high growth and high profitability
- Never get too comfortable with fear, nor should you try to conquer or ignore it. Fear is a natural reaction that a person should embrace, incorporating it into decision making and planning. Fear is the greatest of motivators. It puts an edge on things and which make a person work harder. Fear is also a natural defense mechanism, part of your survival instinct. Fear enables you to keep a heightened sense of awareness of the environment, and to reduce probability of being blindsided by a new competitor or a new technology.
Goals a business venture can fufill
- A lifelong dream
- A need for a challenge
- A desire for financial independence
- A need to contribute to your community
- A wish to expand your social network
- A desire to do something exciting
- A sense of pride and accomplishment
- A longing to do something you love
- A desire to do something worthwhile
- A need to expand your business network
- A need for business experience
- A hope of building a foundation for others
Making the right decisions
- Never bet the farm on your venture. For every person who risked everything and won, there are thousands who risked everything and got their butts kicked. Any entrepreneur must take some risks, but taking great risks alone doesn't indicate entrepreneurial competence. Successful entrepreneurs are risk managers, not risk takers. four simple rules to shape your business idea: straightforward ideas are less risky than novel ones, even a well-traveled road has surprises, great ideas are often low-tech, execution of an idea is more important than the idea itself
- Don't spend a dollar when you can spend a dime. Starting a smaller is a slower path, but it's also a safer way of building both a sustainable business and a long career as an entrepreneur. Starting small can: limit the size of your mistakes, force you to learn resource parsimony - preventing inefficiencies from enter your operation, competitive advantage, lack of funds may force you to redirect your venture in a positive direction, allows you to maintain a higher percentage of ownership, and keep shut-down costs low.
- Prudence is an essential principle for anyone who envisions entrepreneurship as a career. Five basic rules: never assume any venture is a sure thing, let someone else be the pioneer, make sure the market is ready for the idea, make sure your product and organization are ready before you start, and grow no faster than your organization can handle.
- A backup plan when they started their business venture. The plan should: 1. provide emotional, intellectual and financial support during the aftermath of a failed venture 2. provide a base from which to launch your next venture 3. should make it easier for you to reenter the marketplace. Four generic plans include: weekend entrepreneur, active supporter, partnership, and silent sponsor.
- Building a strong network is something every entrepreneur must do. Be aggressive and evaluate the value when networking but do not place blind trust in anyone.
CEO tip# 1: Find creative ways to make every part of the customer's experience memorable
CEO tip# 2: Hire a team that compliments your skill set, not duplicate
CEO tip# 3: Make sure you and your staff have a crystal clear and concise vision of your plans
The separation from the winners and losers is not bankruptcy but the ability that winners have to keep themselves in the game by maintaining enough will and resources to try again.
The best time to respond to a disaster is before it occurs. Being proactive should be taken when it comes to business failure. Prepare for the worst, so you can limit any damage and preserve assets to try again. By being prepared, you could conquer your greatest fear which is business failure.
Let the adventure begin!