Read the quintessential qualities required to become a constantly growing and successful entrepreneur.
No business can grow without the growth of the entrepreneur who runs it. It is the entrepreneur who becomes the central axis of business growth. If the owner doesn’t upgrade himself, his business won’t go anywhere. That’s a fact! Here I share with you the basic fundamentals that an entrepreneur should focus on at any given time, regardless of the stage or scale.
- Ideas
Entrepreneurship is developed, it is a skill. There are no born entrepreneurs, they build themselves. The entrepreneurial spirit lies dormant in all of us. We all have that inherent desire and desire to make that dream business or project one summer day. The fact is, if you ask everyone you know to write their dream business down on a piece of paper, you’ll get a whole host of clever business ideas to work on. The tragedy is very limited, people can see it as a profitable company. No business is a bad idea. Every business is a growing business. Successful entrepreneurship is all about taking a crazy idea to its logical plan and then using the resources available to market the idea into a long-term profitable venture. An entrepreneur should always have instant ideas to solve problems, address demands or innovate new products. Working on creative thinking is essential to be a continuous source of ideas. The key is to continually create new, better, and different ideas without falling in love with the old ones. Creation is only possible when the entrepreneur is in continuous learning.
- Plan
Once the idea is in place, the next step would be to create a clearly written execution plan with step-by-step precision of what needs to be done to turn the idea into a commercial venture. Writing down the magic questions and their answers is the key. Magic questions include what, where, when, how, who, and why. A plan is nothing more than a detailed execution methodology shared and supported by all members involved in a venture. Most entrepreneurs do not get to write their ideas simply due to lack of will or laziness. It’s said that when you write down your plans, they help keep you motivated and on track when you’re most down in business. A plan consists of a series of short-, medium-, and long-term goals. A goal is nothing more than a dream with a deadline. Having a well thought out PLAN A and a contingency PLAN B are crucial in any business journey.
- Risk
This is what separates the men from the boys. Starting a company requires the rare quality of challenging our comfort zones. Doing things that make us uncomfortable and destroying the status quo remains the fundamental essential quality of successful entrepreneurship. To undertake is to do things contrary to everything that has to do with words security Y comfortable. It’s about choosing short-term pains to actualize and realize long-term gains. Risk taking involves first an emotional and mental decision that is then translated into a financial or logical decision to do something that is just as likely to fail as it is to succeed. Risk taking becomes easy when the entrepreneur develops the ability to maintain confidence in strengths and talent, especially in times of crisis.
- Hour
Entrepreneurship is all about staying ahead of time by planning your priorities. Entrepreneurs wear multiple hats and therefore it is imperative that they choose wisely to do the most crucial and important activities in their business that only they have the experience to do. Entrepreneurs should focus only on the key activities that drive success in their business and delegate the rest to people who are better at doing those things than the entrepreneur. Initially, entrepreneurship affects the individual’s personal time and space, however, in later stages, the individual develops the habit of ignoring personal time and this leads to an unbalanced life. Spending quality time on crucial activities related to income generation and business growth, along with taking time for family, exercise, and hobbies, is mandatory for a successful business life. Developing the discipline to follow learnable routines while at the same time having the flexibility to adapt to changing demands is a very important sign of entrepreneurship.
- Team
Can you imagine the Egyptian pyramids built with a single rock? Can nations be built with the effort of a single person? Hard to imagine, right? The sum of the parts makes the whole and the whole is incomplete without its parts. You can’t build a great business unless you have great people working with you. It’s easier to attract and nurture talent when you have a strong vision and purpose for your business. Business creation and entrepreneurship thrive through the collective efforts of like-minded people moving together toward a common goal. Entrepreneurs tend to be self-involved to the point of not sharing their ideas, frustrations, and dreams with others. Their initial experience of loneliness causes them to shut down emotionally, and as the business grows, the entrepreneur does not realize the benefits of sharing. Leadership is about helping others bring out their strengths toward achieving a strong purpose. Entrepreneurs must learn to instill other people’s confidence and other people’s capabilities. Only when you build a team can you build a great business.
The above ingredients, if passionately blended with solid persistence, can help anyone build a fantastic business venture. Here we wish you all the best for your business trip.