Entrepreneurs must follow some basic principles that serve as guidelines and beacons for their success. Based on research conducted over three years and interviewing more than 150 entrepreneurs, renowned author and management expert Bill Murphy has published a book on entrepreneurship published by Harvard Business School. This article builds on the ideas from this book and lists five principles that should serve as benchmarks for aspiring and current entrepreneurs alike. One idea from this research is that most of these principles can be learned from experience and that the process of starting a business is a learning experience in itself. With this introduction, we can now move on to the Five Principles of Entrepreneurship developed by Bill Murphy.
Entrepreneurs don’t always need to make a quick buck and that shouldn’t be the goal.
It is important for entrepreneurs to test the situation before starting a new business. This means that one must adhere to the ideal of entrepreneurship and experiment with new business models and new ways and models of doing business. In other words, entrepreneurs should not be in a hurry to make a profit from the start, and instead should understand what entrepreneurship is. For example, artsandculture.google.com it is better to come up with a game-changing idea than to search for potential customers who are still at a dead end, which means that entrepreneurs need to be ready to be in the game in the long run.
It is always better to find the right opportunity, even if it takes time, than to chase after a mirage.
This principle translates into waiting for the right opportunity, and at the same time, seizing the moment when the opportunity presents itself. Of course, we’re not saying that entrepreneurs have to wait forever for the right opportunity. Instead, the intent here is that entrepreneurs must ensure that they have the necessary foundation to take advantage of the opportunity and must also have an idea and business model that creates opportunities in the event they find it difficult to start the business on the ground. For example, clichés about how to knock an opportunity only once, and if you don’t find an opportunity, build a door so that you are ready when the opportunity arises can be interpreted to mean that entrepreneurs have to create and seize opportunities. them when they rise. Another analogy might be that entrepreneurs should be prepared with fishing rods and bait when they go fishing and if the river, sea or lake is saturated, they should fish in “blue ocean” waters, i.e. they should create new markets. . for themselves.
Invest in people and build successful teams
As with the previous principle, entrepreneurs must ensure that they have the right team in place before starting work. After all, unless there is a team, the company will not be able to take advantage of opportunities. Additionally, entrepreneurs need to ensure that the team is motivated, committed, and most importantly, that they share the founders’ vision and mission. In other words, unless there is a mass endorsement of the founder’s ideas, the company will fail. Apart from this, having the right people with focus, leadership, loyalty, determination, courage and consistency, as well as motivation and creativity are some of the requirements that entrepreneurs cannot ignore.
It is not always enough to have everything in its place. Execution and delivery is what matters
Have you ever felt like a salesperson engages you in a sarcastic conversation as he tries to convince you to buy an untested product? Likewise, all the rants and lack of implementation will not get the new venture anywhere, thus it is important for entrepreneurs to ensure that they lead by example and deliver on their promises.
In fact, it is not enough to have an innovative idea and a great team unless the entrepreneur knows the art of execution. As was the case during the dotcom boom, there were plenty of startups with great ideas and equally great teams that promised the moon to anyone who would listen. However, the fact that they fail in their business is mainly due to the gap between ideas and implementation Read more.
Therefore, the entrepreneur must be a leader who leads by example and understands the meaning of implementation. Moreover, leadership means that entrepreneurs should not be afraid of failure and instead turn adversity into victory and turn failure into a stepping stone towards success.
In fact, great entrepreneurs are those who are willing to trust their instincts and intuition and back up when the business is not yet profitable or even loses. In other words, if you think you have a great idea and are doing it well with the right team, you need to persevere and persist even when conventional wisdom says you’re doing it wrong.
Entrepreneurs must be visionaries who modernize themselves
Ask any successful entrepreneur and they will tell you that while money is important and profits are essential, it is not always about money or that making a profit is the only thing that matters. Instead, great entrepreneurship is about caring for the inner voice, creating jobs and opportunities for others, having social prosperity because of the company rather than having an attitude of just me, and most importantly, translating your vision into success.
For example, many of us have heard of or met people who have given up comfortable jobs to find their passion and pursue and pursue their dreams. Therefore, successful entrepreneurship is about making a difference in the world and becoming a social messiah who will transform societies with his endeavors.
Finally, entrepreneurship should be seen as the starting point for transformation and in the process become an agent of change. For this to happen, the entrepreneur must be able to meet the environmental, social and economic expectations of the larger system and, at the same time, must push himself to realize his dreams. In fact, the balance between internal aspirations and external expectations is the most important determinant of success Check Now http://www.artsandculture.google.com/entity/shlomo-rechnitz/m0_gx842.
