Whether you are in business or considering starting your own, there will be things you haven’t thought of before. There are going to be doubts and fears of failure. It’s normal and no one can blame you or look down on you for this.
However, you should realise that there are fundamental principles every entrepreneur should follow. These directly affect your business performance, efficiency and profitability.
Want to know what these are? We take a look at them in this post.
It takes a lot of time, money and effort to build a business. Sure, some companies can go from zero to billion dollars in revenue in just a few years; however, the majority of them take years to reach peak levels.
Growth is not linear — your company will have its ups and downs — but if you keep working hard and consistently make smart decisions, you’ll get there eventually. Be patient with yourself and with your business.
What’s critical to understand is that entrepreneurship is a marathon and not a sprint. The key is to stay focused on the long-term vision and work hard every day. Moreover, know that the best entrepreneurs learn from their mistakes and keep trying new things until they achieve success.
Risk-taking is a fundamental trait of all successful entrepreneurs. You can’t become an entrepreneur if you’re afraid to fail. That’s why it’s essential to take risks and learn from your mistakes as you go along. Avoiding risk will keep you from growing as a person and entrepreneur.
In fact, according to a study by the Global Entrepreneurship Research Network (GERN), risk-taking is one of the five most important personality traits of an entrepreneur. It doesn’t mean that you should be reckless with your money. Instead, you have to be willing to take worthy risks to succeed.
The first step in becoming a risk-taker is understanding your fear and learning how to manage it. One of the best ways to cover risks and eliminate most fears is by taking out life insurance for self-employed. This policy helps to protect your family and business in case of your disability, critical illness or even death.
Respect For Your Customers
Let’s face it; without customers, you have no business. Customers are the reason why you exist and why you are in business. This is why all other principles are secondary to respecting your customers.
Do not lie, overpromise and under-deliver to your customers. If you become dishonest, they will spread about how you conduct yourself, and as a result, more people will avoid doing business with you because they’ll lose their trust in you.
Entrepreneurship is about solving problems. But you can’t solve a problem if you don’t know what it is. As such, be sure to spend time identifying the problem and finding out what makes it difficult for people to solve it independently.
This will help guide your product development and marketing efforts, ensuring that you’re solving a genuine problem and not just creating another product or service that’s cool but isn’t in demand.
Passionate people are the most productive and successful. They don’t want to be told what to do — they just want to do it. Passion is the fuel that drives all entrepreneurs.
Passionate people work hard because they love what they do. That’s why it’s so important to find something you’re passionate about and pursue it. Indeed, it is said that if you love what you do, you’ll never work a day in your life!
If you’re passionate about what you do, it will show through your work and people will want to work with you. They’ll also want to buy from your products and services because passion produces excellent results.
Ability to Build a Productive Workforce
A good employee is worth their weight in gold and can make or break your business. You want to hire qualified people for their positions and fit well into your company culture. You also want to make sure that they feel appreciated and valued by their employers to be more likely to work hard for you.
The quality of your hiring and training will determine the quality of your company. To attract great people, you need to offer them a compelling opportunity, one that they would be excited to join if they weren’t already working elsewhere. You also need to treat them well and pay them fairly to feel respected and valued by the organisation.
Never Giving Up
There will be times when things don’t go exactly according to plan, and those moments can be very discouraging. However, it’s important not to give up at during these moments because if you do, you’ll never succeed in business or life in general.
No matter what happens, always remember that plenty of other opportunities are waiting for you just around the corner. So keep going until you find one that works for you.
Which of these basic principles of entrepreneurship do you find the most difficult to implement? Let us know in the comments below.