What do you know about entrepreneurship or its principles? In today’s guide, I will be sharing 10 Principal of entrepreneurship and if that’s what you are interested to know then you are at the right place. Firstly we need to know what is entrepreneurship.
The word entrepreneur used to sound strange to me when I was a kid because I didn't know the meaning but today I understand that entrepreneur refers to the concept of a business venture being developed and managed to gain profit by taking different kind of risks in a business sector. You can as well define entrepreneurship as the desire to start a new business.
Who is an entrepreneur
An entrepreneur is someone who sets up a business or business, taking financial risks and hoping to make profits, Any businessmen or women who own a business that involves taking a risk with aim of making a profit is an entrepreneur.
As an entrepreneur, how do you plan for your business and what principles do you put in place to stay in the business. Some businesses failed to stand the test of time and close down after a few years of operation caused by the wrong principles applied. To help you succeed as an entrepreneur, I will be sharing 10 Principal of entrepreneurship but before then, I will like to list a few things you must avoid as an entrepreneur.
Reasons why entrepreneur fail
Before listing out the principles of entrepreneurship
, I will like to list out some of the things that should be avoided to keep your business functional and profitable, seat tight roll with me.Don’t involve friends/family in your business
There is nothing bad if you decide to have your family and friend around your business or even give them managerial positions but you will be risking your business because they will not take their work seriously since they don’t fear or respect you. For instance. I own this website but I am not sure that 5% of my friends & families know the address of the website and never visit the website but am still good without them.Don’t give your goods on credit to friends/family
I don’t know the strategy you are using to market and sell your goods but always be careful when dealing with friends and family. Mixing a relationship with business is wrong and will affect you negatively.
Let business be business and avoid offering your friends or family goods on credit because they hardly payback thereby abusing their privilege given to them as friends or family members.You are not listening to experts in your field
No one knows it all and if you want to succeed you need to seek advice from the experts that knows better than you. If you specialized in manufacturing then avoid the judgment of people without expertise in manufacturing but those with the right curriculum.You are not promoting your business the right way
One of the things that kill a business faster is lack of promotion, you must promote your business using modern methods to reach the right people that will be interested in your product and services.
No matter how good and special your products are, people will not know about it if they don’t see it. Sometimes you might have to spend more to promote your business and hoping for a greater future.
10 Principles of Entrepreneurship
I am going to explain the principle of entrepreneurship that will help you boost your business, I have defined the meaning of entrepreneur above and will as well like to define “Principle”.
The principle refers to a fundamental truth or proposition which serves as a basis for a system of belief or conduct or a chain of reasoning. Here are my top 10 entrepreneurial principles.
1. Your Vision
"The successful entrepreneurs are the ones who have been able to turn their dream into reality
You are not just an entrepreneur to take a risk and make profits. You are an entrepreneur because you want to make it possible for the world to live broader, with more vision, with a finer spirit of hope and achievement. You are an entrepreneur to enrich the world, and when you forget the errand, you are poor. "Vision is the art of seeing what is invisible to others," said Jonathan Swift. Have a purpose defined, and pursue it.
2. Startup Capital
Investors are often drawn by a strong business strategy, money will be the least you care about when you have a solution. Entrepreneurship is all about solutions. You can easily get investors or government loans when your idea is big enough to attract their attention.
Even in a country like Nigeria, There are some government loans and grants for small and medium-sized enterprises and this can be easily accessed with just a good business plan. An example of such programs is the one popularly known as YouWin. Nigeria's central bank also supports startups with little interest rate funding.
Other programs, such as the Tony Elumelu Foundation, also financially support startups. Those sources of funding should be utilized. These are measures applied by governments to promote enterprise
3. Provide Solution to peoples problem
To succeed in whatever you do, you must provide a solution to people’s problems or an answer to their questions. Your business must have a direction and purpose and not just to make money.
A good entrepreneur knows that it's the enthusiasm that brings business success. Unavoidable challenges are ranging from sourcing funding to getting good partners, building a good team, location, marketing, etc.
However, the real deal here is to find a way to make life easy for others.
4. Work with the Right people
“Good teamwork builds speed
Gathering a team of individuals with the same mindset and attitude towards achieving a common goal is imperative when assembling your team. You don’t need a family member or friends to build your time especially when they don’t have any knowledge about your business.
Your team must have the same drive, tenacity, perseverance, and underlying belief in itself and the value they can add to achieve success. The growth and success of your business solely depend on the people you work with, that is why you must choose wisely.
5. Choose the right product & services“Good products sell itself”
Let your product/service meet a need, be innovative, and take a different approach from other regular businesses. Technology is an important tool in the hands of modern businessmen. Your business should be within easy reach of your target clients. Always give your customers space for reviews, or suggestions about how to develop your product/service.
6. Know Your Customers
“Your customer is a special guest and must be treated well”
To succeed in business you need to know your customers and to do that your business must be circled into a particular niche which helps you know who your prospective customers should be and how to get and keep them.
Undoubtedly, your customer base and interest determine the success of your business. If you provide a solution to make the world a better place, then you will attract more customers. However, In business, the higher your customers, the higher the profit.
7. Set Your Priorities
Doing the right thing at the right time is very important, you have to categorize things in order of importance to achieve success in the business. Set your objectives priorities, and do not deviate from it. Sometimes investors can influence your decision and desires but don't allow them to make you lose focus on your dream. "Decide what to do and then decide what not to do and do it." Simple, just that! Analyze what to create next based on what has demonstrated the greatest return.
8. Be a good learner
As an entrepreneur, you’re going to face some unknown situation but the best way to measure progress is to learn through in-market experiments. find out what works and what doesn't work and make the right call. an experiment is the best way to discover new things and that's what you should be focussing on. What works today might not work tomorrow. Don't stick to what you know, be ready to learn what you don't know as long as it relates to your business progress.
9. Be consistent and never give up
"Today's effort determines tomorrow
When you start any business, it takes time to attract customers but the attitude of never give up is one quality that every entrepreneur should possess. Goal-getters are successful entrepreneurs. They never give up on making their vision come true. You might not be successful in business if you don't persevere, inquire, research, fail, and try again. If you persist, then you have no choice but to succeed. Persistence and determination are supreme in entrepreneurship.
h3]10. Lead with Confidence
Some people thought that the real deal is to believe in your business, but that not the case the real deal is to believe in yourself, but have a healthy skepticism about your business. Trust + Curiosity is resilient, while Certainty + Bravado is brittle. Simply tell yourself, "What I know is precious, but it's not enough to get me to where I have never been before."