As the Kung Fu Panda eventually realized, there is no secret ingredient for thinking strategically and becoming a successful entrepreneur. We cannot lead you towards a Holy Grail that will enable you to achieve your ambitious goals of starting a new business and making it succeed as no one else has ever done before. However, there are certain rules and habits which can transform you into a successful entrepreneur who can look into the future and think strategically. You should always keep in mind that neither there is any shortcut to strategic entrepreneurship nor are great businesses are built in a fortnight. You should be willing to be consistent and slug it out over the long term to be successful.
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The following tips will enable you to develop an entrepreneurial skill set that can lead you toward owning your dream business and making it grow in a substantial manner:
It is Always Impossible Until It’s Done
Successful entrepreneurs always stay resilient in the face of setbacks and failures. They never get bogged down when things go wrong. They may fall down but they refuse to stay down. They dust themselves off and start fighting again for something that they strongly believe in. This tenacity and ability to keep going is the distinguishing factor of a successful entrepreneur from the rest of the pack.
Fear of failure is one of the common underlying causes that impede the formation of successful new businesses. Successful entrepreneurs never get discouraged by the failures they experience. They consider it a learning opportunity and focus on developing viable alternative solutions to overcome the temporary impediments. As a successful entrepreneur, you will be making a lot of mistakes. The key here is to learn from them and continue moving forward with the same rigor and enthusiasm. Making mistakes does not matter for a successful entrepreneur, giving up on one’s dream does!
Be Passionate about Creating Value
Financial and monetary benefits are not the ultimate objectives of starting a new business for successful entrepreneurs. Money often comes as a secondary advantage of running an innovative and successful business. Similarly, successful entrepreneurs do not desire egotistical satisfaction from owning a technologically advanced business. Vanity and self-projection are never on their priority list as well.
The underlying motivational driver of a successful entrepreneur is his unbridled passion for creating value. Successful entrepreneur strongly believes that his value proposition is the best option available. The products and services offered by the successful entrepreneur are the most valuable for the customers of the business. The customer satisfaction and benefit is the one and only goal of strategic entrepreneurship. It is this passion for creating value that is fundamentally the sole driver of growth and prosperity for any new business.
Be the Best by Learning from the Best
The successful entrepreneurs have this lifelong thirst for knowledge along with learning new and innovative technologies. They look for inspiration from wherever they can find one. Hence, it is always a good idea to learn about any industry from the current experts of the field. Many successful entrepreneurs begin their careers by working for others. In this way, they can get valuable exposure and critical insights about the state of the art technology and their field of interest. By having a mentor running a similar business, you can increase your information about many finer aspects of the business that can prove to be very useful several years down the road once you start your own business.
Change is the Only Constant
The contemporary business environment is rapidly evolving through fast changing technological innovations and developments. Companies like Nokia and Kodak who fail to keep up pace with these ever changing business realities pay a heavy price and face extinction in the future. Therefore, it is highly advisable from a strategic entrepreneurship stand point that one must stay abreast with the latest technological innovations and developments.
These technological advancements often spur new opportunities for business growth and open new avenues of value creation for the customers. The ability to adapt and be in synchronization with the ever evolving business and technological challenges are two of the most pivotal assets for any successful business entrepreneur.
Guide, Nurture, Believe
The ancient wisdom correctly states that a single person can never achieve extraordinary things. It always takes a team to build and achieve something of significant value and magnitude. Therefore, a successful entrepreneur needs more people who can understand and realize the business ambition of extraordinary accomplishments. The successful entrepreneur should execute the business vision through efficient hiring and effective training of the people involved in the running of the business. A successful entrepreneur is a source of inspiration and motivation for all the employees of the new business. He should guide them through various challenges, nurture their skills and abilities and believe in them to accomplish the futuristic goals and targets. These inspired and well trained people will then become the engine for business growth propelling the business to unprecedented revenues and newer heights.
A Sustainable Business is all about Maintaining Long term Relationships
Business and brand loyalty are among the most underappreciated aspects of strategic entrepreneurship. A successful entrepreneur always recognizes the importance of forming and maintaining long term business relationships with all the stake holders. Your investors, suppliers, lenders, customers, employees, government agencies etc. are all important stake holders of your business. The quality and sustainability of relationships with these stake holders will eventually define the success of your business in the long term. Your existing customers are your most reliable, trustworthy and authentic advertisers. Moreover, it often takes significantly less cost and effort to retain a satisfied customer than to attract a new one.
The fore mentioned tips are not exhaustive by any stretch of imagination for successful entrepreneurs who wish to excel in establishing and running their own businesses. However, it provides a concrete basis for the strategic entrepreneurship based skill set required for budding new business starters. Successful entrepreneurs are a rare breed which have this god gifted talent of foreseeing the future and transforming it for the greater good. We wish you all the very best for your future entrepreneurial endeavors!