Not everything you know as an entrepreneur was taught to you while you were attending business school. That is, if you attended business school. Whether you have the schooling background or not, likely much of your learning has come from the school of hard knocks. In other words, you have learned what you know after many knock downs and risings.
There are some points about entrepreneurship that everyone should grasp. These points may be right in front of your eyes with you accomplishing them without much thought. Even so, it is good to be aware of each salient point and understand how to make them work better for you.
1. Love what you do or don’t bother.
Some people are stuck in their jobs with very little promise of finding something else. Others are determined to branch out and welcome change even if it follows a layoff.
Clearly, it is important for entrepreneurs to work at something they want to do and not something they feel they must do. What it comes down to is passion — if you are putting in 12 to 14 hours per day doing what you love, it’ll be more tolerable than the 9-to-5 job that you detested.
2. Your dream is your vision.
Your business idea may be entirely novel, something not tried before. Or at least not tried as you imagine it. Your dreams are your vision, what you can and should use to help you attain your goals.
Just as easily, when you share your dreams with other people, they may not be particularly supportive. In fact, some may attempt to diminish your aspirations and even directly contravene your plans. Don’t allow others to spoil what you envision. It is your idea and passion — learn how to dismiss the rantings of those who do not support your efforts.
3. Endeavor for a smooth execution.
Related to starting a business is executing your plan. A big hindrance for some entrepreneurs is transforming that vision into a workable reality. For some, the dream is never fulfilled because of poor planning.
You already know what you want to do and what you plan to achieve. The “getting there” point may not be so clear. Here, you will reach your goals only if you have a carefully drawn up plan. That plan should be clear, concise where it needs to be and detailed enough to provide manageable steps towards effective execution.
4. Quality always matters more than quantity.
In some businesses, it is all about quantity — a quest for more sales to increase market share. That’s a poor business plan for most companies, especially for entrepreneurs.
Instead of focusing on quantity, endeavor to provide the best quality. Your products or services should be beyond reproach, meeting your customers needs and then some. Quality ensures that your products, services and company name are of value, what brings people back to your business. Quality can also lead to quantity as word about your reputation is spread abroad.
5. Become an industry thought leader.
You may not be particularly extroverted or even interested in interacting with people beyond your business sphere, but it is important that you build a level of trust where others can call on you because of your expertise. To bring your business to the next level means selling yourself personally.
And that personal selling comes from reaching out to media and establishing yourself as an industry thought leader. Specifically, you will want to contact newspapers, radio and television stations and other medium to make a connection. Thought leaders are usually called upon to share their viewpoint when a major news story breaks. Connect with these people and you may become part of the story.
Beyond Business School
Certainly, business school can prepare you to manage a business, but until you are involved with running one, you won’t know about all the nuances of that enterprise. Keep the fires stoked and always be ready to make adjustments as needed.
See Also — 7 Challenges of the Entrepreneur