What do successful entrepreneurs have in common?
Successful entrepreneurs want to freestyle and they don’t want to be bound by a mundane job. They are ambitious, rambunctious, exuberant and don’t want to work under authority because they prefer autonomy.
As rightly stated by Evan Carmichael -“One trait successful entrepreneurs have in common is they don’t quit. They face challenges and persevere.”
Entrepreneurs are not afraid to take risks and want to change the world with their revolutionary ideas.
They follow the VPRAFT principle
- Vision- Every entrepreneurship endeavour starts with a dream, a vision, ingredient and a goal.
- Passion-A vision is incomplete without the motivation and passion. The drive to pursue one’s goal is imperative.
- Resourcefulness –the true spirit of entrepreneurship lies in knowing how to allocate resources, handle risks and overcome obstacles.
- Adaptability-Evolution is an ingredient. Flexibility must be paired with adaptability; This is an important quality that every entrepreneur must possess.
- Flexibility-It is the key to negotiations and compromises.
- Thrifty- A successful entrepreneur knows how to optimally utilise limited resources.
What are the various strategies that one can adopt in order to have a successful enterprise?
These strategies are based on strong research orientation, first-hand advantages and market leading strategies. It involves taking bets, high risks and accessing knowledge from a broad range of resources. A few examples include Apple, Dupont and Singapore Airlines.
These involve defending existing technologies and include judging and prospecting. Companies/Startups have medium to low-risk exposure and tend to study market trends. A few examples include Microsoft, Dell and British Airways.
Entrepreneurs and companies following this strategy come under the category of ‘Improvers’ while people following the energo and energos strategy include ‘Changers’. Improvers have a wait and see approach, have a focus on operations and look for low-risk opportunities. Movers versus Improvers failing ratio is 47 : 8. They follow the policy “To be original you don’t have to be the first to come up with something, you just have to be different and better.” For example, Facebook came in after Myspace and Friendster and was 10 times more successful.
These include companies that wait until their customers demand a change in their products or services. For example – Automotive supply companies.
Is there a magic formula to success?
The basic key principles that any entrepreneur must follow include:
a) Make a change as opposed to making money
Various studies have shown that entrepreneurs who wish to change the world and start off with the desire to begin a revolution with their ideas tend to be more successful as compared to people who just want to make money and think of profits. People with this mentality are often limited in certain ways and cannot sustain themselves in the long run. Companies with the make a difference/change mentality include Google which has revolutionised information availability, e-bay has revolutionised commerce and Apple has revolutionised technology.
b) Have a ‘Mantra’
Every successful business venture requires a mission and a vision statement. While a mission statement deals with the immediate goals and objectives, a vision statement focusses on the future goals. Condensing these into simple slogans or mantras can benefit a company drastically. These must be short and must explain why you exist in the industry.
c) Create and polish
Go deep and pay attention to details. Make sure your product or creation is intelligent, complete, elegant and empowering.
d) Engagement optimisation with customers
Polarise people! A brand is not defined by a product or service, it is defined by an experience. Analyse and accept criticism and complaints of your customers; this will give you a chance to improve and realise where you are lacking, thus helping to create a counterbalance.
e) Be dynamic and malleable
Keep evolving as innovation is a never-ending process. If you get into monotony, then one tends to be less innovative. The idea of innovation is to adapt and accept new ideas and to keep moving forward, there is no room for stagnancy.
We wish you all the best in your journey and hope you succeed in your endeavours.
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