Today, I would be discussing the 20 principles of entrepreneurship you need to know if you want to become a successful entrepreneur.
After watching a lot of videos on youtube and reading a lot of books about successful entrepreneurs I found out that they have something in common that every aspiring young entrepreneur needs to know on their entrepreneurial journey so I decided to share this with every aspiring entrepreneur that visits upflask.
I define an entrepreneur as an individual person that looks out for an opportunity in a problem that humans encounter daily and takes a risk in providing a solution. Let get started
20 principles of entrepreneurship
1.Set a goal & dream.
All successful entrepreneurs out there set a goal and also set a dream. They understand that goal is of two types the short and the long time goal while the dream is a generation achievement they know the starting point but don’t know how it will end(they pass it from generation to generation).
2.Think of value before money.
All successful entrepreneurs out there at the start point of their entrepreneurial journey think of the value they want to provide. These people are the world problem solver and they risk their time, money so that they can provide the solution to the human problem(i.e Mark Zuckerberg created Facebook to connect the world together, Jack Dorsey created Twitter so that you know what is happening in the world, Oluwasegun Micheal created upflask so that you can no more about business ideals local & global, and others)
3.Form a team.
All successful entrepreneurs out form a team but not anyhow team they team with those people have the same goal and dream as your because they have this, believe that you having a team that has goal or dream as your give 90% opportunity that you will be successful with your vision. They will be the energy that gives hope and also motivate you during a difficult time.
4.work hard & smart.
All successful entrepreneurs out have this belief that they need to work hard and smart, most of the successful business person work up 70 hours in a week while those that are not entrepreneurs work 40 hours in a week the successful entrepreneur retire early if they wish to live a luxurious life why the other people retire late with a few amount of dollars,
5.financial record keeping.
If you want to be among the successful entrepreneurs am advising you not to leave all the financial record to your company accountant, or financial advisor, as an entrepreneur you need to keep your own finances of your company so that you will fully know money follow in and out your company so that you will be able to set a finical spending limit for yourself children and spouse(do not beyond you earn and do have a lot of liabilities).
Principles Of Entrepreneurship you need to know.
6.Know Your Customer
Learning to know your customer is important. When you do not know your customers, you allow other competitors to get away from your company because you don’t know what they really want. Hence, you must think like a customer so that your company will understand what they really want and treat them nicely.
- Get free : principles of entrepreneurship notes pdf
7.Never Give Up
At some point, the most useful entrepreneurs feel like giving up but if you have a good team you do not give because be the motion that drives and energy that gives the ambition to keep ongoing.
Remember that the winners never quit and the quitter never wins so I want you to know that on your journey as an entrepreneur you likely feel like giving up that is normal but you don’t have to that is a lesson you will learn as an entrepreneur and also remember that failure is part of success.
8.Never stop learning.
Never try to stop learning, learning is important if you want a long-term successful business and try to be a good listener. You as an entrepreneur need to be a good example to some other young entrepreneur under you so will advise you not to only based on your own decision.
Note: As an entrepreneur, you need to be a good reader and a good listener because the world is changing on a daily basis so the same also applies to your business, bill gate Microsoft founder said to read 50 books in a year and will have some others entrepreneur that read more than that.
Most aspiring young entrepreneurs got this wrong think that that they need a huge capital to start their goal or dream. Most successful entrepreneurs out there start small because their goal is to provide solutions to people’s problems. With a good business plan, you will easily get people to invest in your company, and also you can get a bank loan or government support.
10.develop and Marketing
Marketing is the key to every successful business . Whether it is a small or big business.
Marketing means promoting or creating awareness of a company, product, or service. When you have done the marketing in the right ways it will lead to the development of your company.
Thank You for reading this Principles Of Entrepreneurship. I hope you enjoy it and found it helpful.
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