3 Secrets to become a successful entrepreneur

3 Secrets to become a successful entrepreneur

Evolve yourself to be successful

Entrepreneruship
Innovation + Entrepreneurship = Success

I have trust that you make up your mind  to learn more about entrepreneurship. Believe me, entrepreneurship is a way of living and very helpful in every wake of life. After studying so long about entrepreneurship I conclude that “entrepreneurship is all about accepting challenges and finding their solution and later convert them into marketable ideas.”

I found highly successful professionals who conditioned their mind to mind act like an entrepreneur in their day to day functioning and now they are getting a reward to their approach.

“If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.” -Brian Chesky, Co-founder of Airbnb

Below I tried to summarize my approach

1. Identify what are the challenges affecting your target audience?

2. Select one, two of them to solve.

3. Try to solve through innovative ways by combining existing solutions or bringing new ones.

4. Convert these solutions into a marketable venture.

For example, people realized that in the daytime there is excess light but at night there is a demand for light.  Some people accepted the challenge to find the solution for getting light at night. People come up with many solutions and tried to develop marketable ventures around that. The below mention  three solutions successfully converted into the profitable ventures out of multiple ideas

1.Light through Solar energy

2.Light through electricity

3.Light through burning fossil fuel

In the entrepreneurship journey, the role of entrepreneurs continuously changes as per the demand of the situation like during finding solutions a team of two three-person works to find a solution, and after getting the solution process of validation started then needed bigger team with more resources. Once the solution gets validated then the process of building the marketable venture becomes the priority. Solution without wider market acceptance has lesser value so everyone tries to market the solution.

To come up with a marketable solution the best way is to come up with an institutional identity with the formal structure like proprietorship, partnership, LLP, company, etc. Formal commercial structure gives freedom to interact as an institution with stakeholders.

Now before entering the market go for the pilot with real-life situations or a beta version. Based on pilot experiences refine your offerings to enter into the real-life market.

“Don’t try to do everything by yourself, but try to connect with people and resources. Having that discipline and perseverance is really important.” -Chieu Cao, Co-founder of Perkbox

To enter into real-life market entrepreneurs needed a team, fund, distribution channel, marketing plan, etc. At this stage, entrepreneurs need to evolve themselves from innovators to executors. The execution brings commercial success to innovation. In lack of good execution, many good innovations become history in past to avoid that entrepreneurs should evolve themselves into to following

1.Innovator 2. Institution builder 3. Fundraiser 4. Marketer 5. Administrator 6. Guardian

After some time your venture becomes sustainable then your role changed to more about guardians and many times entrepreneurs find themselves unable to accept the truth.

“Passion, creativity, and resilience are the most crucial skills in business. If you’ve got those, you’re ready to embark on the journey.” -Jo Malone, Founder of Jo Malone

As per my research I prioritize five skills which make the entrepreneurs successful.

1.Curiosity 2. Strategic thinking 3. Communication.4. Networking 5. Resilience

Accepting the change and adopting it gracefully helps the growth of the enterprise.

Walt Disney rightly said “All our dreams can come true, if we have the courage to pursue them.”

“It’s necessary to find a mentor who can invest time to know your personal capabilities and business model.” -Nigel Davies, Founder of Claromentis

In my three days free online start-up course, I have discussed in detail about

1.Innovator phase of entrepreneurship

2.Organization development stage of entrepreneurship

3.Growth and guardian stage of entrepreneurship

To my readers, I am offering this course free for a limited period. 

Fill form join Entrepreneurship group

 

Leave a Comment

Your email address will not be published. Required fields are marked *