Five Ingredients of Successful Entrepreneurship - Inshan Meahjohn
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Entrepreneurship is a skill that can be developed rather than an innate quality, lying dormant in everyone. Successful entrepreneurs must challenge their comfort zones, create clear execution plans, and focus on key activities while delegating other tasks. Building a business requires a collective effort with a strong vision, as no venture can succeed without effective collaboration among individuals.
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Five Ingredients of Successful Entrepreneurship - Inshan Meahjohn
- 2. Entrepreneurship is developed, it is a skill. There are no born entrepreneurs, they build themselves. Entrepreneurship lies dormant in all of us. We all have that inherent desire and wish to do that one dream business or project one summer day. The fact is if we ask all the people we know to write down their dream business on a piece of paper you will get a huge pool of resourceful Business ideas to work on. The tragedy is very limited people can visualize it as a profitable venture. No business is a bad idea. Every business is a growth business.
- 3. Once the idea is in place, the next step would be to create a clearly written down execution plan with step by step precision of what is to be done to make the idea convert into a business venture. Writing down the magic questions and their answers are the key. Magic questions include the what, where, when, how, who and why. A plan is nothing but a detailed execution methodology shared and supported by all the members concerned in a venture. Most entrepreneurs fall short of penning down their ideas simply because of lack of will or laziness.
- 4. This is what separates the men from the boys. Starting a venture requires the rare quality to challenge our comfort zones. Doing things that make us uncomfortable and destroying the status quo remains the fundamental, essential quality of successful entrepreneurship. Entrepreneurship is doing things that are contrary to everything that has to do with the words security and comfort. It's about choosing the short term plans to actualize and materialize the long term gains.
- 5. Entrepreneurship is about being ahead of time by planning your priorities. Entrepreneurs wear multiple hats and hence it is imperative that they wisely choose to do the most crucial and important activities in their business which only they have the expertise of doing. Entrepreneur's must focus only on key success driving activities in their business and delegate the rest to people who are better at doing those things than the entrepreneur.
- 6. Can you imagine the pyramids in Egypt built with a single rock? Can nations be built by the effort of a single person alone? Difficult to imagine, isn't it? The sum of the parts makes the whole and the whole is incomplete without its parts. You cannot build a fantastic business unless you have fantastic people working with you. It's easier to attract and nurture talent when you have a strong vision and purpose for your business. Business building and entrepreneurship thrives on the collective efforts of like minded people moving together towards a common goal