The young generation of entrepreneurs must always keep in mind that their future is highly related with strategic relationship with other people able to develop their enterprise to new heights. The entrepreneurs are found always passionate about deal of energy for survival. Apart from these qualities the young entrepreneurs must culture ten areas for their growth to success.
Honing of business skills: Learning has no end. As entrepreneur may know many things but he must go on learning business skills to make him more competitive. He must acquire more knowledge in subjects like new trends of marketing, tactful fund management, rigid cost management. Practical money management, people management and the operational management skills are the backbone of any business venture for anyone young or old.
Acquiring new technology and processes: Technology today is providing tools that entrepreneurs never had ten years ago. It is wiser to include them in their business strategy for the shop floor or in office. They must learn the new language of modern technological process in order to make their enterprise more competitive.
Ingraining shock proofing elements: Entrepreneurs know that there are many uncertainties and critical situations that can destroy their enterprise. It may come in any shape like sudden fall in sales, deadly cash crunch, or agitation by workforce. In view of these, entrepreneurs must be more tolerant against risks than ordinary persons. They must be optimistic and believe that they can solve any problems that may come. They must be shock proof persons and wade through the dark days.
Understanding and inspiring people: This is not just a communication skill but to take relatively complex issues and make them easy to understand and to inspire people with one’s own vision. It is to inspire people to move in a new direction to attain success soon with all simplicity.
Building up strategic relationships: New ventures generally do not have all the required resources or market information to do everything themselves. Working with larger organizations can help them with technology and information to widen their own marketing strategy. Entrepreneurs may prosper by banking their efforts on such strategic relationships without experiencing a sharp learning curve with full of mistakes.
Team building: A combined effort under an able behavior is the precondition for entrepreneurs to achieve their success. Entrepreneurs must always realize that an entrepreneurial venture is an organization, not a single person. They need to focus more on leading their teams rather than micro-managing their enterprise. A successful enterprise is the result of a healthy relationship between the entrepreneur and the workers. New entrepreneurs need to harness the power of their people through effective leadership above all.
Reward sharing: the success of entrepreneur, depends on the efforts of many people. It does not mean sharing rewards only with people who helped him but giving back something within his own venture. There are many ways to do this. These may be sharing equity, distributing profits, providing bonus and rewards. It is to ensure that those who helped to create the wealth should feel that their contribution has been recognized. This makes them willing and active participators in the activities needed to build up an organization for its optimization.
Evaluation of opportunities: Entrepreneurial failures are high among new ventures because business ideas neglect to undertake basic research on whether it can create a viable and profitable venture. Therefore, before embarking on a new venture, use of evaluation models to test the worth of any new one is a must. Mere business ideas and passion about them may lead to disaster.
Global operations: Some small entrepreneurial stars are thinking lately to join the global market. In fact some specialized products, which are in global demand, may allure entrepreneurs to build potential ventures to bring them to the notice of global corporations that want to exploit the potential. Catering to international markets will ensure growth.
Infinite learning: Entrepreneurs must be like sponges. They must always be ready to learn and willing to change the direction if there is an alternative. They must recognize that they can learn from the experience of others and never limit themselves to any fruitful exposure.
The above ten skills will substantially improve the probability of success of entrepreneurs, if they are practiced rightly shedding their own pride and prejudices.
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