THINGS ENTREPRENEURS SHOULD FOCUS ON TO BE SUCCESSFUL
Statistics have shown that between 80 percent to 90 percent of start -ups fail. This means that about only two businesses out of ten will still be up and running some years from now. Since entrepreneurs are expected to be optimistic people, there are certain things they should focus to be successful. These are outlined below.
Setting the company vision, communicating it and holding the line
An entrepreneur who wants to be successful must be able to create, define and maintain the vision of his firm. A vision is the essence of what the company is about. You should ask yourself these questions, Why is this an important journey to undertake? Why should we attempt to undertake this? A vision must be well detailed so as to enable you describe your mission easily, know why you must undertake the journey and explain the reason why you must succeed.
Holding the Line
As a growing entrepreneur who wants to succeed, you must hold the line & vision and must work hard to achieve victory. You should not be distracted in too many directions, ideas or problems. You must set the direction and once set, make sure to “Hold the Line” to victory, regardless of the casualties along the way. Identifying, implementing and re-evaluating ‘The Most Important Thing’ (MIT)
One great challenge start up Entrepreneurs usually experience is to know what the Most Important Thing is. This is the number one mission: if we can only succeed on one thing, this is it. This is the organizing principle of the start-up,it could be its growth, Product market, or Fundraising. This is the hardest call to make for an entrepreneur and it must be clear, simple, singular and correct. As an entrepreneur, you must dedicate most of your time to succeeding on the MIT. Every time you speak to your team workers,try to always start with reciting the MIT of the moment.
Re-evaluating your MIT is critical and the entrepreneur must set the cadence of this evaluation. Clarity of MIT definition, communicating it, enforcing it through the organization and re-evaluating it is the essence of the entrepreneur's job and If s/he makes a fatal error, the company is probably lost. A popular reason start-ups fail is scaling too early.
Maintaining and accelerating velocity through rapid decision making
An entrepreneur should be equipped with fast decision making. If you are wrong, you will discover it and still have time to make corrections. If you wait, you pay in speed, in morale and lose the time to save yourself.Try to ignore non-crucial decisions. If they are not MIT, they can either wait or be decided on by someone else. Making decisions fast and well takes a lot of effort, focus and energy - don’t waste it on unimportant things. You will be surprised how many things seem to work themselves out when you ignore them; if they come back to you again, they will have become more important, you will have had more time to collect more data and can make the correct decision at that time.
There are many other things a successful entrepreneur needs to do in terms of leadership, hiring, sales, product, operations etc but establishing and driving toward the vision, nailing the MIT and maintaining velocity are at the most important. things entrepreneurs should focus on to be successful.
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