Abeir Haddad Shares the Top Six Concepts of Entrepreneurship

What is Entrepreneurship?

Simply put, entrepreneurship is the act of starting your own business rather than working for someone else. Entrepreneurs expose themselves to significant financial and professional risks. Regardless of the difficulty of starting a new business, many people aspire to be their boss and to create a business legacy for themselves that they can pass down to their children.

1. Vision

As an entrepreneur, you must have a clear and coherent vision for your new company. Not having a vision means that your employees and customers will be confused about what your company stands for and how they should interact with it.

2. Innovation and Creativity

As an entrepreneur, you will need to possess creativity and the power of innovation. A new business must start with a new idea that surpasses its competition in one or more ways. Simply getting into business and doing the same thing as everyone else will leave you mired in a swamp of competitors who are all trying to accomplish the same goals.

3. Leadership Ability

As an entrepreneur, you will need to be able to lead people. You must be fair, unbiased, and diplomatic. Having a harsh or punitive leadership style will mean that your company experiences a lot of expensive employee turnover and that your employees will not be loyal. This does not mean that you have to be a “soft” boss who gives in to all employees’ complaints. It is best to be firm, fair, and willing to listen.

4. Persistence and Work Ethic

Entrepreneurs must be persistent and have an excellent work ethic. The early stages of entrepreneurship are frequently full of mistakes and difficulties. A weak entrepreneur will let these problems take over and be less likely to face them with courage and creative thinking.

5. Risk Management

Entrepreneurs need to know when and how to take risks. Without risk-taking, entrepreneurs would not be able to enter new markets, introduce new products, or change their way of doing business. Risks can involve finances, expansions, and many other situations.

6. Confidence

Confidence is saved for last because it is perhaps the most important concept of entrepreneurship. Leaders must possess self-confidence. If they do not project self-confidence, their employees and clients will feel unsure about the company’s direction. Clients may be turned off, and employees may not know what they should do in the course of their jobs.

Putting Entrepreneurial Concepts to Work

When you keep these six concepts from Abeir Haddad in mind, you will have an easier time constructing your entrepreneurial idea. Not everyone has the drive to be an entrepreneur. If you have any doubts, think about these six concepts and how you can make them work for you. Achieving your dream of being your own boss, can be done with hard work and dedication.

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Abeir Haddad

Abeir Haddad

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Abeir Haddad is an esteemed Entrepreneur & Investor from Vancouver, BC. He is the President and Founder of Tryton Financial Corporation.