Becoming an entrepreneur is one of the most exciting journeys that a person can undertake. Owning your own business requires unique skills and leadership ability. To become a successful entrepreneur, there are many concepts that you should study.
Abeir Haddad, a Vancouver, BC investor and entrepreneur, explains the six key concepts of entrepreneurship and how you can make them work for you.
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.
Here are the top six concepts of entrepreneurship, as collected by Abeir Haddad:
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.
Your employees need to know the basic morals and principles that stand behind your company’s concept. Understanding how to communicate these to clients or customers and reinforcing the company’s message is key.
An entrepreneur’s vision sets out the road map for the next 5–10 years of the business’s lifespan. Vision allows the entrepreneur to decide which actions they should take today to push their company forward into prosperity.
It may be difficult to put your entrepreneurial vision down on paper. It is good to start with an outline and fill in the details as you go along. You can also find a mentor to help you create your vision.
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.
Creativity also comes into play when considering problem-solving. No matter how well you have defined your business, there will always be times when previous solutions don’t work. As the company leader, it is your responsibility to work your way out of these difficult situations.
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.
Entrepreneurs who possess excellent listening skills are far more likely to succeed in the business world. You will need to learn to listen to your employees, clients, and customers to find out what they may require to help accomplish their goals.
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.
You will need to be prepared to work hard. Entrepreneurship can be a constant feature of your day and night, and you will often have to give up your salary to put your profits back into the company. Entrepreneurship is not a “get rich quick” business on the whole.
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.
Abeir Haddad encourages entrepreneurs to take measured risks, meaning putting yourself out there without risking the entire lifeblood of the company. When appropriate risks are taken, companies can grow.
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.
As an entrepreneur, you need to be confident that your business idea will work out. If you approach your business with a diffident attitude, you will not achieve success.
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.
Entrepreneurship is an exciting career choice, but it is not without risks. By following these entrepreneurial concepts, you will be more likely to succeed.