The successful growth of entrepreneur depends on the dedicated time and energy. They make time from their busy schedules and invest in continuing education and self improvement. There are a lot of successful startups and a lot fewer that failed. Many believe that the rule of business, finance and competitive markets does not apply to them.
Focus on doing one thing
Focus on one phase at a time. This enables lowest burn rate and highest success rate. The initial steps start from demonstrating a concept, then developing a product, initial customer traction to phased production.
Raise capital all the time
A business grows with the constantly raising capital for the next phase. The lack of time, short on cash discovers the chances of making business processes realistic.
Solve a big customer problem
First, figure out the problem, then solve it. Don’t come up with something that doesn’t solve a customer problem better than anyone else.
Come up with differentiated strategy
You probably won’t do it right but sooner or later few startups do. Come up with a unique strategy that no customers can resist. It’s one way or the other to eventually figure out along the way.
For example: Ben Weissensten: Running a business with nothing or no knowledge turns to make everything more organized and learned.
Know their market
Understand the market, the competitors and unique customer value proposition. Entrepreneurs have the tendency of believing that if they are good at something would turn into a business. Unfortunately, that’s not how target markets work.
Aden Levin and Rob Tominey : Believes in time awareness, give the people what they want, don’t try to convince them into what they need, in other words, market research thoroughly.
Also read: Basic Principles of Entrepreneurship [Infographic]
The way Entrepreneur does the work make them unique. And also sometimes what they don’t do lifts up their ideas. It’s their actions that set them apart in maintaining solutions. You don’t want to hear this, but it’s true. Here are the list of things that Entrepreneur don’t do.
No work-life balance
Entrepreneurs are mostly workaholics. They live doing what they love. They don’t roam around free-wheeling for fun during weekends.
Mentally strong people: Never try to convince
The most damaging business myth comes up probably with personal branding. Besides, multiple entrepreneurs have great ideas on turning ideas into great product and services. They don’t change them for the options.
Love the work, don’t do it for money
They don’t have day jobs
Great entrepreneurs think of really cool and exciting options. They jump in the headfirst with little of this and little of that. They look for efficient services that serves the most exciting options.
Turns fear into power
They don’t pay attention to the voice. They don’t let their fear stop from taking risks. Entrepreneurs listen to most voices, a voice of reason and come up with relative instincts. The ones that haunt you with everything can go wrong.
They don’t have virtual mentors
Most people follow every sort of writers, tweeters, bloggers. To get somewhere in life, you have to get real mentors in the real world. It is said that behind every great entrepreneur is at least one great mentor.
The real entrepreneurs don’t call themselves entrepreneurs. They don’t follow popular fads or conventional wisdom. Besides they work on the things that they love.
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