What makes and breaks an entrepreneur
Getting started with a venture and taking the long road is a challenging task. One needs the courage and the patience to climb up the ladder and make it a huge success. There are times when one just loses hope and give up, but again there are times when one wants to put in their best to cross the bridge.
There are certain mistakes that every entrepreneur makes and which can prove fatal in the long run. Setting up a business comes with its own share of pros and cons. Here are some essentials that can be taken care of while struggling in the path.
- Be sure of the Product: Product is the core thing and no matter how dynamic the scenario gets, the basic product will remain the same. Hence, one has to take full guarantee and deliver the best of the services with cost effectiveness. Be creative and keep adding an element to the product, but make sure that the product stands out and customer holds on to it for a long term.
- Productive Employees: A team has the ability to makes or break an enterprise; hence the right recruitment needs to be taken care of. Looking for long-term power players to elevate your business, then the “hire for attitude, train for skill” strategy will definitely work well.
- Right Risk taking attitude: Taking the right kind of risks and having the apt education or knowledge about it is very necessary. ‘Plan for the best; Prepare for the best’ should be the mantra to get things in the right place. One should have the ability to figure out what is potentially correct for the business and what may just do the opposite.
- Don’t let EXECUTION take a backseat: EXECUTION is the key to all great businesses, hence carrying out activities in the right frame and direction is needed. Mostly businesses have an incredible plan but what takes down the effect is the execution of the strategy. Financial barrier, decision barrier, mental barrier etc, anything could crop up; but a smart entrepreneur needs to be firm enough to pick the right execution plan.
- Location is an important factor: Generally entrepreneurs start in a hush as they are pretty passionate but don’t take care of the location. According to FORBES- Location of your business is a very significant factor and must not be ignored at any level.