{"id":13649,"date":"2016-10-04T08:04:49","date_gmt":"2016-10-04T08:04:49","guid":{"rendered":"https:\/\/sr-management.bg\/7-principles-entrepreneurial-success\/"},"modified":"2016-10-04T08:04:49","modified_gmt":"2016-10-04T08:04:49","slug":"7-principles-entrepreneurial-success","status":"publish","type":"post","link":"https:\/\/sr-management.bg\/nl\/7-principles-entrepreneurial-success\/","title":{"rendered":"7 Principles for Entrepreneurial Success"},"content":{"rendered":"
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  1. \n
    Do Something Important<\/h6>\n<\/li>\n<\/ol>\n

    You should endeavor to make the world a better place, even if your world is only local and your idea helps a relatively small number of people or organizations.\u00a0 It doesn\u2019t have to be huge.\u00a0 It just has to be important to you and your customers.\u00a0 Put forward a vision, a mission, a passion, that you, your employees, your suppliers, your business partners, your customers; everyone, can really rally around.\u00a0 In the Navy, it was \u201ckeeping America safe\u201d.\u00a0That\u2019s a good one. At Life Size it was \u201cchanging the way the world communicates\u201d. And you, the leader, must believe it in all the way down to your bones or it won\u2019t be authentic. You can\u2019t half ass this. People will see right through it. \u00a0You should be so fired up about this that you leap out of bed every morning to get going, day after day, year after year, because that is what it will take to be successful.<\/p>\n

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    1. \n
      Respect your Customers<\/h6>\n<\/li>\n<\/ol>\n

      One of the greatest examples of a respect for your customers\u2019 philosophy comes from Vijay Mallya, the founder of\u00a0Kingfisher\u00a0KGFHY +%\u00a0Airlines in India.\u00a0In his welcome aboard video, he said \u201cI\u2019ve instructed my staff to treat you like you were guests in my own home\u201d. You will continue to give to them out of kindness and generosity with the trust that they will reciprocate and allow you to build a successful business with their money.\u00a0Respect for your customers means also having a passion to help them achieve their goals, whether personal or business.\u00a0If you can help your customer be successful, that\u2019s a good day, and longer lasting and ultimately more profitable than if you just sell them something.<\/span><\/p>\n

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      1. \n
        Respect your Employees<\/h6>\n<\/li>\n<\/ol>\n

        Respect for your employees is equally important.\u00a0 Long gone are the days of lifetime employment at one firm. Everyone is a free agent these days.\u00a0The best employers provide a work environment, not full of perks and extras, but one where each employee feels the organization and their direct leader respects their dignity and the value of their contributions to the business. You must provide an environment for your employees to be successful in their careers.\u00a0 They have aspirations and dreams and families and mortgages and college bills too.\u00a0They\u2019ve hitched their wagon to your vision; maybe even moved their families across the country.\u00a0 Many of them may even want to start their own company someday.\u00a0You can, no, you have a responsibility to help them get there.\u00a0 Respect for your employees also means deciding what kind of people you allow in the door and remain on the team.\u00a0It\u2019s one of the most important things you can do for your \u201cA\u201d class people.\u00a0 It tells them that you respect their time and are not willing to compromise or dilute their efforts.<\/p>\n

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        1. \n
          Respect your\u00a0Investor<\/span>\u2019s Capital<\/h6>\n<\/li>\n<\/ol>\n

          Be good stewards of your investor\u2019s money, whether it comes from a private equity firm, a venture capital firm, an angel investor, the local bank or your Aunt Susan. It\u2019s not your money.\u00a0 Don\u2019t waste it.\u00a0Spend your money on your people and make sure they have all the equipment and services they need to be successful.\u00a0That\u2019s the first priority.\u00a0An inappropriately lavish office, in fact, sends the wrong message to your team \u2013 that you are focused on the wrong things. In the case of professional investors, their livelihood and careers depend on your stewardship of their capital.\u00a0 Have respect for them and take care of their money. \u00a0Tend to it carefully and grow it into a significant return. Your employees with a stake in the company will thank you as well.<\/p>\n

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          1. \n
            Grow your\u00a0Business<\/h6>\n<\/li>\n<\/ol>\n

            You are either growing or you are shrinking.\u00a0It\u2019s one or the other, and you better grow. Focus and execute. Get out of bed every day, get to work and make progress.\u00a0 And remember the goal of a business is to make money.\u00a0Making money and becoming a self-sustaining business is really the goal.\u00a0 If you never make money, eventually you will have no business and your employees will have no jobs and your investors will have no return on their investment. Growth and profits fund jobs for you, your people, your suppliers, great products and services that help your customers succeed, and ultimately tax revenue for your city, state and country.\u00a0<\/strong><\/p>\n

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            1. \n
              Strive to be the Leader in your Space<\/h6>\n<\/li>\n<\/ol>\n

              Don\u2019t be satisfied to just muddle along as #2 or another company in a commodity market.\u00a0 Real innovation occurs when someone or a team of people decide that the current way of doing things isn\u2019t good enough and they are not going to take it anymore.\u00a0 Whether that new innovation is in products, or services, or a business model, the truly great companies in history have re-invented their particular market or created a new market where none previously existed. This should be your goal.\u00a0 That\u2019s not to say if you don\u2019t become Fedex or\u00a0Starbucks\u00a0SBUX -0.55%\u00a0or\u00a0Apple\u00a0AAPL -0.40%\u00a0or Google you are a failure.\u00a0 Pick YOUR market and YOUR business model and creatively re-invent or at least significantly tilt the playing field in your direction.\u00a0 If you are not disrupting things and creating new value for your customers, what are you doing today?<\/span><\/p>\n

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              1. \n
                Never Give Up<\/h6>\n<\/li>\n<\/ol>\n

                Do your best every day and never, ever give up.\u00a0To paraphrase the 30th<\/sup>\u00a0President Calvin Coolidge, \u201cNothing in the world can take the place of persistence.\u00a0Talent will not.\u00a0Genius will not.\u00a0 Education will not.\u00a0 Persistence and determination alone are omnipotent.\u201d\u00a0Sounds corny and a little outdated, doesn\u2019t it?\u00a0 But you know what?\u00a0It works. Some of us come across or organically develop a huge idea, at the perfect time in history and execute it flawlessly, and Voila!,\u00a0Facebook is born.\u00a0But for the rest of us, we need to get to work, every day, year after year, decade after decade and grind it out.<\/p>\n

                So that\u2019s it. Follow these seven easy steps to business fame and riches\u2026If it were only so simple. It is possible for anyone, from any starting point in life to build a successful business, achieve their dream and inspire others to do the same. It\u2019s being done every day.<\/p>\n

                So what are you waiting for?<\/p>\n

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                sources:\u00a0http:\/\/www.forbes.com\/\u00a0Craig Malloy,\u00a0cofounder and CEO of Bloomfire.<\/em><\/p>\n

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                Do Something Important You should endeavor to make the world a better place, even if your world is only local…<\/p>\n","protected":false},"author":1,"featured_media":11260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[276],"tags":[],"class_list":{"0":"post-13649","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sr-blog-business-development-nl"},"_links":{"self":[{"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/posts\/13649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/comments?post=13649"}],"version-history":[{"count":0,"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/posts\/13649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/media\/11260"}],"wp:attachment":[{"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/media?parent=13649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/categories?post=13649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sr-management.bg\/nl\/wp-json\/wp\/v2\/tags?post=13649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}