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Rules to being a successful entrepreneur - Coggle Diagram
Rules to being a successful entrepreneur
Innovative
Creativity: Ability to create something often using imagination and knowledge and turning them into reality.
The idea: Entrepreneur many come up of ideas from a moments of inspiration or personal experience such as life style choice or interests.
Strategic thinking: Using strategic thinking you can position yourself in the competitive market by bringing new ideas to the table and them follow up with their ideas on how it will fit in the market and resources/costs of making it to introduce new products
Identifying gaps into the market with new technology for people to use for example: Steve Jobs, the founder of apple.
Active listening: Active listening can build trust and establish a close relation with colleagues, team members and business associates that all dedicate success to your business.
Organised
Time management
The workforce and how it is going to help with time management.
What are you going to put your effort/time in?
Identifying needs
Starting costs/ capital
how are you going to find the finance for the costs of starting the business, for example, using internal or external finance such as owners capital or crowdfunding.
Labour- Work force/ human effort, skills and knowledge, for example, A gym will need staff who can offer advice.
YED: the income elasticity of the certain local or global area you are selling it to so you can determine the quality,Quantity and scale of your product.
organisational structure
Organisational structure
Route that decisions are made.
The workforce and roles of employees.
Who is responsible and accountable for whon and activities.
Relationship between positions and business.
How Employees communicate.
Establish your wide span of control and how your internal structure or formal organisation of the business is made.
Risk taker
Confidence
Positive and believing in your idea so it gives them the confidence to take risks and will encourage others to believe in their ideas
Producing an idea that is personal to you and you are willing to expand on it
Financial Risks
Quitting their own job
Investing money into the Business
Spending ALOT of time into the business
Entrepreneur has to take multiple risks such as quitting their own job to spend all their financial savings into it, to start up the business in a competitive market.
Dedication
Determination to work hard
Keep going even when things are not going well
Involving into something new and sticking with it
Decision making
Results oriented: think about the possible out comes of your decision and understand how they impact both short and long term company goals, For example: liabilites in the company and the design choice (is it sustain able?)
Taking little time to make decisions
IF you rush to a conclusion without evaluating all of the options/information , it may be a risk or liability to your company
Understand your companys business: Make sure you have all of the critical information that impacts the business