Core Principles of Entrepreneurship: Part 1

What are “core principles”? Core Principles are those ideas and visions which members of a community are expected to share and adhere to. Many communities have such a set of principles which are written down as a clear vision statement.

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Know Yourself

  • Understand your strengths, weaknesses and blind spots. Blind spots? Most of us have such psychological “blind spots,” aspects of our personalities that are obvious to everyone but ourselves.
  • Find your passion. What is it that gives you energy and excitement?
  • Continue learning new skills that are relevant to your prospective venture.

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Choose the right business

  • Give your time, energy and resources to a business that will give you good returns.
  • Do your research. Reach out to experts in your field.
  • Understand the market size and the share that you can acquire over time.

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Surround yourself with good people

  • Step 1: Have an honest conversation about what skills I lack.
  • Step 2: Find people who believe in my idea.
  • Step 3: Avoid bringing close personal friends on to the team.

Build a winning culture

The Defining Elements of a Winning Culture. A company’s culture can have a powerful impact on its performance. Culture is the glue that binds an organization together and it’s the hardest thing for competitors to copy. As a result, it can be a lasting source of competitive advantage.

Best employee behaviors:

  1. Honest. There is high integrity in all interactions, with employees, customers, suppliers, and other stakeholders;
  2. Performance-focused. Rewards, development, and other talent-management practices are in sync with the underlying drivers of performance;
  3. Accountable and owner-like. Roles, responsibilities, and authority all reinforce ownership over work and results;
  4. Collaborative. There’s a recognition that the best ideas come from the exchange and sharing of ideas between individuals and teams;
  5. Agile and adaptive. The organization is able to turn on a dime when necessary and adapt to changes in the external environment;
  6. Innovative. Employees push the envelope in terms of new ways of thinking; and
  7. Oriented toward winning. There is strong ambition focused on objective measures of success, either versus the competition or against some absolute standard of excellence.

Read more…

I will look at more core principles for entrepreneurship in my next post. Until then, think of which of these principles you already have and which ones do you need to work on?

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