- Management ability
Many people think that entrepreneurship and running a small business are same things. But it’s not. They two are very same and yet very different. Tweet!
seeking international sales
and so on
Amazon.com is an entrepreneurial venture. It was launched as a small business with few dozen employees and now a billion dollar organization.
- Risk, which is measurable statistically (such as the probability of drawing a red color ball from a jar containing 5 red balls and 5 white balls)
- Ambiguity, which is hard to measure statistically (such as the probability of drawing a red ball from a jar containing 5 red balls but an unknown number of white balls)
- True uncertainty or Knightian uncertainty, which is impossible to estimate or predict statistically (such as the probability of drawing a red ball from a jar whose contents are entirely unknown).
Entrepreneurship is the third one, the True Uncertainty. You know that you’re going to do something but you don’t know whether you’ll succeed or not.
- You should have well-established strategies for the start-up. This includes growth and survival strategies.Growth strategies include the strategies to expand. Survival strategies include the strategies to survive in always changing market.
- You should always hire correct talent. You always must know that you’re hiring the right person for the right position. A person who has 10 years plus experience on e-commerce industry suits better for the executive team rather than being in the development team
- What unique is your start-up offering that others don’t? This is called as Unique Selling Proposition and without this, you cannot succeed. All your marketing campaigns will revolve around this. This can be anything like free shipping.
Our unique selling proposition is that all articles in I Innovate magazine will be written by entrepreneurs. This ensures that our content are written by someone who has gone through the entrepreneurial phase and ink their learnings.
- Your start-up can be B2B or B2C. Both kinds of business are very different from one another. In B2B, you’re targeting executives of a company and in B2C you’re targeting the world. You must know which one are you and target your potential customers accordingly.
- You’re not going to be a millionaire if the potential buyers are the only handful. You must enter the market where there are enough number of buyers such that your company can grow and sustain.
- No company has a perfect market plan. There’ll always be some kind of market that is untapped or untouched. You need to find that market and target it. If you cannot find it, create it like Steve Jobs did with iPhone in 2007.
- Your industry should be a growing industry. A very good example of dying industry is publishing industry. As tablets and mobiles are getting more and more popular, people are preferring to read magazines on their phones. There’s a visible decrease in the sales print magazines.
- You must have a well-equipped team such that the workload is divided. Putting all the tasks on one’s head will simply frustrate that person.
- While hiring the team, make sure that you hire the people from the same industry. If you’re a software developer company, you better hire people who belong to IT industry.
- Research showed that the people who have entrepreneurial mindset perform better than conservative managers who like to make low-risk decisions so that they don’t get any blame if they are wrong. Tweet!
- If you’re new and low on budget, you may want to outsource most of the thing but even if you’re slightly good on a budget, hire people on full time. Full-time employees perform better than freelancers for the company. This is because they feel a sense of belongingness.
- Your team must be motivated by achieving goals, not by having more salary. Although, salary will always pay a very crucial role in their performance.
- Diversified teams perform better.
Now you have earned a Ph.D. in entrepreneurship. Time for you to grab the below offer.