Everyone wants to become an entrepreneur, but few persons know what it entails to be an entrepreneur. It is not enough to know the meaning of entrepreneurship without necessary knowing the things that entail being an entrepreneur. This is why I want to share with you 5 core principles of entrepreneurship. These principles will position you and ensure your entrepreneurship journey is not wasted.
Before I go into sharing these principles with you, it is very important to understand what these terms mean. This will be so helpful, going forward.
Who Is An Entrepreneur?
There are different meaning and interpretations of who an entrepreneur is. However, I will stick with the definition given by investopedia.com. It defined an entrepreneur as “an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures”. This definition looks at bothe definition and some functions of an entrepreneur.
What Is A Principle?
Generally, when we talk about a “principle”, we are talking about an idea that explains or a rule that controls how something works or is done. That is to say, a principle talks about the foundation block of any phenomenon.
So, when we talk about the principles of entrepreneurship, we are simply talking about what makes up entrepreneurship. Simply put, we are looking at the qualities an entrepreneur must possess, as well as the things he/she must do. Anyone without these features doesn’t meet up with being an entrepreneur.
Core Principles Of Entrepreneurship
Below are the guiding principles of an entrepreneur.
Entrepreneurship entails being fearless. The layman on the street could be deterred from doing some certain things because of fear of failure and other fears. However, an entrepreneur is not crippled by fear. It entails your ability to look at things objectively and doing what has to be done irrespective of fear.
Every entrepreneur must focus on building people and not use people. You don’t use people to do things, you use things to build people. Entrepreneurship focuses on helping people achieve their goals and fulfil their dreams. It isn’t self-oriented. It also involves creating a very convenient environment for the betterment of others.
Entrepreneurship also focuses on building and creating solutions. While others may be seeing money, an entrepreneur is mostly focused on creating solutions. They always seek for ways to do things better, they seek ways to make the lives of others better.
Another of the core principles of entrepreneurship is a vision. Entrepreneurs are visionary people. they have a direction and destination in mind. They know what they want to achieve. This vision usually centres around helping others get better and creating solutions.
This is one of the most vital traits of great entrepreneurs. They are great executioners. they are good in planning and analysing, but so is everyone. What separates them is their commitment to executing. While others are talking about how good a vision or plan is, an entrepreneur is already implementing them.
Entrepreneurship is not a bed of roses. It is demanding. yes, anyone can become an entrepreneur, but not everybody is. It takes those who are willing to take the next step to learn that becomes.
Look at the above core principles of entrepreneurship and ask yourself where you need help. Then, get to work on yourself.