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The
7 Basic Business Principles
1.
Common Sense
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Common
Sense Studies show that most successful
businessmen consider common sense as the
foundation of their success. Common sense
is defined as an ability to make sound judgments
on the issues which you encounter in everyday
situations.
Good
judgment depends on acquired knowledge and
past experience. The combination of these
two creates necessary prerequisites in developing
common sense in a person. Common sense allows
you to understand complex issues in simpler
terms and get into the core of a problem. |
It
is easier to start a successful business,
if you have deep knowledge of the business
field that you decide to pursue. About
half of all home-based start-ups are launched
by people who decide to use the knowledge,
which they gained from their previous
work experience of a particular niche
area.
Philip
Green, a billionaire, who made his fortune
in garments retailing, claims that the
corner stone of his success is his knowledge
of rag trade. He, presumably, can price
a fabric simply by rubbing it between
his fingers. Just by looking at a rack
of coats he can predict which ones won't
sell next season. That's the kind of knowledge
required in order to become a successful
entrepreneur.
Around
45 percent of all start-ups fail to survive
more than two years. One of the main reasons
is many entrepreneurs do not accumulate
needed industry knowledge before jumping
into the business world.
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2.
Specialized Knowledge of your field
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3.
Self-confidence
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Self
confidence is a key entrepreneurial skill
for success. It is easy to become demoralized,
frustrated and resentful if you lack self-confidence.
Self-confidence
is how a person feels about his/her ability.
A successful entrepreneur believes in his/her
abilities. They are not scared to explore
un-chartered territories, take risks and
make difficult decisions.
Self-confidence,
however, is a personal trait that either
you have or you don't. A person can have
high self-confidence in one situation and
totally lack in another. This is one of
those skills that can be developed by training. |
Successful
entrepreneurs are persistent and hardworking.
They master self-discipline to such extent
that if work is important and related
to their goals, they will, eventually,
complete it.
Getting
things done is the vital link between
objectives and their outcome. At times,
entrepreneurs force themselves to choose
work over fun, a boring job against a
pleasant one, working on tax papers rather
than reading a glamour magazine. This
requires self-control that many people
simply fail to develop in them.
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4.
Ability to get things done
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5.
Creativity
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Creativity
is the ability to use your insights and
come up with new solutions to old problems,
get things done in different ways or find
a totally different approach for conventional
things to work together. Entrepreneurs need
creative thinking ability in virtually everything.
Each new product, each new marketing method,
and each business decision; all these are
fertile ground for creative thinking.
Often,
entrepreneurs become immensely successful
thanks to one single creative idea! |
Successful
entrepreneurs are capable of leading people
and getting work done. They use a combination
of various methods; effective motivation,
planning, coaching and evaluation to lead
people. They are concerned about the wellbeing
of others and easily get along with people.
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6.
Ability to lead
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7.
Self-reliance
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Successful
entrepreneurs try to take full responsibility
for their actions. They know that what they
are today, and what they are going to be
tomorrow, depend solely on themselves, as
it is the outcome of their own choices and
decisions. They are proactive people, who
set goals, walk an extra mile to achieve
them and rely primarily on their own resources
and abilities.
If
you would like to check out if your personality
fits the typical entrepreneurial profile,
the following site has questionaire that
will help you assess your entrepreneurial
skills: http://www.rateyourself.com/subject.cfm/Subject_ID/2.
If you have all these great qualities and
you feel quite confident about yourself,
you will never know how good an entrepreneur
you are, unless you give it a try! So, the
best way to prove your abilities, is to
jump start a new venture! |
Back
to the Business Education Department
Article
©2004 by Nowshade Kabir. All rights reserved
worldwide.
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