Entrepreneurship

Top 10 Learning List

EL 9405 - New Venture Creation

Prof. Simon Parker

Arun Shiam Kumar Rajamohan

ID: 250499035
1. Execution is worth more to a business than the original idea

Recent business trends show that the success of a business is not just based on novel ideas, but

mostly depends on how superior they get executed. An ordinary idea can be transformed into a

successful business through successful execution and on the other hand, even the greatest idea

could lead the business to thrash if not executed properly.

2. Know the Business and not just the trade

An entrepreneur that understands just the technology or the core aspect of his venture, with little

or no business knowledge can hardly survive. In contrast, people with little “product” knowledge

but possessing great business skills have proved to be successful.

3. Innovate rather than just automate

Entrepreneurs need to thing beyond the box, in addition to thinking outside the box. Innovation

is the key to success in this highly competitive world. Automating is barely sufficient and

entrepreneurs need to drive innovation to achieve greater efficiencies. Entrepreneurs must be

ready to break traditional rules, swim upstream and navigate the other way.

4. Commit to the business and believe in it; but be flexible to disembark

Entrepreneurs need to be passionate about their businesses and trust on its potential. Having said

that, it is also important to be flexible enough to recycle strategies and change game pland when

demanded – may be even to the extent of shutting down the business.

5. Invest the money you can afford to loose

Sometimes it‟s too easy to be obsessed with the business idea. In the event of worst case business

failure possibility, entrepreneurs need to be ready to loose the money invested. Always invest the

money that you can afford to loose.

6. He who has not studied the past is condemned to repeat it again

Entrepreneurs should try and learn continuously from the successes and failures of others.

Arguably, every entrepreneur‟s idea is unique and having said that, he must spend considerable

amount of time understanding why similar businesses succeeded or failed.

7. Be a jack of all trades and master of weaknesses

Entrepreneurs need to know a little bit of every discipline in order to successfully oversee their

businesses. More importantly, they must also ensure additional efforts to alleviate their

weaknesses.

8. Don’t just be a king – be a king maker

Entrepreneurs must not only strive to become great leaders, but also try to foster leadership

among their subordinates. Each individual has his own leadership capabilities and entrepreneurs,

in order to build a temple of leadership, must indeed bring out the abilities from every

subordinate.

9. Patience Pays

As the famous saying goes, „Entrepreneurship is like raising children - It starts with a moment of

enthusiasm, followed by decades of hard work‟. Entrepreneurship demands enormous patience

especially during anxious moments, along with balancing quick and spontaneous decisions.

10. Bug’s eye to Bird’s eye view

Entrepreneurs in addition to leading and overseeing various business functions like marketing,

finance, accounting, manufacturing, etc from the top, must also have an extended vision

spanning across a variety of social, economic, characteristic, systematic, strategic and behavioral

functions.