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, butmostly depends on how superior they get executed. An ordinary idea can be transformed into asuccessful business through successful execution and on the other hand, even the greatest ideacould 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 littleor 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. Innovationis the key to success in this highly competitive world. Automating is barely sufficient andentrepreneurs need to drive innovation to achieve greater efficiencies. Entrepreneurs must beready 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 saidthat, it is also important to be flexible enough to recycle strategies and change game pland whendemanded
–
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 businessfailure possibility, entrepreneurs need to be ready to loose the money invested. Always invest themoney that you can afford to loose.
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