All entrepreneurs create businesses, but all entrepreneurs are not created equal.
The business mastery series is a collection of unusual articles that will take you through the essential skills necessary for successfully starting and running a SIGNIFICANT company –a business that is changing the world and profiting from purpose.
The world of business is characterized by intense competition. Meaning, there’s very little room for mediocres. If you must go into business, you must be prepared to learn and apply the required skills.
There’s a funny trend amongst many entrepreneurs starting out in business. They often have this wrong mentality that business is simply common sense. So they go into the world of business with only this mindset – to apply common sense.
How I wish business was that simple. If it were, there wouldn’t be a high rate of failed businesses.
Common sense is an inadequate skill for running a business successfully. Even your life is too complex to be handled with common sense talk less of a business. The major reason for this erroneous approach to business is this; the acquisition of technical skills.
Technical skill is the required body of knowledge for practicing a particular profession or career.
For example; the technical skill required for being a musician is singing and song writing. In other words, you cannot be a musician if you don’t know how to sing and write songs. Also, the technical skill required for being a doctor is the knowledge of how the human body functions and knowledge of the medicines to correct any malfunctioning.
Why Common Sense Is NOT Sufficient To Run A Business
In business likewise, common sense is insufficient. That you have been trained and equipped with a particular technical skill which qualified you to operate as a professional, doesn’t make you a savvy business person. I‘ve been in business for over 5 years now and I’ve been observing many a business as they come and go due to the incompetence of the founders.
Why do you think majority of businesses started by highly successful professionals fail? Because running a business successfully requires more skills than just your technical skill as a professional. Your technical skill as a professional is just one of many skills needed by an entrepreneur to run a successful business.
As a professional, you may be the best at what you do (technical skill) but don’t think that’s all you’ll need to successfully manage a business. Banking on your technical competence alone won’t get you far; in fact, it will only get you trapped. You need to acquire other relevant fundamental business skills if you desire to succeed.
I’ve written this unusual article to help you identify the essential business skills, qualities and mindset necessary for entrepreneurship. These combinations of business skills, qualities and mindset are what I collectively refer to as the 27 irrefutable laws of entrepreneurship.
Let’s get started!
The 27 Irrefutable Laws Of Entrepreneurship
Prior to starting up your own business as a self employed professional, you were probably an employee being paid to dispense your technical skills for an agreed fee.
Now that you are in business for yourself, the first skill you must possess to not just succeed, but to also survive before success comes is entrepreneurship.
In my experience as a business owner and business developer, the greatest obstacle for many start-up self employed business owners is the employee mindset. You see the gap and reality of being an employee and that of an entrepreneur is not just different, but entirely opposite.
Below are a couple of the opposite realities of being an employee VS being an entrepreneur
The list is endless, but the main point of this analysis is this, entrepreneurship is a whole different ball game from employment which will require a totally opposite mindset of its own. In other words, to succeed as an entrepreneur you must stop thinking as an employee and start thinking as an entrepreneur.
To develop your entrepreneurial skills, here are 27 irrefutable laws you need to follow;
|1. Purpose||A greater reason beyond survival for living|
|2. People||For service to many leads to greatness|
|3. Character||A life worth emulating|
|4. Knowledge||To do more, learn More|
|5. Generosity||Giving more in kind than you receive in cash|
|6. Risk||Only those who dare the unusual [extra-ordinary] achieve the unusual [extra-ordinary]|
|7. Technology||Doing More with Less|
|8. Vision||Think BIG, Start Small|
|9. Result||It’s not what you do [efforts],it’s what you achieve [results]|
|10. Self-Confidence||If you don’t believe in yourself, no one else will|
|11. Teamwork||Business is a team sport and only the team with the best players win|
|12. Creativity||The capacity to bring to life that which never existed|
|13. Networking||Who you know matters more than what you|
|14. Focus||Your BEST can only come from your areas of strength|
|15. Leadership||Your success is dependent on your capacity to inspire the trust and commitment of others|
|16. Strategy||Winning in business is NOT by chance|
|17. Management||No business can successfully function without a defined mode of operation|
|18. Profitability||You will only GET as much as you can GIVE|
|19. Passion||If you enjoy doing it for FREE, business is about doing it for a FEE|
|20. Marketing||You will only go as far as your message goes|
|21. Scalability||It is not yet a company if it still depends on YOU for survival|
|22. Branding||If you don’t STAND for something, you will FALL for anything|
|23. Thinking||Every problem solved is a step closer to success|
|24. Perseverance||Every seed takes time to grow into a tree, so does your business|
|25. Innovation||The more unusual things you do, the more valuable your company becomes|
|26. Leverage||At some point, your business will need external funding, plan for it|
|27. Legacy||What will the world miss when you no longer exists?|
As with every list, this is not the end. There are a million and one more items that can be added to this list. Being a smart student of business, I trust that you will not take this as a final list but rather as a work in progress. So, I’m really looking forward to your addition to this list in the comment section below.
ONE LAST THING!
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Thank you for your time! Now over to the comments ….