Keys To Success As An Entrepreneur
January 28th 2007 08:49
Is there a success formula for entrepreneurs to have to succeed in entrepreneurship? Even the most successful of entrepreneurs would agree that it is not all joy, it also brings corresponding risk that the entrepreneur has to take, and the risk becomes more burdensome since he or she has to bear it alone. So what is the most important thing for an entrepreneur to have? One online survey result says : a cool idea, 27 percent ; lots of cool cash, 32 percent ; a cool head, 41 percent. Another winning entrepreneural success strategy cited is the "toughness of mind and spirit to get through the low and slow periods."
Mike Slade, one of the internet's successful entrepreneurs says that the trick to being an entrepreneur is to be in charge, but to lead more in the style of Ghandi than Hitler. He suggested asking yourself the following questions:
1. Do you know your customers well? What do they think of you or your business? It is easy to lose touch with your customers with all the day to day details and Slade says, that's the biggest sin. Talk to your customers regularly and monitor how they use your product and service. Use empirical data and design a database of your "customer experience" and watch them coming back.
2. Do you hire people who are smarter than you are? According to Slade, the only way your company will thrive, rather than survive, is to have topnotch brains doing the work.
3. Do you give your employees breathing space to operate? Slade says the best way to keep employees happy, productive, and loyal is to give them room and a sense of control over what they do.
4. Do you lead and motivate by fear or by inspiration? Learning how to lead is one of the hardest things in running your own business. Hitler lead through fear and Mahatma Gandhi is through inspiration, which is far more effective in running a business or corporation.
Mike Slade, one of the internet's successful entrepreneurs says that the trick to being an entrepreneur is to be in charge, but to lead more in the style of Ghandi than Hitler. He suggested asking yourself the following questions:
1. Do you know your customers well? What do they think of you or your business? It is easy to lose touch with your customers with all the day to day details and Slade says, that's the biggest sin. Talk to your customers regularly and monitor how they use your product and service. Use empirical data and design a database of your "customer experience" and watch them coming back.
2. Do you hire people who are smarter than you are? According to Slade, the only way your company will thrive, rather than survive, is to have topnotch brains doing the work.
3. Do you give your employees breathing space to operate? Slade says the best way to keep employees happy, productive, and loyal is to give them room and a sense of control over what they do.
4. Do you lead and motivate by fear or by inspiration? Learning how to lead is one of the hardest things in running your own business. Hitler lead through fear and Mahatma Gandhi is through inspiration, which is far more effective in running a business or corporation.
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Comment by MaaUpma
Indus Guru
Vastu - The Indian Science of Dwelling
EGurumantra - Demystifying India
In India most shopkeeps keep a poster containing words of Gandhi on Customers. This poster reads somewhat as follows:
Customer is King. It is because of the customers that I exist and not that he exists because of me. He is the Boss as he pays my bills.
It is this simple mantra if every businessman internalizes his business will succeed.
God Bless