TIPS TO BEING A SUCCESSFUL ENTREPRENEUR

According to Wikipedia,
Entrepreneurship is the process of starting a business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure.

In a survey of 600 firms at the and Young “Entrepreneur of the Year” contest conducted by World Economic Forum, insights into the characteristics of high-impact firms were gathered.



THEY (ENTREPRENEURS) ARE CRITICAL TO ADVANCEMENT OF INNOVATIONS AND CUSTOMER BENEFITS
The World Economic Forum report states that high-impact entrepreneurs are critical to the advancement of innovations and customer benefits. It says this is achieved by commercialising results from scientific research and development, especially in areas of technology and life sciences. It adds that this group of business people invents new business models or proffer solutions to problems affecting consumers.

THEY FIND NEW SOURCES AND CREATE CUSTOMER PRODUCTS
Research has shown that high-impact entrepreneurs find new sources of clean energy, create consumer products (food/beverage, apparel) or develop mobile applications to enhance the way consumers communicate and access information or entertainment. An example is Google whose founders, Sergey Brin and Larry Page launched the company with a mission to organise a seemingly infinite and unstructured amount of information on the web.

 

THEY INVENT BUSINESS THAT LEAD TO LOWER COSTS FOR CONSUMERS

Experts note that high performing entrepreneurs invent or enhance business and distribution models that lead to lower costs for consumers.

Citing the example of Amazon.com, it says contemporary businesses often disrupt existing industries and create significant friction with incumbents that struggle to deal with the new competition – often a key challenge for young high-impact firms that requires significant determination and stamina from their founders.

THEY OFTEN MAKE A DIFFERENCE TO SOCIETY BEYOND THEIR INNOVATION

High-impact entrepreneurs often make a difference to society beyond their immediate business model or innovation – this is a particularly important characteristic, as many high-impact businesses operate in network economies (or even create them).

According to it, a company like Facebook has clearly changed the way we communicate and share stories with each other and has also created a whole ecosystem of developers that design features and applications for the platform.

In addition, it has made it easier for interest groups to coordinate among each other, and therefore, arguably has a major influence on how societies govern themselves.

These four major characteristics are very important in being a great & high impact entrepreneur. If you already have this mindset i.e if you are always thinking of creating new customere products, if you are always thinking of cusgumer benefits, and you are always thinking of a business that lead to lower costs for consumers.; then you are on the right thinking-path. Just discourage procrastination and focus on what you want to do. Don't let anything or anyone distract you.

THIS ARTICLE WAS INSPIRED BY IFE ADEDAPO OF PUNCHNG