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The Guiding Principles of Entrepreneurial Success

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Reinventing the vision of your company

Successful entrepreneurs know that entrepreneurial vision must be reinvented; they know that a company must have vision as a guide that aligns the activities of the company and employees to be successful in the long term. An entrepreneur must have a goal which they can strive for; this goal must be a moving target so the entrepreneur can take advantages of improvements in technology and social change. Allowing your company vision to be changed also means that customers and employees may have an influence over it, successful entrepreneurs allow their vision to be changed as if can impact their reputation in local communities. Let’s take for example Amazon a company that has come a long way. It started with Jeff Bezos’ original basic plan to sell books more efficiently and quickly led to the recognition that by gaining information about its customers, his company could learn to sell them anything and everything. Amazon has now become a titan of retail that has branched out into many other areas as well.

Keeping an eye for the opportunity

Successful entrepreneurs must keep an eye out for the opportunity and other kind of change, looking to take advantage of social change and technological advancements as they are found can make it easier for a company to prevent issues or possibly exploit new opportunities. Keeping an eye out for opportunity also changes the entrepreneurs viewed of barriers, if viewed from a different perspective, temporary setbacks can represent potential opportunity which has yet to be discovered.

Being able to change management style

Successful entrepreneurs understand that eventually when their company get big enough running everything themselves will no longer be an easy idea, they must give up on their sovereignty and hire qualified people who will make important decision for the company and lead to further growth, hiring those people allows the entrepreneur to have more time and focus on the company and fulfilling its vision as they no longer have to be working on day to day operations of the company.

Be better than your competitors

Successful entrepreneurs understand that if they want to have success they must be better than their competitors, they must be always with one step ahead of the competitors, one way is through customer satisfaction. Successful entrepreneur said that the key is to make the satisfactions of customers the central focus of company. Creating new standards for customer satisfaction will make you to be one step ahead and you will become your competitor worst nightmare. I want to take for example Mizzoni pizza from bray, Mizzoni’s competitors are Dominos, Four star pizza and Apache. Making very good deals and being very nice with its customers allows Mizzoni to be ahead of its competitors

Encourage the entrepreneurial spirit

Successful entrepreneur understand they must encourage the entrepreneurial spirit In their top people this will help them to work harder. Successful entrepreneur must surround them self with people who share their values and passions this will make a strong team and will lead the company to success.

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GradesFixer. (2018, December, 11) The Guiding Principles of Entrepreneurial Success. Retrived July 17, 2019, from https://gradesfixer.com/free-essay-examples/the-guiding-principles-of-entrepreneurial-success/
"The Guiding Principles of Entrepreneurial Success." GradesFixer, 11 Dec. 2018, https://gradesfixer.com/free-essay-examples/the-guiding-principles-of-entrepreneurial-success/. Accessed 17 July 2019.
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