4 Basic Principles of Entrepreneurship

Do you want to become entrepreneur? Become an entrepreneur could make our financial more stable but it ain’t easy. In this entry I’ll share 4 basic principles of entrepreneurship.

running businessman

Entrepreneurship is not just making money

For example, Student A sell yogurt or crackers in the university canteen. While Student B is not selling anything. Who actually is an entrepreneur? No one can define. Sell or not an item does not ensure that people become entrepreneurs. For example, Grameen Bank has become the pioneer Microcredit Banking. This Credit aims to enhance socio-economic status communities. This is an example of non-profit entrepreneurship alone. It is in no way affect product sales. This is called social entrepreneurship.

Entrepreneurship starts with innovation, continues the skills and knowledge.

An entrepreneur must start with a good idea, different from

the others and called the idea “out of the box ‘. Assuming the sale of yogurt is very popular among students of Harvard University. You are about to participate resolved and sell yogurt without feature renewal, innovation and new ideas, then you are not a smart entrepreneur.

For example, the United States is the nation’s number one in product innovation and business process innovation. Who does not excited to see Apple product such as iPad and iPhone brands output in parallel with the development of the current trend. Yes! Indeed, the idea to produce a brand new tablet, cell phone is not enough if no new functions, new design and advanced technology. Management skills and extensive knowledge can not be separated for the realization of an idea into reality.

Why do many people fail to realize the idea? They failed because they have no ability, desire and high determination. If you think you are an entrepreneur, ask yourself whether you creative? Enough knowledge and experience? Can you turn a dream into reality?

Entrepreneurship is not what you do, but how you do it …

What is the difference from McDonald’s restaurant business, burger stalls in the street? They still make the burgers as a food products business. What is different is the McDonald’s restaurant has its own nutritional management system ‘standard’ model of marketing operations, logistics, human resources and so on. So McDonald called the restaurant business franchise business. So McDonald’s is not selling burgers alone. McDonald’s actually selling business opportunities, a comprehensive management system and proven through a franchise license issued to anyone who is interested.

So, just for selling burgers, yogurt or crackers in the carnival business is not entrepreneurial. But how do you sell, the system used, the suggested business model helps you become a successful entrepreneur.

The Entrepreneur Mind: 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs

Entrepreneurship is an attitude, mentality and way of thinking

In the main body of the previous three point, emphasizes the importance of ideas, entrepreneurial spirit, skills and knowledge and systems. I do not directly touch about the money, product or investment. I wish to emphasize here before you think about the things above, bear in mind that entrepreneurship is a combination of attitude and mentality can make a decision in peace. If you practice this thing, you will be success. But if you are greedy, impatient and want to find a way short, you will easily be deceived by MLM, get rich quick schemes and so on.

Understand this four principle and use it to evaluate any initiative you to become an entrepreneur, because everyone will offer you the opportunity lucrative business, but is it really a business, or attempt to waste your time and money.

Do you believe the title? I'm not too but just read the article from Investopedia
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  1. Well hello Zolar, love this article especially as you give a nod to Apple who at the moment are simply treading water and living on past glories, I guess you can tell I am not an Apple fan. However as you point out an entrepreneur will take a device such as the smartphone and create a vision of not just how great the device can be but also how great the user experience of their solution could be.

    That is the entrepreneurial spirit, to think bigger than others dare to and take the risks required to transform this big thinking into reality.

    I may not be an Apple fan but I will always respect Steve Jobs for the way he transformed his vision into reality.

    igor Griffiths

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