Posted: Mon 22nd Jun 2015
A good business degree or a great idea are not enough to create success in enterprise. Sam Onigbanjo, author of 37 Business Thoughts and a Fellow of the Chartered Institute of Marketing, shares 10 eternal enterprise principles that can help you to succeed.
Transitioning from employee to enterprise can be as unpredictable as The Game of Thrones but also much more exciting. In the UK today one of our most popular slogans is 'Business is Great Britain', but the question a lot of hard working and eager people ask is: 'How can I achieve greatness in my business?'
Always learn something new! An updated business skill set is food to the mindset of a practical entrepreneur. Always be a better version of who you were yesterday. Upgrade, develop, transform in everything do you do. Persist and embrace change and new ways of doing things. One of the constants in life is change, so staying the same and been stagnant is definitely a no no for a practical entrepreneur.
Be very flexible. With a website, social media platforms and a smartphone you can operate from anywhere there is internet access. You do not have to be tied down to a physical office space in this new economy. There are multiple virtual office services that can take on that responsibility for you.
Put your energy into sales and customer service. This is where your cash flow lies. If you are not strong in these areas it's essential that you identify a partner to make this happen. An entrepreneur recognises the difference between theories and business plans on one hand and action and sustainability on the other.
Have a 'can do' attitude. There is nothing worse than feeling beat up and defeated before the big fights have started. If you are not where you want to be, take action and do something different! Never stick to old patterns or habits if they don't work.
An entrepreneur's time can be poisoned with too much work. If your daily to do list doesn't seen to get any shorter time measure how long you think it takes you to achieve a task and how long it actually takes. You might find out that phone calls, social media and daydreaming are nibbling away at your time and making you seem eternally busy with tons of work. Poisoning bad habits and replacing them with 'lean' habits is a key element in the mind of a practical entrepreneur.
Position your business in a flourishing sector. Do not start a business just because it's a good idea; make sure it's in high demand! The more competition there is the better the chances you are in a lucrative sector!
Focus. One of the most important attributes to have in a practical entrepreneur's mindset is the ability to focus. Your focus should always be on providing a world class service to your clients and potential clients as they pay and keep paying and they talk to people you may not have access to.
Use mentors and coaches. These are a goldmine, especially if they are brilliant, have been in business for a long while and have failed and succeeded. You may not be able to afford lots but you can mix and match, i.e. subscribe to an online learning platform, attend skills meetings, read about other people's successes, pay for one or two coaches and in the midst of this you will, by the law of association, sharpen your mindset.
Network with successful people. Do not become emotionally attached to good or hard working people if they are not successful, The law of association will catch up with you and you may also become unsuccessful. Your network is your net-worth. To keep growing as an entrepreneur you need to stay close to successful entrepreneurs.
Possess or grow a global view. A successful entrepreneur resists being swallowed up by aggressive competition except if it's his or her plan to sell out. If you remain micro in your entrepreneurial activities it's likely that you will either be trampled on and run out of business by bigger players or if your model is liked, purchased and made part of someone else's global dream. If you can dream of being successful then you might as well dream of global domination!
Sam Onigbanjo FCIM is founder of Great Business Platforms
Sam is also a Pro-Member of Enterprise Nation. You can find information about pro-membership and the benefits it can bring your advisory business here.