Being a successful Entrepreneur isn’t only about having the best Ideas

It is often wrongly understood that entrepreneurship is all about having that one business innovation idea that disrupts existing practices. However, studies have confirmed that more than the ideation it is the execution that matters more. A number of innovators who firmly believe in their product fail to complete the final sale. Others struggle at recruitment. Such entrepreneurs or business leaders must realize that it is best to own up to one’s own limitations so that a solution may be derived at. They must believe in the mission and vision statements as the conviction will help them close off deals- whether sales or recruitment. Most importantly such people must also understand that there is no one single right path to approaching these challenges. All need to find their own ways or styles.



The best Entrepreneurs are Missionaries, not Mercenaries

Entrepreneurs are often associated with a ruthless streak to maximize profits. However, a serial entrepreneur has confirmed that contrary to such perception, it is in fact missionaries and not mercenaries who succeed over a period of time. The difference between missionaries and mercenaries is simply in their value and belief systems. For the latter, it is the sales pitch or the deal that is most important but for the former, corporate strategy and long term growth is most critical. Mercenaries live by a certain sense of entitlement due to being founders at certain organizations, while missionaries are open to ideas from across the organization. SOL Cleaning Service and DPR Construction for example have revolutionized their industries due to the value deriving from their founders.



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This Is What the Most Successful Entrepreneurs Focus on

Entrepreneurial success depends on several factors. Beliefs and a sense of purpose however can commonly be attributed among most success stories. Creativity is essential to elicit business innovation which helps fuel disruption of existing trends. It helps that business houses typically involve people from various streams of work. Collaboration between people from diverse specializations such as marketing or finance further develops this sense of creativity. Entrepreneurs like to combine skills from several such lines of work. Also many of them are like artistes except that instead of creating new art forms they have created organization such as Apple or BMW. 



Colleges face Challenges in the Entrepreneur Arms Race

Colleges have been in a state of a complicated relationship with entrepreneurs for quite some time now. Part of this is due to the several media reports on college dropouts who founded industry giants such as Uber, Apple, Microsoft, Dell, Facebook and Oracle. A typical college mentality may not be suited for the world of entrepreneurship where challenges are multi-pronged and very different from the linear stream of academics. Thus a number of colleges are developing full-fledged entrepreneurship programmes in order to fuel the start-up culture. Entrepreneurships in many ways is about business innovation and developing such a mindset becomes critical for academic programmes. Such colleges are also venturing to generate seed funds for projects in order to lure business minded students.



The difference between Entrepreneurship in India and in the US

The idea behind entrepreneurship is very different in India as opposed to in the USA. The number of startups is now greater in the former than latter with 48 million against 23 million small businesses. Marketing research conducted claims that in India, as high as 98% of female entrepreneurs feel the need for their respective businesses to generate social value while the corresponding figure for American female entrepreneurs is only 86%. On the contrary, more men in the US believe in the social values of business than their Indian counterparts. In India until barely twenty years back, it was only lobbying with government servants that was a recipe for entrepreneurial success. Now, the youth is transforming the business landscape.



Why Intrapreneurs should be valued by Corporate Leaders

Business consulting giant Deloitte has conducted global survey at organizations such as Pfizer, Exxon Mobil, GE and Target to gauge how and why intrapreneurs ought to be valued by corporate heads. Certain ways exist to develop intrapreneurs such as using them as consultants or developing their networks. At other places they may even be given ownership status on acquisition of startups. Intrapreneurs also help in various ways such as idea development, employee engagement, enforcing cultural change and in execution of business innovation. Certain organizations are known best for improving effectiveness of intrapreneurs. They are provided with leadership support and specific idea development time. All tools and resources plus incentives are provided to them to execute the plans. Specific innovation oriented corporate training is provided to them. Crucially an effective communication strategy is decided with them.



7 Mindsets at the Foundation of Entrepreneurial Success

Not everyone can be an entrepreneur and part of such success depends on possessing a certain mindset. Seven traits have been identified by a business consulting publication which an entrepreneur must possess. The entrepreneur must first of all believe in one’s own abilities and the business plan. The idea of a sound corporate strategy is to make sure that the top management can think three steps ahead. One must continually challenge oneself to perform the hardest tasks first. The entrepreneur must have an overall vision to see the bigger things, yet the nitty-gritty must never be ignored. Studies have clearly proven that lucky people are ones who take chances and that is what the entrepreneur must be aware of. The person must also understand that sharing is part of the modern economy especially in content marketing. Finally, the entrepreneur must be able to grasp the growth mindset, where he/she must feel confident to perform any kinds of tasks within the broad domain of the business.

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