HOW-TOLEADERSHIPRUNNING A BUSINESS

The 27 Irrefutable Laws Of Entrepreneurship

What are the laws of entrepreneurship?

All entrepreneurs create businesses, but all entrepreneurs are not created equal.

 

The business mastery series is a collection of unusual articles that will take you through the essential skills necessary for successfully startingand running a SIGNIFICANT company –a business that is changing the world and profiting from purpose.

The world of business is characterized by intense competition. Meaning, there’s very little room for mediocres. If you must go into business, you must be prepared to learn and apply the required skills.

There’s a funny trend amongst many entrepreneurs starting out in business. They often have this wrong mentality that business is simply common sense. So they go into the world of business with only this mindset – to apply common sense.

How I wish business was that simple. If it were, there wouldn’t be a high rate of failed businesses.

Common sense is an inadequate skill for running a business successfully. Even your life is too complex to be handled with common sense talk less of a business.  The major reason for this erroneous approach to business is this; the acquisition of technical skills.

Technical skill is the required body of knowledge for practicing a particular profession or career.

For example; the technical skill required for being a musician is singing and song writing. In other words, you cannot be a musician if you don’t know how to sing and write songs. Also, the technical skill required for being a doctor is the knowledge of how the human body functions and knowledge of the medicines to correct any malfunctioning.

 Why Common Sense Is NOT Sufficient To Run A Business

In business likewise, common sense is insufficient. That you have been trained and equipped with a particular technical skill which qualified you to operate as a professional, doesn’t make you a savvy business person. I‘ve been in business for over 5 years now and I’ve been observing many a business as they  come and go due to the  incompetence of the founders.

Why do you think majority of businesses started by highly successful professionals fail? Because running a business successfully requires more skills than just your technical skill as a professional. Your technical skill as a professional is just one of many skills needed by an entrepreneur to run a successful business.

As a professional, you may be the best at what you do (technical skill) but don’t think that’s all you’ll need to successfully manage a business. Banking on your technical competence alone won’t get you far; in fact, it will only get you trapped. You need to acquire other relevant fundamental business skills if you desire to succeed.

I’ve written this unusual article to help you identify the essential business skills, qualities and mindset necessary for entrepreneurship. These combinations of business skills, qualities and mindset are what I collectively refer to as the 27 irrefutable laws of entrepreneurship.

Let’s get started!

The 27 Irrefutable Laws Of Entrepreneurship

 

Prior to starting up your own business as a self employed professional, you were probably an employee being paid to dispense your technical skills for an agreed fee.

Now that you are in business for yourself, the first skill you must possess to not just succeed, but to also survive before success comes is entrepreneurship.

In my experience as a business owner and business developer, the greatest obstacle for many start-up self employed business owners is the employee mindset. You see the gap and reality of being an employee and that of an entrepreneur is not just different, but entirely opposite.

Below are a couple of the opposite realities of being an employee VS being an entrepreneur          

    

EMPLOYEE

ENTREPRENEUR

  • Get paid to work for a fee
  • Pays others to work and works for free
  • Being managed
  • Manage others
  • Has a specified closing time
  • Has no specified closing time
  • Develops only himself or herself
  • Develops himself + everyone else
  • Limited contribution required
  • Unlimited contribution required

The list is endless, but the main point of this analysis is this, entrepreneurship is a whole different ball game from employment which will require a totally opposite mindset of its own. In other words, to succeed as an entrepreneur you must stop thinking as an employee and start thinking as an entrepreneur.

To develop your entrepreneurial skills, here are 27 irrefutable laws you need to follow;

Laws

Description

1.      Purpose A greater reason beyond survival for living
2.      People For service to many leads to greatness
3.      Character A life worth emulating
4.      Knowledge To do more, learn More
5.      Generosity Giving more in kind than you receive in cash
6.      Risk Only those who dare the unusual [extra-ordinary] achieve the unusual [extra-ordinary]
7.      Technology Doing More with Less
8.      Vision Think BIG, Start Small
9.      Result It’s not what you do [efforts],it’s what you achieve [results]
10.  Self-Confidence If you don’t believe in yourself, no one else will
11.  Teamwork Business is a team sport and only the team with the best players win
12.  Creativity The capacity to  bring to life that which never existed
13.  Networking Who you know matters more than what you
14.  Focus Your BEST can only come from your areas of strength
15.  Leadership Your success is dependent on your capacity to inspire the trust and commitment of others
16.  Strategy Winning in business is NOT by chance
17.  Management No business can successfully function without a defined mode of operation
18.  Profitability You will only GET as much as you can GIVE
19.  Passion If you enjoy doing it for FREE, business is about doing it for a FEE
20.  Marketing You will only go as far as your message goes
21.  Scalability It is not yet a company if it still depends on YOU for survival
22.  Branding If you don’t STAND for something, you will FALL for anything
23.  Thinking Every problem solved is a step closer to success
24.  Perseverance Every seed takes time to grow into a tree, so does your business
25.  Innovation The more unusual things you do, the more valuable your company becomes
26.  Leverage At some point, your business will need external funding, plan for it
27.  Legacy What will the world miss when you no longer exists?

Your turn

As with every list, this is not the end. There are a million and one more items that can be added to this list. Being a smart student of business, I trust that you will not take this as a final list but rather as a work in progress. So, I’m really looking forward to your addition to this list in the comment section below.

ONE LAST THING!

If you enjoyed reading this unusual article, Please retweet on Twitter, share on Facebook, Linkedin, google+ and forward via email. Thank you.

Thank you for your time! Now over to the comments ….

Source
Naijapreneur
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