It is no secret that if you are thinking about embarking down the entrepreneurial route you can expect to meet some challenges and bumps along the way. However, researchers have identified five important dimensions that are proven to shape entrepreneurial skills and increase your odds of success:
*Proactiveness, Risk-Taking, Autonomy, Innovativeness, and Competitive Aggressiveness*
1) Hit the iron before it gets hot- Be Proactive!
Proactive means continually seeking out new opportunities that are happening in your market and acting strategically to ensure that they don’t become a threat to your operations (i.e., that competitors don’t enter). As an entrepreneur, you have to be searching for new and improved opportunities, striving for change, and maintaining momentum towards your dreams.
When it comes to introducing a new product to the market or entering with a prevailing product-line, being a proactive entrepreneur means that you have conducted research that covers the entire product life cycle- from production stage to the end-user stage. You have then used this research to build out your business goals and official business model.
Proactive behavior will keep you prepared for all of the unexpected events that might come unseen to your path or might have the potential to hinder your progress. In nutshell, avoid fighting fires by preparing well in advance.
2) Better things come with risk and doubts
In order to seize a high-growth potential and profitable opportunity, entrepreneurs will often have to show more inclination towards risk-taking; which usually involves risking your own capital and working for no capital in the early stages.
Even organizations like Apple, Google, or Microsoft, have to continuously take risks to stay in the field. They take risks when they launch new products lines or target new customers or invest in new businesses. They battle around in the market, and sometimes they fail, but they always keep moving.
Profits and losses are an essential part of any business cycle, but as an entrepreneur it is important to overcome the fear of failure, and to move ahead with assertive business thoughts, because after all, no big accomplishments come without big risks.
3) This belongs to me and this is for me
Autonomy speaks to an inward support of your activities - the feeling of ownership over your activities and acknowledgement that you not only hold the power to build what you imagine, but you also deserve to.
We all embrace the comfort that our own homes provide because they gives us the sense that, “this place belongs to me.” But what if your workplace also gave you the same feeling of autonomy? This mindset can double your efforts and triple your efficiency. The autonomous mindset is essential to bringing out maximum entrepreneurial capabilities in yourself.
4) Have vision
To innovate means to discover something from one’s creativity; but it also involves advertising and implementing your ideas, and discovering new products and resources. Take Google, for example, the most popular search engine in the world. Google is the product of a very specific vision from two founders who had a clear and strategic direction of what they wanted to build. Use your entrepreneurial vision to bridge the gap between your internal innovations and the needs of the external market.
5) Sprint for it
Competitive aggressiveness is the affinity to unequivocally and clearly challenge contenders rather than trying to avoid them. ‘Survival of fittest,’ said Charles Darwin, not only supports biology, but also supports the competitive world of business.
For nearly a century Kodak was the market leader in commercialized cameras. But with the invention of the digital camera Kodak nearly vanished from the market. A lack of technical advancement and failure to adequately assess competitive market threats and disruptive technologies brought the company’s shares down by 96% from its 1997 value.
Thus, to maintain your competitive position in the market don't just run for your goals, but rather sprint for them.
Things do not change overnight; entrepreneurial success takes time, it takes resilience, and it takes the attitude of a warrior. But eventually progress will show, and when your vision becomes your reality, it will all feel worth it.
WAYE Young Leader, Bhumika Shah