Being an entrepreneur is no walk in the park. The road is tough. You’re embracing a set of uncertainties. You can’t predict what may come in the way. It’s a path less taken.

As fascinating as it is, the entrepreneurial journey comes with a certain level of risk. Before you venture on your own, make sure your skill sets are suited for it.

Here is a list of four core principles of entrepreneurship that you should not miss:

 

Start with introspection

Steve Jobs, Bill Gates Richard Branson, Mark Zuckerberg – there are enough and more stories of world-famous entrepreneurs for us to draw inspiration from.

But inspiration is not enough for success in your entrepreneurial life. It demands far more skills. Start by introspecting your strengths and weaknesses. That’s the best way to start.

Develop the mindset of a constant learner. If you lack the knowledge and skills, don’t be reluctant to start with a certification course.

 

Choose the business wisely

Starting a business of typewriters in the age of smartphones never makes sense, does it?

You should allocate your energy and efforts to a business that gives you good returns. There should be an inner passion for it.

Whatever your passion is, make sure you do the background research, market study, etc. and improve your knowledge in the domain. Speak to experts and gather facts and figures. The takeaway is to choose your domain wisely and have better clarity of what you’re doing.

 

Invest in people

‘You are as good as the people around you.’ Your employees, investors, clients, consultants, industry experts – everyone contributes to your success as an entrepreneur.

Think twice before you choose the people around you. Look for skills that you lack, in your teammates or co-founders of the company, so that it is balanced. Give feedback. Give a pat on their shoulders as a token of appreciation when required.

 

Set your goals right  

Leaders are expected to be far-sighted. Know what your key metrics of success are. And move in the right direction.

The energy and efficiency of your team, as well as you, should be directed in the right direction. Also, define the right measure to value the performance. Pick up one primary metric towards which your efforts should be pointed towards.

And the final point to note is to have an exit strategy planned in mind, while you put your heart and soul into realising your dream.

 

Get started with your entrepreneurial venture by enrolling into the Entrepreneurship course by IIM Kashipur.

Want to know how can this course help in your profile?