. Without discovery and innovation, there will be a stagnation in the market economy as there will be no improvement. Through entrepreneurship, new and better things, processes and systems are created, recreated and uncovered. Entrepreneurship can provide solutions for economic stability as it continuously seeks improvement and development of our resources to give them a greater value.
The Keys to Successful Entrepreneurship
Here are 12 keys (according to Peter Drucker) to consider as you think about entrepreneurship.
Key 1: Those who perform love what they’re doing.
Yes — you need to love what you do. It’s called passion. Find your passion because it’s the place to start on your road to success as an entrepreneur. Plus, according to Drucker, your performance depends on it.
Key 2: Successful entrepreneurs do not wait until “the Muse kisses them” and gives them a bright idea; they go to work.”
Passion without action is no good. The reality is those who take action win the race every time over those who don’t. Stop putting off what you know needs done; listen to Drucker and ‘go to work’. Today please.
Key 3: What is our business?
Think hard — what is the purpose and mission of your business? Drucker was a firm believer in the power of ‘purpose’. Jobs at Apple lived it. Are you clear on your purpose as a business? It’s your North Star. So if you haven’t identified it — you’re lost in the dark and primed to walk off a cliff. Please don’t do that.
Key 4: Who is the customer?
Of course it all starts and ends here. Your customer. You know, the reason you’re in business. Pack well because your journey to really know your customer lasts the lifetime of your business. Plan to walk 1,000 miles in their shoes. Not 10.
How To Be A Successful Entrepreneur?
Key 5: Neither studies nor market research nor computer modeling is a substitute for the test of reality.”
Drucker called it “the test of reality”. The hyper speed world of communication, social media, and the Internet has turned the race to innovate product/market from a marathon to a sprint. Do you come from a culture of testing and experimentation? Or do you over indulge in the ‘study of the market’? A new breed of smart entrepreneurs choose option number one.
Key 6: Measure innovations by what they contribute to market and customer.
Drucker drilled home that the life blood of a company is rooted in management and innovation. Take his advice in key #5; and combine it with an understanding that to simply ‘test’ is futile without the important marriage partner of ‘measurement’.
Key 7: Often a prescription drug designed for a specific ailment ends up being used for some other quite different ailment.”
Be ready to pivot. Go with the market. Don’t worry if it’s not the way you ‘planned’. Nothing ever is. As Drucker alludes to here, some of the greatest success stories in business are the result of a change in direction based on market response or product surprise
Key 8:Innovative ideas are like frogs’ eggs: of a thousand hatched, only one or two survive to maturity.”
Drucker drives home the point well in his frogs’ eggs metaphor. Every idea you have will not be a winner. In fact, most ideas will be lousy based on market response. But it’s okay. True entrepreneurs understand this is part of the game and are willing to search through a thousand hatched ideas to find the ones worthy of nurturing to maturity.