Entrepreneurial Practices
Living in an Entrepreneurial Life of Acting, Building, and Learning.
Are you an entrepreneur or do you want to become one? An entrepreneur is someone who acts on an opportunity to create something of value. Have you noticed that the keyword in this description is to act? Nothing is achieved, no value is created unless action is taken. That’s why this blog is all about showing you how to create something of value by practicing entrepreneurship.
Entrepreneurship is everywhere. Entrepreneurship is a problem-solving technique and way of thinking in which a problem, want, or need of a group of people is identified as an opportunity. That opportunity is then approached through the practice of acting with the resources available, limiting risk by understanding one’s self, available resources, and relative environment, acknowledging the unknown, and then learning from the successes and failures of the action or actions taken.
Living entrepreneurially requires practice and reflection. Your future is made up of the results of many decisions that you will make along the way. As you go through your life, consider the following eight practices for living well and making good decisions.
Know yourself — your skills, passions, and values.
All successful entrepreneurs are self-aware. This means that they know their strengths, values, and passions, all of which impact how they think and the way they make decisions. The foundation for all of the decisions that you make — in business and in life — is rooted in your passions and core values and your general self-awareness.
Know and Grow your Network
It is important to learn how to identify a network of people and resources who can help you pursue opportunities and find your passion. You can learn to create that network through the many interactions you have on a daily basis. Meeting new people is the single greatest way to find new opportunities, and solve problems at home and at work. Once you know who is in your network, you have to be able to understand how they can help! For example, if you need help understanding a new language, you would want to approach someone in your network that had skills in that area. Understanding who to approach is a big part of understanding your network.
Know Your Audience — or Community!
Entrepreneurs make decisions that affect people every day. The more they understand the people who are affected by their decisions, the more successful they will be. Knowing what is important to people, their challenges, and how they get their information will contribute to your success. Moreover, knowing your community is about understanding how your values, passions, and skills match with the needs or wants of your community.
Look for Connections.
In the entrepreneurial world, the true purpose of looking for connections is not about distributing as many business cards as possible. It is about making real connections with people so that they remember you and want to stay in touch after the first contact. Remember that looking for connections also involves how your skills, interests, and values fit into any scenario of solving problems.
Develop Processes and Good Teams.
Effective decision-makers must be able to understand and create processes and identify and engage other people’s talent in an effective way. Deciding to grow your team and expand your business is not something that should be taken lightly, as new employees add more risk and add more expenses to your business model. Before hiring a new employee, make sure that your business can afford it, extensively interview that person, and check his or her credibility and reliability with outside sources.
Create Systems to Measure your Progress
No matter what you are tracking — money, grades, goals, or other things — developing a system for measuring and recording your progress is the best way for you to manage information — which you can then use to make decisions!
Use your Resources Efficiently
Recognizing the resources you have and knowing how you can use those resources to act on your ideas is one of the most important skills of being an entrepreneur.
Communicate Effectively
Regardless of the task, your ability to communicate is extremely important. Being clear about you and your goal can help you and others to accomplish your objectives better.
One of the most important everyday functions of entrepreneurs is the ability to consider all of the skills mentioned above and use the information gathered to make informed decisions — what we call strategic decision making. Now it’s up to you — begin your journey of practicing entrepreneurship by putting the above skills at work. I’m sure you will find the journey rewarding and enjoyable!
Key Reference: From Ideas to Action Workbook.
