"Legendary Entrepreneurial Success Strategies"

Being a man who is naturally an “old young man” (so to speak), I usually have flare for the very oldies. And in this issue of entrepreneurial success, my natural hobby of always studying old and past success wasn’t left out. And as I studied the secrets of the oldies I rediscovered that what that portion of the Bible which says “there is nothing new under the sun” is always true about every area of life. And more so, entrepreneurial success was not an exemption.

While I studied those secrets of ages I found out that the same secrets they used to make it then is what the Tycoons and celebrities of our time are still using.

And what are these legendary secret strategies that make a Tycoon out of an ordinary entrepreneur? Now here are the strategies:

Proper Planning

As I studied legendary successful entrepreneurs, I found out that everyone that made it to the top in their different entrepreneurial ventures had a specific business plan which they follow step by step until they achieve their set goal within the specified period of time.

So if you must succeed as an entrepreneur, you must have a good business plan either written by you or a professional business consultant. You see the essence of a good business plan is for you to know the end from the beginning. It is for you to have direction in your business at every point in time. Without a business plan, you do business like a blind man.

So if you are already in business without a good business plan try to get one. Or if you already have a business in mind that you are about starting up, get a good business plan first- because that is the starting point of entrepreneurial success.

And after getting a good business plan, you must…

Start With What You Have And Where You Are

Another thing I discovered from my legendary research is that many successful entrepreneurs start small and grow big overtime. As a matter of fact, many of them start literally from nowhere.

So if you want to become a successful entrepreneur, your status now either financially or educationally does not really matter. You can start from where you are and improve on yourself with time. You don’t have to have up to a million or be a college degree holder to start and succeed in business. But however, you must be determined to improve on yourself consistently.

So the punch line here on this particular success strategy, is start from where you are, but don’t remain where you are.

And most importantly, to succeed as an entrepreneur, you need…

Patience And Persistence

While I studied legendary successful entrepreneurs, I found out that they all had uncanny success attitudes: Patience and Persistence; which always unfailingly got them to the top.

Now in the course of my study, I discovered that the reason only few succeeded in the past and only few still succeed in enterprise, is lack of these rare success traits. And before anyone must succeed in any entrepreneurial venture, he must be well armed with these two success attitudes.

So to succeed as an entrepreneur, you must learn to be very patient. You must learn to endure the hard times. Because every business has it’s own challenges. And you must in the same vein learn to be persistent: that is not throwing in the towel in spite, of whatever challenges you face in your business. Because no business is a “holy-grail”.

These amongst others that I will be sharing with you subsequently are the infallible success strategies that I discovered from my study of the legendary successful entrepreneurs. So for the now, till I come up with the others, apply them to your business and see how they can help make the difference in your success level- and after that, come back and comment on the article and I will reply you as quick as possible. Wishing a prosperous year for you and yours. Remain Blessed!

Entrepreneurship management

Theories of entrepreneurship and entrepreneurial motivation Economic, sociological and psychological Entrepreneurship Innovation theory Theory of Achievement Motivation Motivation theory by McClelland (Acquired Needs theory) The Kakinada Experiment Motivating factors for entrepreneur- Internal and external
Entrepreneurship Management
Economic Theory• Entrepreneurship and economic growth take place when the economic conditions are favourable • Economic incentives are the main motivators for entrepreneurial activities • Economic incentives include taxation policy, industrial policy, sources of finance and raw material, infrastructure availability, investment and marketing opportunities, access to information about market conditions, technology etc
Entrepreneurship Management
Sociological Theory• Entrepreneurship is likely to get a boost in a particular social culture • Society’s values, religious beliefs, customs, taboos influence the behaviour of individuals in a society • The entrepreneur is a role performer according to the role expectations by the society
Entrepreneurship Management
Psychological Theory• Entrepreneurship gets a boost when society has sufficient supply of individuals with necessary psychological characteristics • The psychological characteristics include need for high achievement, a vision or foresight, ability to face opposition • These characteristics are formed during the individual’s upbringing which stress on standards of excellence, self reliance and low father dominance
Entrepreneurship Management
Entrepreneurship Innovation theory• Theory by Joseph Schumpeter who believes that entrepreneur helps the process of development in an economy • He says that an entrepreneur is the one who is innovative, creative and has a foresight • According to him, innovation occurs when the entrepreneur– – – – – Introduces a new product Introduces a new production method Opens up a new market Finds out a new source of raw material supply Introduces new organisation in any industry
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• The theory emphasises on innovation, ignoring the risk taking and organising abilities of an entrepreneur • Schumpeter’s entrepreneur is a large scale businessman, who is rarely found in developing countries, where entrepreneurs are small scale businessmen who need to imitate rather than innovate
Entrepreneurship Management
Theory of High Achievement/Theory of Achievement Motivation• McClelland identified 2 characteristics of entrepreneurship – Doing things in a new and better way – Decision making under uncertainty • He stressed that people with high achievement orientation (need to succeed) were more likely to become entrepreneurs • Such people are not influenced by money or external incentives • They consider profit to be a measure of success and competency
Entrepreneurship Management
Motivation theory by McClelland (Acquired Needs theory)• According to McClelland, a person has three types of needs at any given time, which are: – Need for achievement (get success with one’s own efforts) – Need for power (to dominate, influence others) – Need for affiliation (maintain friendly relations with others) • The need for achievement is the highest for entrepreneurs
Entrepreneurship Management
The Kakinada Experiment• Conducted by McClelland in America, Mexico and Mumbai • Under this experiment, young adults were selected and put through a three month training programme • The training aimed at inducing the achievement motivation • The course contents were – Trainees were asked to control their thinking and talk to themselves, positively – They imagined themselves in need of challenges and success for which they had to set planned and achievable goals – They strived to get concrete and frequent feedback – They tried to imitate their role models/those who performed well
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• Conclusions of the experiment: – Traditional beliefs do not inhibit an entrepreneur – Suitable training can provide necessary motivation to an entrepreneur – The achievement motivation had a positive impact on the performance of the participants • It was the Kakinada experiment that made people realise the importance of EDP (Entrepreneurial Development Programme) to induce motivation and competence in young, prospective entrepreneurs