15 Principles of Entrepreneurship That You Must Know

Considering that employment has become very difficult, many people find themselves with the option of becoming the sole entrepreneurs in their lifetime.

Many aspire to or even engage in entrepreneurship, but not all are successful due to ignorance of important entrepreneurial principles. Obviously, in order to start anything successful, you must know the rules for doing it right.

If you are an entrepreneur, or want to be an entrepreneur, then follow this article to introduce you to 15 entrepreneurship principles.

  1. Be a problem solver
    Entrepreneurship is more than just making money, you must first solve someone’s challenge and then you will be able to earn money from that person. It is important that you understand this principle as an entrepreneur as you will not focus on making money but on solving people’s problems.

For example if there is a problem of access to vegetables in the city or area you live in, if you bring vegetables to that area it is clear that people will give you money to give them vegetables. So it is important that you always look for the problem and solve it, and you will no doubt earn some money.

“Money is the result of solving one’s problems”

  1. Have a vision
    There is no entrepreneurship without a vision. Being an entrepreneur without a vision is like driving without a steering wheel. A vision in entrepreneurship will allow you to guide you on what to do and for how long. You must ask yourself who you want to be, when and what you want to do in the future. Jonathan Swift said vision is the art of seeing what others do not see. You must have a goal and work hard to achieve it.

“Successful entrepreneurs are the ones who can turn their vision into reality”

  1. Choose the right partners or teams
    Sometimes you will need to work with people or someone. It is important to be careful when choosing partners or a team to work with to ensure your vision is not compromised. Never take someone for granted as a friend or relative, but take someone who you believe can do something productive for your goals as an entrepreneur.
  2. Offer a productive service or product
    Today there are many products and services in the market that are of the same type, but not all of them work well. This is due to some products or services not focusing on being productive for its customers. If you are designing a particular product or service make sure it will be of great benefit to your customers.

For example I have seen snacks prepared in poor conditions and have various flaws such as ointments, hair pieces, sand n.k. It is clear that such products will lose customers due to their poor quality.

Always remember that competition is intense, so strive to increase the productivity and quality of your services and products.

  1. Know and care about customers
    If you are an entrepreneur, then get rid of the idea that customers need you. Be aware that you, as an entrepreneur, are the ones who need customers to grow your business or service. Make sure these things about customers:

Know what they want.
Listen to their comments and suggestions.
Make sure you meet their needs.
Use good language and friendly customer service.
Make the customer feel valued.
Let the customer see that you have prioritized the service before the money.

I believe by doing this you will be able to build a good customer base for your daily services or products.

  1. Spend money wisely
    The challenge of money laundering is facing many people from their personal spending. Most people make money but end up not knowing how to spend it or what they have done productively.

It is clear that good money management is a very important principle for an entrepreneur, as in this way you will be able to grow your business every day. Learn to appreciate what money is, and spend it on basic things. Avoid extravagant and luxurious habits. If your business or investment is large, then you can hire someone with a professional handling of money management.

You can also learn for yourself how to care for and manage money well; you can also use free computer programs such as the Wave app to keep track of your calculations.

  1. Learn to say no
    “No” is a small but very important answer. If you are an entrepreneur it is important to adhere to this principle of saying no as it will separate you from unnecessary things or plans.

There are people, plans, things or even behaviors that can negatively affect you in your entrepreneurship. So saying no will save you a lot from these things.

  1. Do not neglect the role of technology
    We live in a world of science and technology, so you as an entrepreneur cannot be separated from them. Through technologies such as telephones and the internet, you can reach more people and increase sales of your services or products.

Make sure you as an entrepreneur stay close to your clients to solve their problems and needs; also make sure you learn the best ways to do business online.

9. Understand the market
One of the best ways to increase your sales as an entrepreneur is to become familiar with the market. Make sure the service or product you offer meets the demand and reaches the right market.

For example, if you are an egg producer, but the location of the market is poor, then look for another area where the market for this product is good. If you can’t go, you can find someone in an area with a good market and they will sell you your product and give you some dividends.

By doing this you will be able to target the market and maximize your profits as an entrepreneur.

  1. Increase knowledge
    First of all, congratulations on reading this article, very few entrepreneurs like to read various articles and books to increase their knowledge. It is very important that you always practice to increase your knowledge, especially of entrepreneurship as well as what you do; this will allow you to be more productive and work more efficiently. You can read books, journals and various websites (like fahamuhili.com) to increase your knowledge.
  2. Learn from mistakes
    One of the principles observed by successful entrepreneurs is to learn from mistakes. Mistakes is a very good school for everyone especially entrepreneurs. If you have invested in a loss, then learn what exactly was the source of the loss so that in the future you can avoid it. Do not allow yourself to be manipulated by mistakes, but let them be your motivation for moving forward.

“The experience is to make mistakes and learn from those mistakes”

Bill Ackman

  1. Learn from the successful ones
    Many people have failed to succeed in their lives because they learn from those who have failed. The losers have a lot of words, especially disappointing as this is not possible, this requires a lot of money, I won, it is boring, it has a small profit, there are many who do it, some failed n.k.

You as an entrepreneur, avoid these people and learn from the successful ones, know how they solved the challenges they faced as well as the plans they used until they got to where they are.

  1. Use time well
    No one has more than 24 hours in the world; but sometimes he has enough time and sometimes he complains that time is not enough. It is clear that the order or misuse of time is what causes this challenge. It is important for you as an entrepreneur to eliminate unnecessary things from your schedule. Determine what is most important and act on it in a timely manner.
  2. Set priorities
    As an entrepreneur, it is important to adhere to this principle of self-reliance; priorities will allow you to determine what to start with and what to follow based on its importance.

For example, if customers have trouble finding your service or product, first resolve this issue before continuing to make an effort to sell a new product. By doing this you will be able to do things according to its importance, which will allow you to grow.

  1. Do not give up
    It is clear that in the entrepreneurial journey you will encounter various challenges. The key is to remember this principle and not to give up. Use the challenge as a catalyst to motivate you to work harder and not to give up.

Challenges exist today and tomorrow but tomorrow will be no more; All you need to do is give them an outlet and the support they need to keep going.

“The secret of our success is not giving up”