The 6 Critical Factors To Entrepreneurial Success

Are you aware of these 6 critical factors to ensuring your entrepreneurial success?

 

 

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If not, you REALLY need to pay attention to the following 6 critical traits IF you want to have entrepreneurial success 🙂

 

 

 

 

 

Do you really think you know what it takes to be a successful entrepreneur?

 

While there isn’t a foolproof map to entrepreneurial greatness, one thing is consistent — successful entrepreneurs all possess the following 10 traits.

 

“Successful entrepreneurs learn how to figure out ways to make a positive impact on the world around them”..…says Fred Mouawad, (founder and ceo of Taskworld)

 

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Here are Fred’s 6 critical factors to ensure your entrepreneurial success, as well as increase your odds of success:

1. Courage

  • Courage is the foundation of entrepreneurship.
  • It’s all about making the tough decisions at the right time.

 

2. Conviction

  • Without conviction you can’t muster the energy required to relentlessly work towards your mission, energize those around you and form the type of culture you want to build.
  • Avoid the common failure of entrepreneurs taking the wrong path and ignoring all signals by denying facts and staying the course of their initial misconceived conviction.

3. Capabilities

  • As an entrepreneur, you must have vision, but how can you carry it out it to win the hearts of customers and beat your competitors?
  • Execution is all about having the right capabilities and that’s strongly correlated to the team you assemble and your modus operandi.
  • There is nothing more important then having the right people, creating the right environment and constantly building the right capabilities by developing people and establishing processes and systems to support execution.

 

4. Collaboration

  • Effective collaboration is one of the most difficult principles to implement.
  • It requires that you have the right players, in the right position, seamlessly coordinating with other team members to achieve the intended results.
  • Entrepreneurs need to provide high velocity feedback and build the right processes to maximize collaboration.

5. Capital

  • Too much capital can make management prone to recklessness and lead to poor decisions and overspending in unnecessary areas and too little can impact the team’s execution capabilities and decrease the odds of competing effectively.
  • Stay focused on how to raise or generate enough capital to build a sustainable business.

 

6. Consciousness

  • Entrepreneurs need to be extremely sensitive about where they are today, what they’ve learned from the past and have a clear vision about what their next best step should be going into the future.
  • They also need to be conscious about the obstacles they are facing now, anticipate the next likely challenges ahead and understand the associated risks with each.

 

 

Proper planning, reflecting and pre-empting is the best way to increase the odds of  your entrepreneurial success.

 

By keeping in mind and implementing the above 6 critical factors, you are now ready for entrepreneurial success 🙂

 

 

If you enjoyed this post and found TONS OF VALUE, please take a moment and share….Thank you 🙂

 

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0 Replies to “The 6 Critical Factors To Entrepreneurial Success”

  1. Hi Joan,
    Interesting list … having an idea of what you want to accomplish as an entrepreneur is a good thing. I think it’s individual though. What works for one may not work for another, but keeping these ideas in mind is helpful. Thank you for sharing Fred’s perspective! Blog looks better all the time …

  2. Hi Joan, Great post. You’ve narrowed down some very important details for success. I never really thought about having too much money to invest in your company, but you make a great point with recklessness and overspending. Collaboration is one that I feel is crucial. You definitely need a great team for support to get you through the trial and error process, and for increasing creativity. Thanks for sharing.

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