Entrepreneurs are risk takers who assume the risks and the rewards of their business venture. They take advantage of current opportunities and sometimes have to create their own luck. Entrepreneurs are decision makers and status quo shakers. They are innovators who are capable of executing their vision in order to yield results. These leaders fire up their employees’ desires to successfully contribute to the overall goal.
1. Investing in yourself pays interest
Entrepreneurs must keep learning and reinventing themselves so as to take advantage of new trends and technologies. Entrepreneurs invest in themselves by reading books, exploring social media and exchanging ideas within their network. Entrepreneurs must invest in their personal development in order to continuously fine-tune their business skills.
2. Embrace change
Entrepreneurs are naturally curious and enjoy developing new ways of viewing situations in their lives. They are capable of adapting themselves to new environments. Entrepreneurs are able to reinvent themselves and to offer new and innovative products. Embracing change is absolutely necessary and is best achieved by taking small steps. Entrepreneurs sometimes take a step backwards if it allows them to spring forward.
3. Keep your next move private
Entrepreneurs never disclose their upcoming moves in order to avoid losing their competitive advantage. Revealing too much too soon places the business in a vulnerable position. It allows competition to copy the product, thus possibly resulting in a loss of sales. Revealing information about an upcoming product too quickly jeopardizes sales of the current product. Entrepreneurs keep their next move private and carefully time the release of information.
4. Well done is better than well said
Successful leaders influence behaviors, attitudes and thoughts. They lead with their actions as well as with their words. In order to gain credibility, entrepreneurs sync what they say and what they do. In order words, they walk the talk. Leading by example is an effective way to set an unspoken standard so that followers can replicate behaviors through observation.
5. Time is money
Entrepreneurs value their time highly and are often on the lookout to increase their productivity. They readily delegate the lower value tasks and focus on the higher value ones. They tend to look for more efficient ways to accomplish tasks. Time is a valuable resource in inventory. Entrepreneurs plan on how best to utilize this resource and to keep track of it, just as they would with all other resources they have in inventory.