Cliché aside, the benefit of an entrepreneur lives and dies with the capacity to risk, grow, and hold their ground against their contenders.
In the beginning, you as an entrepreneur, are not going to be backed by a prominent corporate structure, nor are you in any sense “likely” to succeed in your venture. Perhaps this last statement is misleading. Most of you would agree that a significant correlation among the thousands of different types of small enterprises, from ice-cream parlours to dog groomers is the collection of capital and the acquisition of profits. It would seem that the obnoxious mission statement or list of company goals need not refer to such corporations.
In terms of “success,” it may be rather simple to say that you’re an entrepreneur and you want your firm to succeed. Therefore, you want to make money. But let’s not restrict just for the sake of ease. If, as a small business person, you are genuinely committed to the accumulation of capital as your only goal, you may reasonably be justified in killing the essence of competition or being dishonest while paying your taxes.
It’s not necessary to put a moral value to the desire to accumulate wealth. Your inherent streak to either be the richest person in town or your inherent values that chase substance along with money would anyway come into the picture and affect your course of actions. In the world of entrepreneurs, money may be a lot of things but it is not everything.
Make it known to yourself and others what the purpose of your firm is. Find a way to make a list of everything you want your company to do along with plausible conditions – and post it visibly. You and everyone else will benefit as a result. This unearthing and externalizing of individuals and known values may seem embarrassing or awkward – deal with it, face it as an industry challenge. As in relationships, it is always hazardous to say something you mean, but you aren’t really in the game until you take this same risk in business.
To an entrepreneur, innovation and conviction are two sides of the same priceless coin. Relentlessly holding on to a particular goal, the idea of conviction may lead you to the incorrect conclusion that you should jeopardise your goals once and then keep them the same. It is not the case. Stand by your goals when you make them, know that they are necessary to you, but do not think they are accurate or constant because, though they may be biased in thinking, your enterprise goals will be made by you and are subject to error or imperfection.
The solution here is a “bend but do not break” strategy. Be willing to adjust to your business environment but do not arbitrate a primary firm goal until you are eager to take this new direction as a revised goal. If that proposed new goal is as easy as “stay open-minded,” make sure you communicate that assertion as a noticeable and known part of your company plan. With entrepreneurs, personal accountability, trust, and willpower propel the progress of their endeavour.
Like millennials, yours is a business built on the race of liberty and personal revelation — put as much thought into the place and nature of your business as you would like for your own life goals.