It seems that success in life is the dominant measure of all aspects of human, spiritual and physical interactions, in which efforts and ends are unified. For that who commits to life by running his affairs and works on clear foundations and rules of knowledge, will and innovation, will surpass others and prove himself by fulfilling his hopes; material and moral, and that who deviates from the demands of success in this life, will lose a lot and regret for a long time.
Success standards have accelerated; changing and varying. Here are the major electronics companies, such as Samsung Korea, which alone generates more profits than the gains made by Apple, Google and Microsoft combined! Samsung’s brand is everywhere.
This is what makes this experience a role model and a guiding principle in the entrepreneurship projects, emerging and active, to benefit and follow the fundamentals and basics of major economic groups which marked the beginning of this century, changed the concepts of market and consumption, and overall lifestyles.
However, this path for the entrepreneur is often fraught with risks and obstacles, which makes the failure factor predictable and strongly present, provided that this presence of the expected failure should not affect the entrepreneur’s thinking and paralyze his/her creative ability.
Therefore, it is not appropriate for an entrepreneur who has employed his effort, time and money for the success of his project, to surrender to failure with the first stumbling block. He also should not forget the foundations of success and excellence, upon which were based the leading experiences in this area, otherwise the status of his business will worsen, his trade will be useless, and his money and effort will be lost, as a result of which he will stay behind the distinct pioneers.
In this article we review the most important fundamentals of success in entrepreneurship, in accordance with previous experiences with an active presence in the world of contemporary finance and business.
Planning is one of the most important fundamentals of successful business management, because planning is the basis for the success of management, and the reason for its excellence. The entrepreneur’s knowledge of his goals and identifying them accurately helps him in planning to achieve them through the right means. The entrepreneur must, prior to setting out his plan, be able to understand and analyze his current situation; in terms of his financial capabilities, competitive projects, the evaluation of steps of the project’s implementation and its progress and open the way for new proposals that contribute to avoiding errors and shortcomings, if any, and accelerates avoiding them.
Conscious planning, then, is what charts the path to success. It is illogical and unreasonable to run projects without a plan. It is best to plan for any project to anticipate errors and to develop alternative plans to deal with such errors.
Establishment and Launch:
After the development of the plan comes the stage of establishing the project and start the implementation steps. Here the entrepreneur should divide the work tasks, identify the required financial and human resources, and properly distribute the core tasks. It is wrong for the entrepreneur to do all the effort alone with its ramifications and abundance. This depletes the effort and reduces the chances of success. If the project needs a diversified effort, be careful to divide the effort between specialists in a proper manner.
Rationalization of expenditures:
Money is the lifeblood, and the basis for the success of both large and small enterprises. Appropriate financial management and appropriate budgeting are very important elements for the entrepreneur’s success in his project. Business observers across the world know that large, successful, and well-known companies use accurate accounting and financial systems. They established an annual or several years financial plan, in which they are keen to rationalize their expenses and develop their profits. In this regard, they look at how best to invest their capital, so as to continue to compete with other major institutions.
If this is the case with the big successful companies, which are involved in projects of millions and billions of dollars, this is must the priority of the emerging entrepreneurial projects that require spending control, and constantly search for ways to rationalize expenditures, while maintaining an appropriate level of quality of production. The entrepreneur must always rationalize expenditures, to keep money as his strength and his support in the management of his pilot project.
Armament with care, patience and gradualism:
The entrepreneur should not be keen to be quick to take profits, eager to count the gains as soon as possible; since it is one of life’s laws that success and reaching the goals cannot be achieved overnight; the entrepreneur must arm himself with patience and deliberation must not take hurried large leaps that are not studied and calculated accurately.
If the entrepreneur adopts speed and rushes to complete the tasks of his project all at once, hasten the benefits and taking the fruits, the cost will be high. Certain goals may be achieved at the expense of other, more important goals, and thus the whole process may be disrupted.
Time is part of success, and the project must be given enough time to succeed. So, the entrepreneur should not rush things, he should time need for advertisement, the time to launch the product, the time to introduce a new product, and take care of the customers’ time, for a large proportion of customers consider time as an important criterion in the preference between similar entities in providing the same service or product, as well as after sales service.
Good team selection:
The choice of an entrepreneurial team to assist entrepreneurs is a very important step, an important foundation of success, excellence and progress. The successful entrepreneur must carefully choose the team, making sure that they have a team spirit and picking people who are patient and persevering; those who possess the ability to work under pressure, and love the field of their work with enough passion for excellence and achievement of material and moral success.
The entrepreneur must carefully select the members of his team based on a combination of skills and experience, while seeking to include both experienced and distinct people, and avoiding resorting to friends or relatives regardless of their experience, or just because they are unemployed for the staff is the main contributor to the success of the project.
Trust and continuous guidance:
Entrepreneurs should develop mutual trust in the team; trust is a key to successful business management; and when management is not based on the existence of confidence will fail despite available resources.
With confidence, the staff needs further guidance, reminding them of the main objective of the project, and the tasks of each of its members, in addition to instilling enthusiasm and encouragement in them through motivational words so they would do their work in a distinctive way.
Control and non-loss of leadership:
To ensure the success of the project and to achieve its purpose, the entrepreneur must control the business system and must remain alert to everything happening around it. Control is the function that regulates the plan, identifies increased efforts or when the project needs to stop; reduces losses and takes the opportunity to deduce the correct road.
Finally, some entrepreneurs may be spending more on various aspects of the project, without taking care to study the basics of success and awareness of leadership requirements. And if entrepreneurial projects have become important in this age, this requires entrepreneurs to have a better understanding and comprehensiveness, enabling them to manage more effectively, productivity and then profitability.
In conclusion, it is not easy to become a successful entrepreneur or a businessman. The access to this wide-open field requires, before anything, a lot of will, endurance and patience, armed with knowledge and the development of innovation.