spiritual and physical interactions since it combines the endeavors and goals of someone. Thus, a person who used to manage his own affairs and businesses based on clear and solid rules of knowledge, will and innovation will exceed the others and prove himself by achieving his dreams. Though, a person who does not follow the requirements of success in life will stay behind and live to regret.
However, success standards are changing rapidly; for example, the large electronic companies as Samsung (Korean) is making profits alone more than what the other companies such as Apple, Google, Microsoft (American) are making together, i.e., Samsung brand is appeared everywhere.
Such experience is a role model and a guiding light for the entrepreneurship projects to follow and get benefit of the major economic groups’ components which marked the beginning of this century and changed the concepts of the market, consumption and lifestyles in general.
In this context, the entrepreneurs need an effective pattern of awareness regarding the success bases to manage all the issues and difficulties, seek success and continue in the way they choose to invest their time, effort and money on it.
However, this way is often surrounded by obstacles and dangers which lead to failure, but the smart entrepreneur should be creative and never be impeded.
Therefore, the entrepreneur, who invests his money, time and effort to lead his project to the success, should never give up after the first stumble he faces.
In this article, we shed light on the main success bases of entrepreneurship according to the previous effective experiences in the contemporary finance and business world.
Planning is considered as one of the most important fundamentals of a successful business management process because planning is the core of management success and the reason for its distinction. Knowing the entrepreneur for his goals, and identifying them accurately helps in planning to achieve them using the right means. Then, prior to making his plan, the entrepreneur must be able to understand and analyze his current situation in terms of financial capacity, competition projects, and the steps he must take. After that, he has to prepare a specific method for carrying out those actions; evaluate the implementation steps of the project and its progress; open the doors for new proposals that contribute to avoiding errors and shortcomings, if there are any, and to avoid them quickly.
It is conscious planning, then, that is lightening the path to success. It is, therefore, illogical and unreasonable to run projects without a plan. It is better when planning any project to anticipate errors and develop alternative plans that ensure dealing with such errors.
Development and Launching
After the development of the plan, comes the stage of establishing the project, and starting with the implementation steps. Here the entrepreneur should divide the work tasks, identify the required financial and human resources, and distribute basic tasks in the right way. It is wrong for the entrepreneur to do all the effort alone with its ramifications and abundance. This will drain the effort and reduce the chances of success. If the project needs a diversified effort, be sure to distribute the effort to specialists in a proper manner.
Rationalization of Expenditures
Money is the spirit of life and the basis of success for both of large and micro enterprises, no doubt, that adequate financial management and appropriate budgeting are critical to the entrepreneur’s success in his project. Business observers across the world know that large, successful and well-known companies use accounting and financial systems and set an annual or multi-year financial plan, in which they are keen to rationalize their expenses and increase their profits. In this regard, they look for the best ways to invest their capital, in order to continue competing with other large companies.
If this is the case with major successful companies, which are involved in projects in millions and billions of dollars, so this is more desirable for emerging entrepreneurial projects that require spending control, and constant search for ways to rationalize expenditures, while maintaining an appropriate level of production quality. It is best for the entrepreneur to ensure that expenses are rationalized at all times, to keep the money as a power and support in the management of his entrepreneurial project.
Tranquility, Patience and Progress
The entrepreneur Should not be keen on getting fast or quick profits or eager to count his gains and list them in a short period. It is a fact that success and reaching goals cannot be achieved overnight. Therefore, the entrepreneur must be patient and careful and should not do large jumps that are neither studied nor calculated accurately.
If the entrepreneur adopts speed to complete the tasks of his project all at once, thus hastening its benefits, then the cost will be high. Certain objectives may be achieved instead of other important objectives, therefore, the entire process may be disrupted.
Estimating Sufficient Time
Time is part of success, hence, any project must be given sufficient time to succeed i.e., the entrepreneur should not be in hurry, estimate the appropriate time for advertising, introducing a product and delivering a new one. In addition to this, the entrepreneur should take into consideration the customers’ time since most of them consider that time is very essential in comparing between the competitive companies in terms of presenting the service or the product and the after sale service.
Selecting the best Team
Choosing the work team who will work with the entrepreneur is a very important step and one of the most essential bases of success, uniqueness and progress. A smart and successful entrepreneur has to choose the work team carefully within which employees should have team spirit; be patient and persistent; have the ability to work under pressure; be ambitious to succeed morally and financially.
The entrepreneur has to select his team according to a set of skills and experiences, along with hiring everyone who has experience and could leave a unique touch on the project. The entrepreneur should avoid seeking friends and relatives regardless of their experiences or for being unemployed because the work team is one of the most important contributions to a project’s success.
Trust and Continuous Guidance
Mutual trust must be enhanced among the work team by the entrepreneur since trust is considered as one of the successful management bases. Regardless of the potentials, the administration will fail if it is not built on trust.
The work team needs continuous guidance and instructions; reminding them with the project’s goal and the tasks they have to fulfill; encouraging and motivation to fulfill their work better.
Controlling and not losing guidance
The entrepreneur must control the business system and be aware of what happens around him to ensure the project success and to achieve its goal since controlling organizes the plan, determine how much efforts are needed or when to stop in order to reduce the loses and find the right path.
Finally, some entrepreneurs may spend too much time and efforts on various aspects of projects without caring for studying their success bases or being aware of the entrepreneurship requirements.
Since entrepreneurial projects have become more important in our era, therefore, the entrepreneur should have a better comprehension of the administrative process to be more effective, productive and profitable.
In conclusion, being a successful businessperson or a distinct entrepreneur is not easy because it requires patience, firmness and perseverance, as well as knowledge and creativity.