Entrepreneurship is the toughest job in this world, Entrepreneur have to always think about their company and how they will make their company sustainable. The meaning of entrepreneurship is how you will make unknown company to known company. To make this happen they have to think about how they will develop their product and make it reach to the customer and make their company to sustain in competitive markets.
So here are the important points that every entrepreneur has to think about before starting the company.
Entrepreneur should have clear vision about product what they are launching, will that product deliver value to the people or not. Those company started for only to make profit they will not sustain for decades compare to those company who deliver values toward people.
After knowing clarity about vision, then start your work to make “team building ” for any company to reach top they have must that team who can deliver their best towards company. So because of Founder don’t think about superiority, make team who are best in that area and deliver their best and help to achieve your objective.
This is life sometime you will fail or get success, so never stick to company who will fail take it as an experiment, because whether it fails or get success you will get great learning in your life. Entrepreneur have that fearless mentality they have to just think about their work not on failure or success. When company launched their product they have to go outside the company and search for the customer that can accelerate the growth of company.
During experiment you will notice that some customers like your product some will not. So identify those areas where you are lacking and learn from this and try to make that product who will attract more customers.
There are two assumptions in leap of faith assumption, first assumption helps to attract more customers for your product and other will help to know how will your company will sustain growth. So for any company to get success they have to build the best bonding between two leap of faith assumption.
After knowing all assumption company have to measure at what success rate they will have to go for decade to sustain they have to arrange all data and by validating those data company easily measure the success rate.
At certain phase this step helps to analyses entrepreneur to know should they have to go with that strategy who started at the starting phase. So first if your strategy is delivering that success what you want stick with it, but if existed strategy are not delivering what you want so take pivot step. This will help to analyze where you have done mistakes and how you will get rid of these mistakes.
Always try to work in small batch in company like “Toyota” used to achieve success. Firstly, make small batch of people who are expert in their own field, and clarify that they have to work with each other from start to end. If there is error in product first they have to eliminate it and then they have to move to other part of product. Small batch always increase efficiency in work.
In today’s world market is changing overnight, so entrepreneurs have capability to adapt according to environment and technology. They must have proper knowledge of environment or competitors around and always have knowledge about new technology, so that they can cope with it and make company sustainable.
Entrepreneurs have always ready to innovate the product according to customer’s expectation and latest technology. Innovation always lead company to sustain themselves across decade, so never fear about to make new innovative it will boost your company growth rate.