Search News Posts

Validating credentials, please wait...

Home

Entrepreneur 101

Entrepreneur 101

Entrepreneur 101

Being an entrepreneur is not just about having the freedom of time, glamour, class or about being famous amongst family and friends. It is more than that.

The moment you have decided to start your own business, bare in mind that there will be lots of obstacles and challenges – consistent sleepless nights when you have bills to pay especially when you have not generated a stable income in your business.

 

Being human, we have many approaches in handling different situations & environment.  That is because we are unique and complicated beings. We tend to look at things in many different dimensions and what work well for us, might not for the rest.

 

Let me share four different approaches that an entrepreneur can use that might be helpful for those who want to start a business and also for those who think that it will help them in their current business environment.

 

1. ‘The Analytics’.  They use ‘the analytical’ approach in almost all of their decisions.  They prefer the straight to the point approach and they do not really look at details unless they want to. They process information internally by taking more time to analyse decisions or externally where they are able to make decisions fast. This type of entrepreneur makes calculated risks and will not feel comfortable otherwise.

 

2. ‘The Implementers’.  They look at information and process in detail. It is not easy for them to change what has been set and they ‘go by the books’ to get things done. They are also not comfortable in taking risk without first vetting it thoroughly.  Since they prefer to go into details, they will take longer time to make decision and play it very safe in terms of decision making. Traditional approach is the best approach for them and they will opt for solutions that are generally safe and follow through.

 

3. ‘The Socialite’.  These social animals put others first before themselves. They give huge discounts, long term credits and so on without realising that, it’s unhealthy and can be detrimental to their business. They trust people easily which will lead them to helping others.  They are an all rounder “Yes” person and they feel like they are obligated to please everyone.  Most of their decisions are made based on intuition.

 

 

4.‘The Idealist’.  They feel that process and flow are not as important as their perspective on doing things differently. They run their business based on creative ideas.  They change concepts many times according to their interest. The implementation of the ideas are always “up there” instead of grounding it to make it happen. These entrepreneurs change their ideas so often that their original plans will not be implemented as how it was supposed to be. Due to constant changing of ideas, they can fail easily if they do not do a stop-check on what they want to accomplish in their business regularly.

 

It is important to do a self-reflection both professionally and individually.   Find out if you are heading to the right direction.  You will get the insights of the four types of approaches.  Make it balance in your own way.

 

The success and sustainability of your business are built on all 4 approaches –

‘The Analytics’, ‘The Implementers’, ‘The Socialites’ and ‘The Idealist’.

Therefore, be flexible, have an open mind-set, be aware of the latest trends. Communications and team work are vital in building your business.

 

Be persistence through failure because that’s where the learning starts.

 

Next blog, I will be sharing on the combination of the 4 approaches that I have shared in this article.

Leave a Reply

Your email address will not be published.