Entrepreneurship is gaining popularity. People like you are taking the idea of starting your own business more seriously. Maybe you are upset at your job, or want to pursue a dream, or are just excited at how easy it is to set out along the entrepreneurial path today. Whatever your reasons, it is important that you understand the pillars of launching a successful enterprise.

The 4 key elements are to:

  • spot opportunities
  • assess them sensibly
  • select the right choices
  • execute confidently and effectively

How To Spot Opportunity

The first key element of being an entrepreneur is to identify opportunities that exist. Can you identify an unmet need? This involves spotting market inefficiencies, which leave a loophole wide enough for an intelligent competitor to exploit. But nothing is clear or cut-and-dried about this process. It’s kind of messy. And entrepreneurship involves working within this situation to figure out potential solutions that no one else provides for a problem – and thus creating a new opportunity.

How To Assess Opportunities

There are simply too many rabbit-holes down which you can scurry in search of your business model. The secret to entrepreneurship is to focus on the ones that are best aligned with your strengths, talents and capabilities. Analytical skills come in handy in assessing these options. The chance of success must be weighed against the cost of establishing your business and executing your plan.

How To Select Ideal Opportunities

Apart from the effort and money that you will lose by picking the wrong choice, there is an “opportunity cost” which is measured in precious time. The time you spend chasing the wrong opportunity might have been better deployed in another venture with greater possibilities. Entrepreneurship is about assessing opportunities carefully before coming to a decision. Once the decision is made, there is no room for second guessing the choice, or delivering anything less than maximum effort towards making things happen.

How To Execute Confidently

The ability to squeeze the greatest value from any business opportunity requires the capacity to execute your plan masterfully. Becoming an entrepreneur involves having passion, purpose and persistence as you flesh out your plan and build something of value. You must know what tasks take higher priority, and get them done in a timely fashion. Having a well-thought out and detailed business plan written so that you can refer back to it often will make a huge difference to your success.

 

Understanding these four pillars of entrepreneurship helps budding entrepreneurs like yourself gain better insight into the path you choose for yourself. It can be a dangerous and risky path if you set out along it recklessly and without planning. But if you take the intelligent route, implement principles of time management, focus and goal setting into your entrepreneurial career, this can be one of the most exciting, satisfying and profitable endeavors of your life.

Time Management Tao can help you along this path by teaching the powerful concepts of how to:

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Entrepreneurship – What Does It Take?
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