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3 Business Principles of Entrepreneurship for Business Success

Today we bring you the 3 Business Principles of Entrepreneurship so the entrepreneurs in town can have an upper hand in a growing market and can sustain themselves in crunch times. Most of us always think that an entrepreneur may be a rich guy with highly skilled technical knowledge. He may look cool and attractive at the same time but all this is a myth. Although you may find such an entrepreneur in the rarest case. At the same time, researchers claim that even though you may find successful entrepreneurs at a young age they might not have tasted huge success. Maybe they are still on the way.

The National Bureau of Economic Research claims that an entrepreneur is aged 40 years and an entrepreneur tasted huge success with high growth is 45 years old on average. And so becoming an entrepreneur is never too late. Gone are the days when starting your own business was difficult. Now becoming a solopreneur is easy and if you have the will, you will definitely find the way and taste success.

An entrepreneur is a new era

There is a huge audience shifting towards starting a business of their own. Jobs can bring many changes to life and one might sustain life but becoming your own boss can bring colours to life and if you succeed then there are endless opportunities to grow further.

As per Wall Street Journal, in the last decade, America witnessed a sharp rise in people opting for solopreneur rather than good payscale job offers. Statista claims over 86.5 million people may opt for freelancing jobs by the end of 2027.

The Corona pandemic was another big reason for the change. During the first half of 2020, Census Bureau data revealed over 3.2 million people applied for starting their own business. As millions are shifting their way of work, in the upcoming 5 years, we would witness a rise of business everywhere rather big or small. As the world is going digital, the road to success has become easier and there are no big rules causing hurdles.

Age is just a number in Entrepreneurship

Entrepreneurship is not about age, rather entrepreneurship gets better with age. The experience counts. Nonetheless, if you’re passionate and dedicated to doing something of your own then it doesn’t matter what place you belong, your age, etc. All you need is the inner will to fight the barriers that come along the way to success. Even a survey by Kauffman Foundation reported that over 70% of college lads and 50% of adults want to start something of their own.

Becoming an entrepreneur is never too late

Although much research suggests that younger ones have not tasted huge success than adults and below are few examples who has gained huge success that you may have heard of:

Chip Wilson

You might not be familiar with the name but Chip Wilson was just 42 when he founded many retail clothing brands among which Lululemon, a yoga-inspired apparel clothing company gained huge success.

Sam Walton

At 44, Sam Walton founded one of the biggest retail segment companies named Walmart. This company’s growth skyrocketed in no time and made him the richest person in America. Having good connections, experience counts but a lack of intent decides your fortune. Sam Walton had the right intent and always followed the 3 Business Principles of Entrepreneurship even at 44 to make his dream come true.

My Uncle

Last year during the corona pandemic, he founded a SAAS-based software BAAZCOP. Basically, this software is an employee monitoring software and gained success as work from home situations arose. This software analyzed and tracked the employee activity and informed about the same to company owners. He is just 52 years old ensuring one of us that age is just a number to become an entrepreneur.

There are many more individuals that started from nowhere and have reached heights. All we need is to follow the 3 Business Principles of Entrepreneurship. Never stop trying and never be afraid of failure.

3 Business Principles of Entrepreneurship are mentioned below:

●   Any business that carries new and unique ideation irrespective of the business being small or big, is a good sign of entrepreneurship.

●   You cannot be an entrepreneur if you run away from taking risks. With the resources, you carry in your armour you can take calculated risks wherever required. You should believe yourself and have confidence while taking risks.

●   Although you focus on profits while running any business, profits should not be the prime focus neither you should focus only on work if the business doesn’t give you profit.

If you’re making money selling your products online then you’re an entrepreneur. If you have an idea for a business and can entertain investors to raise funding for the same then that is entrepreneurship. Even if you’re a small-town guy with the intent to start your own startup then you’re an entrepreneur. Simply, decide a goal, work on it to achieve, never say no, and follow the 3 Business Principles of Entrepreneurship and you’ll get wings to fly high. Also never fear to fall as it is not destiny but falling or failure is just a small part of a successful journey.

The True Meaning of ‘Entrepreneur’

When we talk about entrepreneurs, the first image we imagine is Steve Jobs or Bill Gates. Yes, they built a great company but at the start, all they had was knowledge and passion to do something of their own. No one knew what they were up to. Even failure didn’t bother them unless and until they tasted huge success in their respected fields. Steve Jobs founded Apple and Bill Gates is the founder of Microsoft which are successful tech firms in this era.

Business Principles Of Entrepreneurship
Business Principles Of Entrepreneurship

To pursue your dreams, you’ve to come out of the box and stop giving the reason for what you don’t have. Your action shall speak louder. Even a small business startup like a freelancing job, gig job, or any other entrepreneur who is passionate about his/her work can become an entrepreneur.

The stereotype of entrepreneurship has changed over time. Innovation in technology and inspiration has got every person to rethink to start their own business or be the same. With no age barring, one can always become an entrepreneur. All you need is the belief, desire, intent, and passion to start something of your own. Becoming an entrepreneur is never too late.

Wrapping Up – Business Principles of Entrepreneurship:

So if have decided on your goal, make every step count rather you rise or fall, and never run away from failure. Not to forget the 3 Business Principles of Entrepreneurship as this guide will keep to motivated to chip in and break the odds to become a successful Entrepreneur.

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Written by Siddhi Bhanushali

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