10 Concepts That All Entrepreneurs Must Understand

By Jay Shifley

Are you an entrepreneur?  Here are 10 concepts that you MUST understand.

  1. The best entrepreneurs don’t come up with great ideas.  They solve problems.  The mantra of the OnRamp is that business is about finding a problem, solving that problem, and then making money from solving the problem.
  2. If your customer doesn’t like the product, you can’t solve that by pricing, promotion, or positioning.
  3. Creativity is good, but creativity that is not tied to making money is not business. It’s a hobby.
  4. Develop an advisory team with people who see things differently than you.  You need the ideas and interaction.
  5. Fail quickly and cheaply.  Don't drag out an idea for a year that obviously is not working.  Get in quick, and get out quick if you are failing.
  6. If your guests don't like your dinner, it probably is a bad dinner.  You don't determine what is good; your customers do.
  7. Make mistakes and learn from them.  Prove you've learned from them by not repeating them.
  8. Stop thinking about it and do something about it.
  9. Don't take large risks.  Take calculated ones.  But take risks, please.

And a bonus idea:  Give up control.  Release your team to do what they do best.  If everything must flow through you, you create a bottleneck and stifle the creativity of your people.

These are very important ideas.  If you keep these in mind, you will have much better success in accomplishing your business goals.

 

 

Originally written: January 15, 2018

 

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