Many prefer to jump into entrepreneurship without truly understanding the 7 must-have things to improve their winning chances in business. Don’t do that. The outcome won’t be pretty and those mistakes will cost you money. You need to have all of these, not just one, two or a combination of a few to make it happen. No. It won’t work.
They are:
- Money
- Network
- Knowledge
- Soft Skill
- Experience
- Passion
- Grit
Money is badly needed here. Why? Because running and growing a business requires money, period. After money, you need a good network of enablers too. This refers to a circle of friends or connections whom you can turn to for help. These are the people who can bring your business to the next level. Knowledge is next in line. Deep knowledge about your products or services, your industry, your market, the consumer’s behaviour, your business ecosystem and so on will help a lot. Besides knowledge, soft skills are critical too. Without proper skills like communication, negotiation, and conversation with top people, your business won’t go anywhere. The market wants to deal with pros, not amateur players. Experience will teach you a lot of those small-but-significant lessons in-between all the seven traits lined up here which you won’t be able to acquire in schools, colleges and universities. You need passion to sustain the excitement and motivation long-term with a sense of purpose. And finally grit. You will experience the ups and downs when running a business. Grit will help you pull yourself together during those turbulent, difficult times and keep on going.
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