THE ENTREPRENEUR'S EDGE
Sep 17, 2017
The entrepreneurial edge is a term that isn't easy for many to understand, much less to define within the frame of words. But, the basic concept of having an edge, or the slightest of advantages, over your competitors through a select few practices that only you live by, or workplace values only implemented at your company, is one that resonates with almost every thriving entrepreneur. Therefore, here are a few observations about practices that have been responsible for catapulting many a successful businessperson to prosperity for educational purposes targeted at budding entrepreneurs.
Possessing an edge is almost always achieved with clarity of vision by an entrepreneur's side, and it's the daily performance of tasks such as prioritisation of one's workload that can often alleviate much of the angst associated with growing a personal venture. But prioritisation of one activity over another can only be seen through if an entrepreneur has sufficient information about both, and the consequences lying in wait if one is delayed in favour of the other. Thus, an entrepreneur must always stay atop the flow of information circulating through their venture, and satisfactorily recognise the advantages or disadvantages each option on their to-do list entails before proceeding forward with any of the myriad of tasks necessary for their business' growth. This prioritisation in question must be balanced on two, very distinct levels - daily and long-term, for the concerns relative to both can often be diametrically opposed to one another, and its the job of a successful entrepreneur to make sure none of their decisions contradict each other and thus create a problem for either of the timelines. Equally important as prioritisation is the sufficient communication of the same to one's subordinate employees, if any, for such an approach not only greatly reduces the workload in the particular department the entrepreneur deems in need of their attention, but brings, both, employer and employee on the same page and gear for the achievement of the company's objectives together. Moreover, the consistent communication by the entrepreneur of their priorities aids employees in dedicating an added amount of effort toward the facets their superior desires results and recognisable yields in, while, at some point, they can thus be capable of identifying for themselves what their firm requires at any given period in time.
Vision and clarity, in context to their personal career and the venture they're currently dedicating themselves toward, can also aid entrepreneurs in the adoption of strategies for their ventures. As retrospective successes of fabled entrepreneurs entail, businesses can require a re-incarnation of sorts, through the changing of their business plans and strategies, during almost every large shake-up that might affect the financial sector they thrive within. The reverberations of a period of either considerable gain or loss within the greater regional market reach all businesses, and handling these effectively and without losing much of the value their venture has managed to garner requires entrepreneurs to drop even the practices that have worked for their business in the past and adapt to their current environment. An example would be a particular company shifting its primary objective as a business from achieving profits to growing at a rapid rate in a market that is perhaps favourable to their product and offers them an opportunity for capturing a greater share within it. The identification of times like these when their venture requires a makeover can only ever be done by an entrepreneur who possess significant knowledge about the sector surrounding them and the competitors they constantly are at loggerheads with. Though many businesses can often be catapulted to success despite their owners only being educated upon the value of their own product, long-term success can only be built upon an entrepreneur who has an edge over the others with their extensive knowledge, and it's therefore essential that any businessperson first and foremost dedicate themselves to gaining all available education about the field they're about to dive into.
The so-called edge also can be found with those willing to constantly learn about even those facets in which they've achieved prosperity in, and an open-minded approach is thus invaluable. Those capable of keeping their entrepreneurial pride at side and receive all the information coming toward their way simply through working toward their own success are better suited to handling tough times as a businessperson and have the resources necessary to emerge over them unscathed. Mentors can be found in abundance today, with some of the most noted entrepreneurs too lapping in the advice of those belonging to the previous generations of their trade, and its the understanding that taking lessons of knowledge from those with more experience when finding oneself at a dead-end that aids many a professional find solutions even when most options seem exhausted.
The traditional litmus tests of an entrepreneur's fibre, their dedication toward their craft and the hours they're willing to put into it for the sake of its growth, remain effective in identifying those capable of gaining success from the rest, but the entrepreneurs indulging in some of the above stated aspects and possessing an eternal thirst for growth through learning can almost always be guaranteed of standing head and shoulders above the rest and therefore be seen as those wielding the "entrepreneurial edge".