Akinpelu Babatola
Guest Writer, The Xpress Train 

An entrepreneur’s path is not an easy one to follow. It requires not only dedication, but also innovation. If you intend to toe this path, there are certain principles of successful entrepreneurship that you must follow.

Following these principles will aid you greatly. They will most definitely improve your journey into entrepreneurship and boost your chances of success.

So what are these principles? Well, continue reading, and you will find out.

5 principles of entrepreneurship

  1. Have a clear goal in mind.

Entrepreneurship is not a path for the money chaser. If you are all about making quick money, it isn’t for you. Many make this mistake starting out.

They have it in their heads to make quick cash. Unfortunately, this is not the intention of a true entrepreneur.

Entrepreneurs have a goal or goals in mind. Their aim is to provide practical and long-lasting solutions to existing problems.

While money is a consequence of entrepreneurial endeavors, it comes much later.

  1. Build a strong and right team.

A good team can make your startup. A bad one will break your startup. Without assembling a good team, your startup idea might never see the light of day, and you will be stuck at the decision-making table forever.

Choose people with the necessary skills to build, launch and grow your idea. Also, assemble a team where members have complementary skills.

With the right team, your idea will grow beyond your wildest imaginations.

  1. Be accountable.

Actually, make sure everyone involved is accountable to a large extent. The degree of accountability of you and your teammates can either push or pull down your business.

Keep detailed records of finances. Track who is supposed to be in charge of what. Make sure everyone is working when they should be.

Accountability goes a long way in improving the management of your business. It is also good practice to keep all your investors updated. This will strengthen their faith and trust in you.

  1. Prioritize your activities

Daren Smith (theselfemployer.com) said “Decide what to do and do it, then decide what not to do and don’t do it” In essence, rank your activities in order of importance. Once you’ve done this, then act on them without delay. 

You should also note that successful entrepreneurship involves delaying gratification. If you plan on getting yourself that mansion with your first windfall, discard that idea. Instead, focus on growing your business.

  1. Be a risk-taker.

Jack Canfield, author, motivational speaker, corporate trainer, and entrepreneur, once said, “Everything you want is on the other side of fear.”

Entrepreneurship is filled with takings risks. There is no successful entrepreneur that has succeeded without taking any risk. It is next to impossible. 

I know taking risks can be daunting. But this is the price for success. Having said that, remember that running a business is not the same as living your personal life. 

Businesses affect more than just you. They touch your team as well as your customers. When you are taking risks, make sure that they are calculated risks.

There should be prior evidence and data to back whatever risky venture you are going into. If it’s a new field, then don’t just dive in. Make sure to test the waters. 

Successful entrepreneurship isn’t an impossible venture. Admittedly, it can be difficult. Remember to never give up and keep your goals in mind, and everything will eventually work out.