Before I talk about how to succeed, I need to talk a bit about failure. In Silicon Valley, failure is lauded, especially fast failure. The theory is that you learn by your mistakes. Ironically, most of the people who have the created the most successful businesses had no real history in their market and even less so-called experience. Indeed, their very ignorance of the potential pitfalls seems to have been what enabled them to succeed. Walking a high wire, it seems, is much easier when you don’t think there’s a 100-foot drop on either side. Put another way, success is a function of our belief that we will succeed and our determination not to fail.
Here are the 8 rules as an entrepreneur
1. People are more important than strategy:
If you focus on finding people you want to be with and who you think are talented, chances are you’ll come up with great ideas together that will work. If you start with an idea and then try and find the talent, chances are you will be putting a square peg in a round hole.
2. Know what customers really want:
Business school teaches the importance of listening to customers. That’s great if you know what to listen for. Sometimes customers don’t know what they need but can describe what they really want or what they hate. For example, people don’t want to buy gasoline, but they do want to be able to drive to the beach. Henry Ford has often been quoted as saying, “If I’d asked my customers what they wanted they’d have said faster horses.” Whether he said it or not, the point is a good one. What business you are in is driven by your ability to know what people really want, not what they say they want.
3. Market size is everything:
When VCs look at any investment, they will try to forecast the potential market. If the market is big enough, even a half decent company could get to be a decent size. Dominating a really small market may take ten times the effort. Work out how big your opportunity is and what piece of that market you think you could own.
4. Be the customer:
How many times have you seen employees acting against the interest of their company, because the rules of the company made them act that way? Billions of dollars are lost every year because employees do what they’ve been told to do, not what they think they should do. If you are constantly putting yourself in the shoes of the customer and listening to your staff, you will eliminate the craziness.
5. Don’t chase bad revenue:
When starting out, you want customers, but be wary of taking just anyone’s money. Some customers can be bad for business, especially in the services sector. If you take on customers that pay well but make your employees’ life hell, they’ll rightly quit and then you won’t have a business.
6. Understand your culture:
Businesses are like families; they have values and a way of being. These are often a function of the leader or founder’s values. As you grow, you need to be sure to involve people who share those values. For example, if your company has a laid-back, fun culture where you empower people and don’t take yourselves too seriously, then don’t hire people who want a corner office and an assistant. Culture can make or break a company. If you don’t know what your culture is, you’d better find out.
7. Timing is everything:
One of the biggest reasons businesses succeed or fail is a function of timing. Being in the right place at the right time matters. All of which goes to my first point about not fearing failure; in life, you don’t always know until you try.
8. Think about growth:
We have all wondered what we’d do if we won the lottery. When starting a business, you need to think about what happens if it actually takes off. How will you scale? Who would you hire tomorrow? Would you open up in another city? Would you franchise the business? If you are trying to build the airplane while flying it, don’t be surprised if you crash.
MORPHEUS HUMAN CONSULTING provides an Excellent Business Platform for Recruitment with Low Investment and Minimum Risk along with Reasonable ROI with the benefits of a Household Name and a dedicated Team supporting YOU with timely guidance on how to operate effectively.
Some Of Our Franchise Reviews:
1. All along my life I wanted to become an entrepreneur. Morpheus Human Consultant has given me a chance to accomplish the same. I chose MHC because I think its business model is unique and futuristic. My association with Morpheus is still in infancy. But I am really impressed by the concept behind “Talent Now” and professionalism being displayed by “Support Team”. – (Franchise Partner – Pune)
2. Working with Partner like you makes our business a great joy and to have own business after working for over 25 years in various industries gives satisfaction. The first year was not encouraging and went in loss but with the great provision from support team, Client Relationship Manager, Talent Acquisition Team we were able to understand the business and earned a great profit from our business. One more positive feedback that I would like to add is the total transparency in the work process. Thanks for your support. – (Franchise Partner – Mumbai)
3. I always wanted to balance my career and personal life without sacrificing my professional responsibilities and working with Morpheus helped me manage both the things. Working with Morpheus keeps me updated with the current job market scenario. To be frank, I have not got any financially benefit but haven’t loose also anything instead had great experience to start my own business in HR field. – (Franchise Partner – Delhi)
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