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    Principles of Entrepreneurship

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    Malik Mohamed
    The document outlines six principles for entrepreneurs: 1) Reinventing the vision to take advantage of opportunities and shape it with customer and employee input. 2) Persistent opportunism by always looking for changes to exploit for growth. 3) Surrendering sovereignty by changing management style and hiring specialists. 4) Becoming competitors' worst nightmare through exceptional customer satisfaction. 5) Nurturing an entrepreneurial spirit by rewarding people for opportunities and sharing values. 6) Ensuring teamwork is the route to success through rewarding teams, cross-training, and aligning people toward common goals.

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    Principles of Entrepreneurship

    Uploaded by

    Malik Mohamed
    781 views7 pages
    The document outlines six principles for entrepreneurs: 1) Reinventing the vision to take advantage of opportunities and shape it with customer and employee input. 2) Persistent opportunism by always looking for changes to exploit for growth. 3) Surrendering sovereignty by changing management style and hiring specialists. 4) Becoming competitors' worst nightmare through exceptional customer satisfaction. 5) Nurturing an entrepreneurial spirit by rewarding people for opportunities and sharing values. 6) Ensuring teamwork is the route to success through rewarding teams, cross-training, and aligning people toward common goals.

    Original Description:

    REINVENTING THE VISION SUCCESS WITH PERSISTENT OPPORTUNISM SURRENDER SOVEREIGNTY

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    The document outlines six principles for entrepreneurs: 1) Reinventing the vision to take advantage of opportunities and shape it with customer and employee input. 2) Persistent opportunism by always looking for changes to exploit for growth. 3) Surrendering sovereignty by changing management style and hiring specialists. 4) Becoming competitors' worst nightmare through exceptional customer satisfaction. 5) Nurturing an entrepreneurial spirit by rewarding people for opportunities and sharing values. 6) Ensuring teamwork is the route to success through rewarding teams, cross-training, and aligning people toward common goals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    781 views7 pages

    Principles of Entrepreneurship

    Uploaded by

    Malik Mohamed
    The document outlines six principles for entrepreneurs: 1) Reinventing the vision to take advantage of opportunities and shape it with customer and employee input. 2) Persistent opportunism by always looking for changes to exploit for growth. 3) Surrendering sovereignty by changing management style and hiring specialists. 4) Becoming competitors' worst nightmare through exceptional customer satisfaction. 5) Nurturing an entrepreneurial spirit by rewarding people for opportunities and sharing values. 6) Ensuring teamwork is the route to success through rewarding teams, cross-training, and aligning people toward common goals.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 7

    PRINCIPLE 1: REINVENTING THE VISION

    This principle advocates that the entrepreneur must have


    entrepreneurial vision since vision is critical for providing
    direction for the entire company. But the visions must be
    changed and reshaped as the company being matured.
    Change the vision to take advantage of opportunities.
    Let your customers and employees shape your vision.
    Use the vision to create a common purpose
    Use the vision to motivate and challenge yourself and
    your people.
    Imagine a vision of excellence.

    PRINCIPLE 2: SUCCESS WITH PERSISTENT

    OPPORTUNISM
    This principle says that the entrepreneur must
    always keep an eye open for opportunity and
    positive change in business so as to create growth
    essential for long-term success.
    Exploit the changes in patterns.
    Scan everything to know the patterns.
    Respond to opportunities in problems your own,
    and those of your customers, vendors and
    competitors.

    PRINCIPLE 3: SURRENDER SOVEREIGNTY


    This principle says that the entrepreneur must change
    his or her management style in order to get over the
    brick wall. A transformation from a hands-on
    management to a professionally run company is a core
    theme heralded by successful entrepreneurs.
    Surrender the sovereignty of decision making.
    Hire management specialists to get back the fun of
    being an entrepreneur.
    Align people in the fight direction.
    Motivate and empower.
    Adapt and grow your management style.

    PRINCIPLE 4: BECOME YOUR COMPETITORS WORST


    NIGHTMARE
    This principle says that the entrepreneur must seek to
    become their competitors worst nightmare through
    customer satisfaction. Successful entrepreneurs said that
    the key is to make the satisfaction of customers the
    central focus of the company.
    Create new standards for customer satisfaction.
    Make satisfaction synonymous with your company name.
    Create a customer orientation within the company.
    Create and use a value system focused on satisfying the
    customer

    PRINCIPLE 5: NURTURE THE ENTREPRENEURIAL


    SPIRIT

    This principle says that the entrepreneur must


    encourage the entrepreneurial spirit in their top
    people, because it is peoples entrepreneurial spirit
    that creates and finds opportunities for growth
    Reward your top people when they contribute.
    Hire people who share your values and desires.
    Allow your executives to learn wisdom.
    Let go of executives that the company outgrows.

    PRINCIPLE 6: UNSTOPPABLE COMPANIES THROUGH TEAMWORK


    This principle says that the entrepreneur must entrepreneurs
    demonstrated and continually encouraged teamwork as the route to
    success.
    It is this strong sense of teamwork and focus that the entrepreneurs
    cited as the basis from which superior customer satisfaction is achieved
    and growth beyond the brick wall is made possible.
    Reward team results to prove you value the team.
    Cross train for team readiness.
    Use teams to align people toward common goals.
    Scale the team to match the problem.
    Use teams to beat down turf wars.
    Use teams to build mutual respect a team value.
    Build teams one person at a time.

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