Business Philosophies - Top 8 Philosophies Of Business
Written By : Bakkah
29 Jan 2023
As an entrepreneur, it may take you years to find your own path for both your work and personal life, and you’ll still continue learning as long as you live. The most important lesson you may learn about entrepreneurship is to get the world’s news. Knowledge is power, and staying connected to things is essential for becoming a better business person. Such a philosophy stares you in the face every day, but yet you miss seeing it. Read on to discover more entrepreneurial fundamentals that will change your life.
1. Pursuit of Excellence
Practically speaking, this means you will fail every day you fail. Most entrepreneurs don’t strike it rich with their first startup. They face countless risks; some may lose millions of dollars, or even make mistakes more than they expect!
Just because you are struggling does not mean you are failing. Your greatest successes come as a result of the failures you experienced along the way. The moment you stop is the day you fail. As long as you keep chugging along, eventually, you will accomplish your goals.
2. Accept Help
When you’re first starting out, you have a lot to learn and are often tempted to try to do it all. There are a lot of things that come with being a founder and it’s never easy to do it all yourself. You will always be overwhelmed and never get enough sleep. It’s okay to get a co-founder or high-potential employee(s) who would take care of the day-to-day while you worked on big dreams.
3. Open Door for Others
Entrepreneurship isn’t just about you. Business is all about relationships. You won’t be able to fulfill your dreams without the help of other people, and you have to help people to get what you want.
Provide value and expertise, and allow others to grow beyond you; no matter how big or small they may be. Sooner or later, the universe will pay it back tenfold.
4. Ask "Why"
It’s easy to get caught up in the whys and the what-ifs. The key is to set aside your emotions and follow the questions themselves. Why is this happening? What’s in it for me? The answers are going to steer your life, business, and personal decisions more than any other factor. Remember that entrepreneurship is a discipline, not an art form, and entrepreneurs are problem-solvers and premeditated perfectionists.
5. Be Wherever Honesty is
On one hand, you need honesty as you are building a business reputation that affects both brand loyalty and brand perception. Let people see the reasons to trust you and show them that you are genuinely interested in them and their happiness, not really their money.
On the other hand, as an entrepreneur, you will have to look to other people for feedback and advice. The best advice you will ever get is the truth. The truth may hurt, so don’t expect the truth from people who care about saving your feelings. That won’t help you accomplish your goals; it will just put you back.
6. Be Limitlessly Focused
Staying focused helps you get more done in less time. While that sounds simple enough, it’s not always easy to put into practice. If you don’t focus on your core business model, you’ll find yourself spinning your wheels and getting nowhere.
To avoid being distracted, maintain moment-to-moment awareness of where you are and what you’re doing. Avoid getting sidetracked by people who are not on track and surround yourself with like-minded, successful people.
7. Be Open-minded
Open-mindedness involves being receptive to a wide variety of new ideas, arguments, and information. Being open-minded is generally considered a positive quality. It is a necessary ability in order to think critically and rationally.
Not only you but also the people you deal with. You will be strapped for time as an entrepreneur, especially when you are just starting out because you won’t have much cash or people to help you. Know that the hardest thing to open is a closed mind, and do yourself a favor by not wasting your time with people who are close-minded.
8. Live by Principles even if you Have to Walk Alone
Businesses come and go, but the one thing you should protect more than anything else is your reputation. While it is good to work with people’s opinions, it is always better to hold unto yours, especially when you are convinced it is the right thing. Remember to live in such a way that if someone spoke badly of you, no one would believe it. Commit to principles and values, as they create a brand out of you with time.
The best entrepreneurial lessons may be simple as they are reinforced by the simple life that brought them about, but the real challenge lies in putting them into practice. You don’t have to worry. Forming new habits is not impossible, you just need to be persistent. Stop thinking, and start being!
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