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The 5 Laws of Good Entrepreneurship

In 2011, we brought you ART-E: The Master Entrepreneur and to celebrate its release in actual print format, we would bring you a small segment on the 5 laws of good entrepreneurship to get you pumped up for a successful 2012 for your projects. When starting a project, here are the basic laws that apply to every successful entrepreneur…

1. Vision is key

Knowing where you are heading is very important and cannot be stressed enough. You are the driver of your project/business, and only you know where you are supposed to end up. As the visionary, having a clear vision and more importantly being able to share your vision with your team is our first law. Dont believe us, just ask the Toren brothers who wrote an entire award winning book on vision called Small Business, BIG VISION.

2. Execution is more powerful than planning:

It is so easy for anyone starting a new project to get caught up in the planning stages as we can never be too sure before we actually start executing but unfortunately it is one of the basics that keeps us from being successful. There is always a risk around execution as a lot of it is primarily trial and error and no matter how good you get, there is always a bit of trial and error in entrepreneurship but its important to learn to risk the execution and do more for it, as ideally the one who tries and resolves the errors faster is the one who takes the prize home.

3. Distractions are not allowed:

As you start your journey to the top, distractions large and small, will come your way. Your daily activities will have to shift as we no longer have time for them since your new project needs your entire attention. Distractions are real and very likely to occur. Your objective is to ensure you lower the instances of controllable distractions and find ways to quickly resolve those unexpected ones. Mastering yourself is very important if you plan to master the realm of entrepreneurship.

4. Giving up is not an option:

Giving up is an option and always will be one for the weak, those that give up shouldn’t have ever started. Failing throughout the process is very likely and adjustments in your execution will have to occur before the final product comes to life but giving up should not be an option if you believe in your vision. Learn to fail, learn to adjust, but never give up…

5. Fear is your greatest enemy, learn to make it your ally:

Having anxiety of the unknown is normal and expected in your project but it is how you handle the fear that ultimately allows you to win or lose in your quest for success. We discussed turning the fear into adrenaline and allowing the adrenaline to become positive energy in STAY POOR and it is very necessary for you to learn to contain your fear and leverage it to help you rather than keep you from accomplishing the unknown. Remember that entrepreneurship is about creating something out of nothing and with the entire journey being unknown, that cannot stop you or scare you.

There you have it, make sure to pick up a copy of ART-E and learn the true art of good entrepreneurship in order to have a successful 2012.

Now that you got a chance to learn a little bit about entrepreneurship, much more is revealed in our book ART-E: The Master Entrepreneur. Inside the book you will find real life stories of successful entrepreneurs, who also created successful businesses while working full time jobs. You will learn how they were able to succeed regardless of their circumstance.

art of entrepreneurshipIn addition to their stories, you will learn how to:

  • Discover profitable business ideas easily.
  • The most common mistakes entrepreneurs make and how to avoid them.
  • Learning to accept failure as source of motivation.
  • Discovering your true competitors and how to analyze them properly.
  • Knowing when to call it quits if your idea doesn’t go as planned.
  • And much more…

Click here to learn more about ART-E: The Master Entrepreneur.