April 27, 2021
Entrepreneurship Boiled Down to the Essence

Number One: Take your time to develop an inspiring mission statement for your business idea. Keep it short and memorable, make every word important!

1. Take your time to develop an inspiring mission statement for your business idea. Keep it short and memorable, make every word important!

2. Don’t do too much – instead: focus! This applies to the tasks as well as the product range. It’s better to do less but good and with full attention!

3. Create a Mission-Vision-Strategy and make sure that everyone – really everyone – in your team is aware of that strategy. The best way to contribute coherently to the success of business with full force!  

4. Define precise Objectives and Key Results (OKRs) as a framework for business and a guideline for your team. Keep in mind: Key Results have to be measurable with a clear number attached!

5. Always strive for outcomes as Key Results that describe and measure impacts and not efforts. Efforts can tie up a lot of resources, but the outcome and utility are unclear until you measure the impact of an effort!

6. Know what you don’t know, get advice! Identify areas in which you need help from outside. Also discuss the most relevant business decisions with a mentor. But don‘t get off the road by each and every advice!

7. Use your Mission-Vision-Strategy as initial point for your communication. If your internal and your and external communication is aligned, you have a better impact and storytelling.

8. Fully understand your customers, get feedback! Talk to your customer base early when you start a business and constantly. You can always learn from them!

9. Entrepreneurship is all about uncertainty reduction! And the fast way to reduce uncertainty is fail and error. But don’t get frustrated – keep in mind that Entrepreneurship is a muscle you have to train by both: learning and doing!

Photo credit: Photo by Jonas Jacobsson on Unsplash

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