The essence of entrepreneurialism

Communicate effectively

Entrepreneurs recognise that the most important part of any business is the ability to communicate assertively with others. Relationships with people are critical. Entrepreneurs sharpen their communication skills, whether they are spoken, written or conveyed non-verbally (body language).

The best communicators often are the best listeners. Good entrepreneurs have good listening skills. Communicating in the correct manner will not only get the message clearly across, but will help empower and motivate others.

Maintain your honesty and integrity

For sustained growth it is important to treat others with honesty and integrity – whether they are your own employees, customers or other stakeholders in the business. The saying ‘what goes around, comes around’ is very true.

Don’t be put off by failure

Entrepreneurs recognise that all business ventures carry risk. Nothing is foolproof. Sometimes things don’t work out as planned, but it is important not to lose heart. Entrepreneurs do not give up easily. 

Take the corrective actions to turn things around if necessary. However, if it ultimately fails, you must learn the lessons from the failure and start again at the earliest possible moment. Entrepreneurs never make the same mistake twice.

Stay ahead of the competition

Many businesses are born because the entrepreneur knows that they can do a better job than others. In fact, entrepreneurs thrive on competition and it gets the best out of them. Entrepreneurs seek to gain competitive advantage over others by looking for opportunities and acting on them quickly – and they tend to stay ahead. They are more flexible and able to respond quickly to the changing environment.

Network

Entrepreneurs are great networkers. Person-to-person interaction is very important if you are going to build a business. Entrepreneurs build a broad database of contacts they can call on from time to time.

Innovation

In today’s ever-changing environment, you have to be innovative to stay ahead of the game. Being bold by nature, entrepreneurs are willing to take the risk of innovation. 

Innovation can include driving new income streams by offering new products and pharmacy services. It can also mean driving efficiency and helping to cut costs. It can also result from simply adopting new working practices, or through the use of technology. To an entrepreneur, it is not abnormal to open a new door when another one shuts.

Pause to reflect

• If you don’t have a business mentor, think about what kind of mentor would be useful. Do you have anyone in your network who might fit the bill? If not, is there someone you know of that you think might be useful as a mentor to you? Write their names down here, and make a few notes about how you might contact anyone you don’t know to see if they might agree to help.