Searching in my internal database related to data collected in the last eight years working with different entrepreneurs, from different business and different industry, I’ve noted some positive correlation between the success of the companies these entrepreneurs running and the level of understanding of their own entrepreneurial biggest responsibility.
What does it means?
It means that if they have better understanding about their entrepreneurial biggest responsibilities, the success of the business will come more quickly. Yes, that’s true. Because, if you know your responsibility as an entrepreneur:
- You will know what you need to do. It is important for you to know what you need to do, and more important to know what is expected from other people in your business from you. It will bring clarity and vision how your own work will be related to your business.
- You will do what you’ll need to do. If you know what you need to do and what is expected from you to do in your business, you will probably start doing that things. Think about blank to-do list at the beginning of your working day. How you feel in that moment? Probably confused and frustrated and if you don’t start to fill the list with the specific task your working day will finish chaotically. So, knowing what you need to do, will increase the probability to do that.
- You will do what you’ll need to do in the most effective way for you and your company. When you know what are your responsibilities, you will prepare yourself to do things related to that responsibilities and doing them on as much as possible better way of doing things. In such a way, you are improving the quality of the work you have done. Better quality of work you are doing will bring better results for your business.
So, let’s see what I mean about your entrepreneurial biggest responsibilities.
Entrepreneurial Biggest Responsibilities #1: Build Sustainable, Sellable and Scalable Business
This is your first responsibility as an entrepreneur, or a person who has started your own business. When you start designing and building your business from the foundation you will need to think about these questions:
- What sustainability means for me? When I already know what is the right sustainability for me, how my company can become as much as possible sustainable? What are necessary steps I will need to take on the short-term to make my company sustainable? What are necessary steps I will need to take on the long term to make my company sustainable?
- Can I sell my business? Who will be interested to buy such a company as mine? What they really will want to buy from me? What I will need to do in order to ensure that I can sell my company for the higher price?
- What scalability means for me? How scalability can be ensured? What I need to take in order to ensure that my company will continue to grow with the exponential rate?
Answering this questions at the beginning of your entrepreneurial journey will bring additional level of clarity related to the future of your company. That’s your responsibility.
Entrepreneurial Biggest Responsibilities #2: Developing the Best Products and Services
Yes, your responsibility is to develop and bring the best products and services on the market, something that doesn’t exist yet. So you will need to:
- Develop totally new products and services that don’t exist on the market with potential to change the world as we know today.
- Improve current products and services on the market. If you want to continuously satisfy your customer’s needs, you will need to think about improvements on everyday basis.
Having this in mind you will continuously search to be close to your current and potential customers in order to satisfy their existent and still non-known needs. Developing the best products and services you will deliver totally new wealth for you, your family, your customers and society as a whole.
Entrepreneurial Biggest Responsibilities #3: Continuous Improvement of Your Business Model
Your company will operate on the basis of the business model that you design, test, and run. If you want to develop and deliver the best value for your customers, you will need to have business model that will make it possible. Business model that will always produce the best possible results for your company.
Continuous improvement of the business model will bring continuous improvement and innovation in your business processes, products, and services. That’s something you want to achieve and that’s something as your own responsibility to initiate, support and implement.