Why the willingness to take action is the most important characteristics of an entrepreneur? The most important is because without action then there will not exist the business and also entrepreneur.
In the previous post about Entrepreneurial Success Factors among the most important and foundation of the hierarchical structure of important factors for successful entrepreneurs is the willingness to take an action. Because of that I start this serial of post about most important factors with the action.
What is the Entrepreneurial Action?
Simply, an action is something that a person can do and make that happen. Take a decision to walk, talk, eat, drink… An also walk, talk, eat, drink…
On the other hand, entrepreneurial actions are applying some entrepreneurial activity. For example, to start a business, to invest, to expand the business, to improve the business, to market the business …
Taking action is composed from two processes:
- Making decision to take an action.
- Implementation of the decision for action.
Making Decision about Entrepreneurial Action
If you as an entrepreneur decide about action you’re on half way of full action implementation.
This is the most important element in the action taking process. Most important because if an entrepreneur not decides to take action, the action won’t happen.
How much faster is the process of decision making the faster will be the process of overall action taking.
How much better is the process of making decision, the better will be implementation of that action.
However, the speed of decision making affecting the quality of the decision. Because of that you must to optimize the process, if you would like to receive the best results for each action.
Ordinarily, decision making process can be done in the following steps:
- Find the problem.
- Collect information about the problem.
- Prepare alternative solutions.
- Analysis and evaluation of alternative solutions.
- Choosing the optimum solution – which will be action.
Decision Implementation about Entrepreneurial Action
When you already know what needs to be implemented, you already know the necessary steps for that entrepreneurial action.
However, this sub-process – implementation, can also affect the failure of the whole action taking process. If you don’t implement the decision, there won’t be action.
Once you made a decision to take any type of action, you must implement that decision without additional thinking’s. Thinking’s are finished in the process of decision making.
What have Influence on Entrepreneurial Actions Taking?
There are several elements that can affect an entrepreneur to take action. Some of these elements are reflected in our key factors of successful entrepreneurs (self-confidence, experience, knowledge and risk).
1. Self-Confidence
If self-confidence about action is greater, then will be more possibilities that an entrepreneur will take action. Adversely, when self-confidence is low the entrepreneur will not take action.
Tip: Decision making process should infuse enough self-confidence to implement that decision.
2. Knowledge
Self-Confidence is based on knowledge. From another side, if the knowledge about the problem is greater, the solution for entrepreneurs will be easier.
Tip: Increase the knowledge through appropriate study of the problem in the decision making process.
3. Experience
If you have experience in the action related area the more possible will be that you’ll be able to take this action. Adversely, when you don’t have enough experience you’ll have been feeling as unprepared for that type of actions.
Tip: The decision making process must eliminate the lack of experience to implement the decision.
4. Fear of Failure and Mistakes Consequences
The possibility of mistakes always existed and will always will exist. So, it’s normal to have a fear of making a mistake. However, sometimes the biggest mistake can be if you don’t take anything as an action.
Tip: If in the process of decision making, decision is supported by quality information, then the possibilities of mistakes will be much smaller.
5. Risk
For each decision and any action, there is a risk. The risk actually occurs when you exit the comfort dynamic balance in the status quo situation. And each decision and action hit directly in the comfortable position for you as an entrepreneur. Because of that the risk is ingredient part of the whole process.
Tip: If in the decision making process, the decision was supported by quality information, you will keep the risks to a minimal level.
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[...] the previous posts, I have covered the first layer of the hierarchical pyramidal structure – Willingness to take action. If you’re willing to take actions it is necessary to upgrade that willingness with the [...]