Even we continuously talk about the responsibility I am not sure that all entrepreneurs understand what exactly means their entrepreneurial biggest responsibilities. Here, I want to present some of my notes related to this subject.
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 are running and the level of understanding of their own entrepreneurial biggest responsibilities.
What does it mean?
It means that if they have the better understanding of 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:
1. You will know what you need to do
It is essential 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 work will be related to your business.
2. 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 those things. Think about blank to-do list at the beginning of your working day. How do you feel at that moment? Probably confused and frustrated and if you don’t start to fill the list with the specific tasks, your working day will finish chaotically. So, knowing what you need to do, will increase the probability to do that.
3. You will do what you’ll need to do most efficiently for you and your company
When you know what your responsibilities are, you will prepare yourself to do things related to that responsibilities and doing them in the 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 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 required steps I will need to take on the long-term to make my company sustainable?
- Can I sell my business? Who will be interested in buying such a company as mine? What do they want to buy from me? Also, what will I need to do to ensure that I can sell my company for the higher price?
- What scalability means for me? How can scalability be ensured? What do I need to take to ensure that my company will continue to grow at the exponential rate?
Answering this questions at the beginning of your entrepreneurial journey will bring an additional level of clarity related to the future of your company. That’s your responsibility because it will depend only on you.
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 entirely new products and services that don’t exist on the market with the potential to change the world as we know today.
- Improve your current products and services on the market. If you want to satisfy your customer’s needs continuously, you will need to think about improvements on the everyday basis.
Having this in mind, you will continuously search to be close to your current and potential customers to satisfy their existent and still not-known needs. When you develop the best products and services, you will deliver new wealth for you, your family, your customers, and the society as a whole.
Entrepreneurial Biggest Responsibilities #3: Continuous Improvement of Your Business Model
Your company will operate on 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 the business model that will make it possible. You will need the business model that will always produce the best possible results for your company.
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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 responsibility to initiate, support and implement.