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Is there a guaranteed formula to success in the field of entrepreneurship? The answer is clear – there is no sure formula to achieve it. If you will look at the individuals who achieve success in this field, you will find out that the paths they took are as unique as the entrepreneurs themselves. However, the way they behave may be distinctive; the way they think is not.
A recent study was conducted about the success in entrepreneurship. It was done by Saras D. Sarasvathy from the business school at the University of Virginia and the result was stunning. These successful entrepreneurs followed a similar approach. Successful entrepreneurs in this study were defined as those who have been successful in starting and growing two or more companies. This approach can work for you as well. Here are the approaches:
These successful entrepreneurs really desire what they want to do and then set out to act on it. Desire is necessary and if you don’t have it, your best efforts will fall short.
Successful entrepreneurs start their journey with small steps that will lead to their objective and goal. It is true that the start is risky especially if it is something new to you. Therefore, it is logical that you have to take small steps and learn along the way.
Along the way, these successful entrepreneurs will pause and check out what they have learned in their journey. These lessons will teach you about your goal – if you are still on the right track, if your goal is still within reach or the market is telling you something about your path. It is common that you will come to a halt in your journey and this will allow you to reflect on everything.
After the reflection, you repeat taking small steps again. You repeat taking risks and the cycle will go on.
Therefore, before you engage in entrepreneurship, you have to figure out what you really like and what you truly want to do. And then, according to Paul B. Brown, who is a former editor and writer at Financial World and Business Week, Inc. and contributor to Forbes, you have to ‘act, learn, build and repeat’ after knowing what you truly want.