5 Tips for Successful Entrepreneurship
5 Tips for Successful Entrepreneurship
2 min. leestijd

5 Tips for Successful Entrepreneurship

For most small and medium-sized enterprises (SMEs), governance is something far away. In other words, measures of good governance are not yet part of daily practice. Particularly explosive growth and/or external demands, for example from an external financier, have changed this to date. Especially to make the likelihood and impact of risks manageable. Oddly enough, because fundamentally every entrepreneur wants to be successful and certainly not fail. Thus, corporate governance aimed at SMEs is actually relevant for every entrepreneur: it is about having control over realizing entrepreneurial ambition. And there's quite a lot involved. Therefore, we will be paying ample attention to this unexplored area in the world of the entrepreneur in the coming period.

Today, Route ICR shares the sixteenth article from the series 'How to practically implement SME governance'.

5 Tips for Successful Entrepreneurship

Amsterdam, April 8, 2022 - Entrepreneurship is simple. But the hardest thing there is, is to keep entrepreneurship simple. But why is that? Let's talk about that in the coming period. And also look at how that problem can be solved. Today, Route ICR shares the sixteenth article from the series 'Implementation of SME governance in practice'.

Perseverance, creativity, passion for your product or service, willingness to take risks, flexibility, commercial insight, and reliability. According to the Chamber of Commerce, entrepreneurs most often mention these qualities when it comes to the qualities of a successful entrepreneur. We would like to add 5 tips for entrepreneurs. Especially in their mutual interaction, these are decisive for successful entrepreneurship.

Tip (1) Crystal clear entrepreneurial ambition

To be able to steer purposefully, you logically need a goal. For entrepreneurs, the ultimate goal is equal to their entrepreneurial ambition. The focus we create with this is the starting point for steering and control. In other words, giving direction to and having control over the business operations of an ambitious entrepreneurship.

Tip (2) Structure as a hygiene factor

Structure creates clarity and support for yourself and your employees. It might be tempting to say 'yes' to everything. But it doesn't help to create the right focus. As a result, it is impossible to achieve effective and efficient processes.

Tip (3) Purpose-driven strategy

You have a better chance of success if you follow a strategy. And when following a strategy, focus is again very important. First and foremost for your marketing. For example, what value do you create for your (ideal) customer? Make sure to have a clear mission and vision (also within SMEs!), SMART objectives, and a tight business plan to achieve them.

Tip (4) Managing expectations

A gap in expectations between the executive room and the shop floor creates a lot of potential for improvement in many organizations. Delivering top performances requires a top team with highly developed team intuition. Managing expectations is a very important aspect of this. When people have clarity, they are more motivated and many times more productive.

Tip (5) Tight reporting as steering information

Measurement is knowledge. We all know the saying. But recording things is something many of us do not feel happy about. And that's why we tend to record less than is actually desired. That's a pity because as a result we often also have insufficient information to know where we stand. Whether it's about realized turnover, achieved margins, cash flow, or performances within operational processes. Think about the information needed to be able to steer (or adjust).

Actually, all of the above is nothing more than a way of thinking. Which also forms the basis for successful entrepreneurship. And therefore for a financially healthy company. Another good reason to implement corporate governance in practice in SMEs. The route to being a successful entrepreneur!

Over de schrijver
Entrepreneurs take risks and are incredibly important for our economy. Unfortunately, a good balance between work and private life is often lacking. It is precisely this that drives Paul Joore to have a positive impact on the lives of entrepreneurs and contribute to their success.Paul is the ambitious founder of the online Route ICR platform for successful entrepreneurship. He is also the author of the entrepreneurship book ‘Succesvol groeien doe je zo!’ (Successful Growth, How to Do It!). "I believe in setting seemingly unattainable goals. Challenging oneself, innovating, and constantly improving. Supported by a well-structured organization."Paul has tens of thousands of flight hours in the business world, with a background as an entrepreneur, coach, interim manager, and former chartered accountant. Always focusing on realizing challenging goals as effectively and efficiently as possible: in other words, being successful through being inControl, in the entire process from true ambition to result.This only works by thinking, planning, and acting from a goal-oriented structure. In the SME sector, there was a lack of knowledge and experience in this area, and well-thought-out solutions were not available. Therefore, Paul decided to create this himself.In many SME businesses, the 'madness of the day' reigns. As a result, entrepreneurs are not inControl when it comes to achieving goals, let alone challenging ones. Therefore, they also do not realize their true ambition. Worse, for many, this ambition is not even crystal clear. And how can you work towards a goal without having a real one? Logically, there can also be no balance between work and private life. And no balance means no rest.So, the Route ICR web app helps entrepreneurs and teams to be inControl in the entire process from ambition to result. With the ICR "InControlRating" of your business as a growth compass. Very clear and handy to know through one number how your business is and will be doing. So you know whether you will achieve your goals and be successful from this starting point. And if the score is disappointing, you also know what to work on to improve.This way, you gradually work towards a better balance in your life, feel good about yourself, and have a positive mindset! Are you curious? You too can experience the Route ICR web app for 14 days free of charge, without obligations!
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