Why are principles important to an entrepreneur?

“I think most people can learn a lot more than they think they can. They sell themselves short without trying. One bit of advice:  …make sure you understand the fundamental principles.” Elon Musk

Principles are a set of guidelines which should govern every aspect of our life, right from building a company up to working on your own confidence. Without wisdom we are doomed. And principles form an integral part of wisdom.

If you’re going to succeed in business, you must understand the principles that guide it. Most entrepreneurs make mistakes during the startup phase. The typical new business started in the United States is no longer in operation five years after being founded. That fact from the U.S. Census Bureau and the Bureau of Labor Statistics has been true for decades.

Statistics indicate that many startup firms manage to struggle successfully through the first year or two of their existence. However, something happens soon after. Sales level off, margins decline, cash flow stalls, and competitors begin to pay attention to that early success. Only a few entrepreneurs survive this critical period, or, in other words, manage to get over the “brick wall”. This brick wall is the critical boundary between an Emerging entrepreneur and Emergent entrepreneur.

We believe that there are fundamental principles for overcoming the brick wall and making the transition to sustained growth. Successful entrepreneurs are the ones who implement these principles.

If you think you are following the right principles to be an entrepreneur… Congratulations!

 

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