#6 Simple Rules to Build a Successful Enterprise

For most entrepreneurs, the lessons learnt come through experience and the ability to undertake thorough research
#6 Simple Rules to Build a Successful Enterprise
Image credit: graphicstock
Founder, Dr. Bubbles
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Not every successful entrepreneur is a born prodigy. Most of them have achieved their goals in life by their spirit to experiment, their ability to tinker around with projects and the will to accomplish something.

Here are a few tenets to follow that can help determine the success of your business:

Have a Strong Passion for Your Dreams: The beginning step of every business idea is a dream and it is extremely important to have a passion to fulfil that dream. You may have left your cushy job to try your hand at a new experience and no matter how bad it gets, it’s this passion that will motivate you to go on every single day. As you move forward, of course, money becomes a crucial point of the journey. Nevertheless, money is not everything and what matters more is holding on to the passion that you made you take the first step.

Look For a Mentor Who Can Guide You: For most entrepreneurs, the lessons learnt come through experience and the ability to undertake thorough research. But it always helps interact with other successful people who have been there, done that. There have been cases of famous entrepreneurs seeking guidance from senior members in the field. Facebook’s Mark Zuckerberg was once mentored by Steve Jobs. Jobs was mentored by Mike Markkula — a early investor and executive at Apple. And Eric Schmidt mentored Larry Page and Sergey Brin of Google. Mentorship is a great way to gain experience from others. Everything you experience in such interactions will help you go a long way.

Plan Well and Execute with Dexterity: As they say, a goal without a plan is just a wish! You will always need to have a well-laid out plan to convert your otherwise intangible innovation assets into well-defined intellectual property to maximise their business value. This plan then becomes a major baseline for monitoring your performance. It lays out targets in all major areas: sales, expense items, hiring positions and financing goals.

Take Criticism Positively: Every entrepreneur faces critics all the time because with every success come people, who are all set to point out shortcomings. However, constructive criticism is not an insult and should never be taken personally. In fact, if you are a smart entrepreneur, you will determine how valid the feedback is and how to use it positively to your benefit.

Respect All your Staff: No business is complete without its people. Your staff and team are your biggest assets. It is of seminal importance that you give due respect to your staff –whatever positions they hold – so that they in turn treat the company and the product well.

Expensive Things do not Make a Business: The edifice of a successful business entity is not necessarily built on expensive possessions like a huge office space, pricey furniture or over-priced assets. A strong passion, excessive hardwork and the smartness to excel in the work are what mark the triumph of the venture. Particularly, when things don’t go well, it is the passion that will fuel you and keep you going.

In a nutshell, every business is unique, and there is no perfect formula to adhere to. However, following a few simple steps for the course of the business’ development can be a great help to make the enterprise a success story.

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur

Entrepreneur Media, Inc. values your privacy. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site (both directly and through our partners). By continuing to use this site, you are agreeing to the use of that data. For more information on our data policies, please visit our Privacy Policy.