How to think Success as an Entrepreneur like Dr Jay Feldman. It is what I have learned about success as an entrepreneur, says Dr Jay Feldman. The opinions of Entrepreneur contributors are entirely their own. What does success even mean? These are essential questions to explore, especially if it is just beginning.
Challenges of entrepreneurship
Never underestimate the challenges of entrepreneurship. Dr Jay Feldman explains starting a company entirely from scratch can be one of the most difficult things you will ever do. In the beginning, every obstacle and challenge will likely come your way.
Dr Jay Feldman
Let’s begin with the basics: The job of an entrepreneur is to invent, create employment and grow revenues. Before achieving it, you must first determine if your drive, determination, and confidence are strong enough to keep fighting for your dreams every day, regardless of the obstacles. Entrepreneurship may not be suitable for you if you lack the drive, determination, and perseverance to succeed.
Measure your success
Dr Jay Feldman explains that entrepreneurial success is not a zero-sum game. I do not compare my success with Jeff Bezos and Elon Musk. Their success does not hinder my success. They are my source of inspiration and new ideas. I consider myself successful if I am a little better today than yesterday.
Fulfillment is also a measure of my success. You don’t need to make a difference to be a successful entrepreneur. Owning a restaurant, bar, or online or retail store can be gratifying. You can also launch a niche product that attracts new customers. That’s successful entrepreneurship.
Remember that success doesn’t depend on the opinions of others
It’s about helping other people. All of us want to help each other. We are all like it. We all want to share in the happiness of others. As an entrepreneur, one way to help others is to grow your company and provide jobs and income for your employees. You can also make a difference in your customer’s lives by offering friendly, attentive, and respectful service every day.
Rethinking success also means rethinking greed. Today’s technology has enabled us to live a life, unlike anything we could have imagined. It’s time to rethink what it means for us to be wealthy. It is possible to be greedy for things that generations past have not had. The ability to be more productive at work and spend more time with those we love.
Focus on high-quality products and services
Your focus should be on the product or service that you are creating. Success will be yours if you have a clear vision and your product/service has a unique value in its market. Customers will tell you whether you are successful. Executing your vision and business plans to provide a high-quality product or service should be the priority. You can also create new demand with a completely new customer category. It is even better.
Role of entrepreneurship in society
Entrepreneurship refers to the ability and willingness of a person or group to start a business with the intent of making a profit, regardless of the financial risks. Entrepreneurship is a critical part of any economy.
Identifying market opportunities
Entrepreneurs are looking to meet client needs and improve their livelihoods by producing and distributing goods and services. The continuous market research gives insight into customer needs and informs decisions about providing goods or services. Dr Jay Feldman, for example, saw a gap in the online distribution of goods and capitalized on it to create a vibrant online business platform.
Creating opportunities for employment
The World Bank’s 2016 Kenya Economic Update estimated that 67% of the country’s private sector employment was attained in 2014. Its number is likely to have risen due to Kenya’s improved ease-of-doing business ranking. Through formal and informal ventures, entrepreneurs help to bridge the unemployment gap which has a positive impact on millions of Kenyans.
Contributing toward national income
Businesses contribute to government revenue, facilitating development. Further, entrepreneurs contribute to GDP. It is a sign of their importance in raising revenues, financing government projects, and contributing to economic growth.
Dr Jay Feldman mentioned that entrepreneurial enterprises open infrastructural developments in their communities. The development of infrastructure is often a result of the opening up of businesses.