I was able to learn about the entrepreneurial strategies for success. From the article of Renee and Martin (2012), I learned that there are certain traits successful entrepreneurs have. I realized that even though successful entrepreneurs are risk takers, risk taking should never be confused with being reckless. In fact, from the article, I learned that a successful entrepreneur is one who trusts his gut (Renee and Martin, 2012). He is one who trusts his instincts. I got knowledge that this is effective in increasing the confidence in carrying out new, untested ventures and ideas. Equally, I learned that successful entrepreneurs think differently and never say the common adage "It won't work". They buck the conversational wisdom. They continuously veer away from the already established way of thinking and formulas. They directly attack a challenging convention simply to gain a competitive advantage.
I also learned from the article that to be a successful entrepreneur, a person should never accept the limits that circumstances or people place upon him/her. I realized that there should be room for failure or adversity. Therefore, I realized that to believe in oneself is very crucial despite the derision of others in their past. Equally, I learned that a successful entrepreneur constantly spot new trends and turn them into opportunities. They pounce on new trends (Renee and Martin, 2012). They continuously look for opportunities from advancements in technology, cultural changes or from changes in the economy. Lastly, I got knowledge that they strive to find underserved market niche, they explore competitors’ weaknesses and turn them to their strengths, and always reinvent in their companies (Renee and Martin, 2012).
Reference
Renee and Martin, D. (2012). Ten Entrepreneurial Strategies for Success. Retrieved 24 September, 2012 from http://www.businessknowhow.com/startup/entrepreneursuccess.htm
Timmons, J. A. and Spinelli, S. (2009). New Venture Creation: Entrepreneurship for the 21st Century. McGraw-Hill.
