The Cycle of Entrepreneurship

Entrepreneurship isn’t a goal. It’s a process, and it often takes a lot of hard work and the acquisition of new skills for you to reach your full entrepreneurial potential. This is because the more that you learn, the more you are able to contribute to the entrepreneurial process. Contributing to the entrepreneurial process is important as by playing an active role, existing ideas are able to be refined and new ideas developed.

Coming up with new ideas and the development of existing ones is crucial for businesses. In fact, these are the two main things that distinguish your business apart from its competitors. Thus it can be argued that by actively moving forward, learning new skills and taking in new information from various sources, businesses and business leaders are able to progress more rapidly.

Big co-operations have been very good at implementing this. Through continuous staff training programs, enhancing individual skillsets and evaluations large companies understand the need to move forward in an active way and have the resources to help them maintain their positions as business leaders. However, development and idea refinement are two main elements which can help small businesses and start-ups to develop. An easy way start-ups can start to do this is via the cycle of entrepreneurship:

Learn new information or a new skill. Either by going on a training course, talking to someone with more experience, or simply going about your life you can learn lots of useful information to benefit your business. Don’t take anything for granted. Many things can be applied to business that you wouldn’t automatically think are helpful.

Discuss and develop how to use this new skill to improve your business. You might think that the new skill or information that you have learnt is the best thing that could have ever possibly happened to your business, but with all the excitement, you may be a bit too eager to push ahead with something that will never fit your overall aims. Take some time, discuss your ideas with people you trust and find a way to use it that will improve your business instead of distracting from it.

Come up with a new way to build the new information into your business. If you can’t find a way to use your skill or the information, maybe you need to think outside of the actual skill or information. Ask yourself, what can I take away from it? And focus on building that into your business instead.Execute your idea. Once you know how to integrate the information, it’s time to put it into practice. Beta testing can be helpful here until you know that it is going to be a success.

Evaluate the success of the implementation. If you have beta tested your idea, it’s time to evaluate it. Evaluating the implementation of the information or practice is incredibly important as it can help inform future decisions, help you to refine it and help you improve it for the future. It can also tell you what else you need to learn and where the holes in your knowledge are which is equally as important as what you already know.

Repeat. After analysing your success, it’s time to improve and refine it based on the evaluation or learn how to fix the holes in what you already have via learning new skills and finding out more information.

Share this post

Ready to start your journey with Hatch?

Sign up for our newsletter today!