When it comes to entrepreneurship, most think of the concept as simply starting a business. While this does play a role in the process, entrepreneurship is a much more in-depth advancement of taking on financial risk by developing and managing solutions to the gaps in the market economy.
Anyone can dive into the world of entrepreneurship. Still, to set oneself and a future business up for success, it is essential to have a solid understanding of key entrepreneurship concepts.
This article highlights five of the most important concepts to help you get started on your entrepreneurial journey.
- Risk-taking
With any business venture comes risk. Regardless of how detailed your business plan is, there is always the potential for financial, compliance, security, and reputational risk. The entrepreneur is responsible and accountable for the organization.
- Innovation
Innovation goes hand in hand with entrepreneurship. A successful entrepreneur understands the importance of developing unique solutions to adapt to a rapidly changing market. By challenging one’s thinking and being open to new ideas, future business owners can truly stay on top of trends and even position themselves as a thought leader.
- Management
Whether you are overseeing a small team or a larger corporate organization, entrepreneurs must be able to step up and manage their business team. Strong leadership and excellent organizational skills will allow you to maintain and grow your business. Good management is a skill that can be learned, and it can be as easy as setting realistic goals and communicating with your team.
- Result-oriented
Having the mindset of being result-oriented is invaluable in the world of business. Results-oriented entrepreneurs are focused on reaching their end goal; they will plan and do what is necessary to get their business to where they want to be. This can be done by setting goals that can be measured, establishing a timeline, and keeping track of the organization’s progress as you go. Celebrating success also plays a huge factor in this concept; building and encouraging morale for everyone involved in your business is essential.
- Persistence
Persistence is perhaps the most important concept in entrepreneurship. Simply put, starting a business is not an easy process. An entrepreneur must have the vision, drive, and passion for bringing their business to life, and more often than not, there will be setbacks that can get in the way. Entrepreneurs pursue their business goals through determination, resilience, and persistence. One has to be willing to be in it for the long haul and take it for its ups and downs. Great businesses are not built overnight; with an entrepreneurial spirit, no goal is unachievable.
About Kye Giscombe
Outstanding management skills, an innovative mind, and an entrepreneurial spirit have propelled Kye Giscombe to top positions in a variety of business sectors, including law, real estate, construction, fitness, and retail manufacturing and operations. His career reflects nearly 20 years of executive-level management, marketing, business analysis, and investing experience, serving as a key decision-maker in existing corporate, start-up, entrepreneurial, and expansion environments.
Among the several successful companies he created over the past two decades are Cosmo Horizon Inc., a commercial construction management firm, and Contact Sports NYC, a sports apparel manufacturer. Giscombe attributes Contact Sports NYC’s success to collaboration with colleagues Frank Drohan and Irving Brothman, a top executive at Burlington Coat Factory.
Giscombe attributes his business success to his ability to analyze the viability of project ideas, design products and services that appeal to new growth niches, develop creative strategies to achieve goals, and implement processes that produce significant profitability and a loyal customer base. He relishes the challenge of creating new entrepreneurial enterprises and finds inspiration in planning projects he’s passionate about.
A resident of Alpharetta, Georgia, Kye Giscombe enjoys motorcycles, tennis, working out, reading, and traveling when he’s not concentrating on business.
