An entrepreneur is a person who initiates a business on his own risk by starting at a small level and then grows the business into an enterprise. He is the only responsible person for the peaks and valleys of the business. Entrepreneurs are more than welcome to introduce innovative products and services because they have started on a small level so chances for the growth are high for potential entrepreneurs. Initially, they should cater niche market, and when they reached to growth stage, they should also grow their targeted market and make different segments for different product lines. To evaluate the success of entrepreneurs, Richard Branson shared five secrets of success which are as follows.

1.Hire passionate, brilliant people

If you hire employees, they will work for a salary, but if you hireleaders, they will work with motivation to grow your business by providing excellent services to customers and taking feedback against those services and also listen to employee queriesas well which will keep your business healthy and up to date as well.

2.Never forget that employees are the most important asset of your business

You can compete in the market with competitors on the basis of products\service, cost effectiveness, quality and other factors as well but what is more important to make your business more compatible is your employees. You need to identify their strengths and skills and find ways to utilize those in an effective manner. The employer should give decision power to the employees up to some extent to enhance their abilities and engagement in the business.

3.Encourage your employees instead of discouraging

If you focus on mistakes, you will possibly ignore some key strength of your employees, and you may let down their morale by consistently pointing out mistakes which might take you to the fall. The employer should need to encourage employees by providing some appraisals and incentives if he finds the performance of employee up to the mark.

4.Have fun at workplace

Fun should not be eliminated from your work life it makes employees exhausted from the daily work routine. There should be extracurricular activities for employees to make them feel relax and think healthier so that they can be able to work with a healthy mindset. Employees should also take an interest in a work life which will make their work easier for them.

 

5.Don't be afraid of taking risk

Being an entrepreneur, you should be able to take the risk because there is no gain if you don’t take the risk. Entrepreneurs are born to be innovative they shouldn’t be afraid of creating new inventions, and they should have that courage to overcome every hurdle to get succeed in future.  

 

Entrepreneurship is very healthy for individuals and for society as well. It provides profit to the entrepreneur and creative or innovative products and services to the society which brings economic stability in the society. To become a great entrepreneur, one need to have risk-taking ability and innovative mindset which can make entrepreneur grow the business and lead them towards success. One should be able to manage all business related activities and employees through appraisal programs and encourage employees to take part in decision making while an employer should not only focus on mistakes of employees but also on appraising them. There should also be some extracurricular activities to make employees feel healthier and relax. If you are afraid of taking risks, you cannot be able to grow your business. For taking initiative one need to be innovative and brave enough to handle all possible hurdles.

 

 

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Emily Anaya is a professional blogger and editor at Custom Assignment Writing Services UK | AssignmentTutor. She is also very much interested in blogging because her ability to write on different topics such as business, education, fashion is out class.