Think through your role as an entrepreneur and allow the team to do what it does best. Invest in people who believe in your product and instill a sense of confidence that they can help get your company across the finish line.
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Execution risk. Many entrepreneurs can become so mired in the details that they completely lose sight of the overall company trajectory and strategy. Alternatively, some company founders remain at a high level and overlook crucial details that result in major problems.
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What I discovered early on is that a dichotomous approach of assessing the details, at least in the early stages, while maintaining a keen focus on overall business execution, will ensure the highest likelihood of long-term success in building a great company It is essential to strike a balance between being the micro-manager and the 30,foot-view strategist. To be a successful entrepreneur, you need to take counsel from others on how to mitigate risks. But never allow one person to have percent influence in the decision-making process.
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Guest Writer. May 21, 4 min read. Opinions expressed by Entrepreneur contributors are their own. More from Entrepreneur.
Complete List Of Small Business Ideas In South Africa You Can Do Now!
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Risk Tolerance and Taking Advantage of Opportunity
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Leadership can come in many forms, but it is nevertheless essential to entrepreneurship. You must take the lead for your ideas to come to fruition. Intellectual property laws can provide you with exclusive business rights to your ideas. If you do not protect your ideas, they may be copied — cheaply. Once an idea is in the public domain, it may no longer be possible to use that idea as a competitive advantage.
Society values ideas being shared. In exchange for sharing ideas, governments provide limited monopolies that will allow you to capitalize on them for a period, making up in part for the costs you have incurred in research and development. Intellectual property professionals can aid you in seeking such rights. Based in Yakima, Ryan Griffee is an attorney with experience in business and law. He has been published in the "Journal of Business, Entrepreneurship and the Law.
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Resources 1 "Starting a Business"; U. Small Business Administration; Griffee, Ryan.