Wednesday, November 3, 2010

7 rules for successful entrepreneurial business

There's clearly an entrepreneurial/start-up spirit in the air in Egypt; there's also a great deal of support activities from the community and the government entities.

Here are my 7 rules towards successful entrepreneurial business; consider them my 2 cents advice on what an entrepreneur needs:
  1. You must have a dream. Visualize the dream behind what you want to accomplish; a hint: something other than making money ;). Watch this video How great leaders inspire action.
  2. Find yourself mentor(s). A mentor is a consultant guides and coaches you without asking for money :). They can provide you guidance when they feel your passion for the dream.
  3. Learn the basic skills of running a business. Things like essential accounting and how to manage money. You may want to read The One Minute Entrepreneur, a very useful quick guide for starting your own business and growing it successfully.
  4. Find the right partner(s) and the right team who share the same dream and make sure you guys complement each others. Agree on the roles each will play. And remember, an all-drummers group does not make a musical band.
  5. Learn and understand 3 things in the domain of your work: Business, Technical and People aspects.
  6. READ, READ, READ like crazy in all topics. (You may want to consider audio books and podcasts as well! Read this on the advantages of audio books "3 Reasons why everyone must start listening to audio books"
  7. Learn the difference between bootstrapping, venture capital , and angel investment funding to wisely decide how you are going to fund your start-up (more on that in the next blog post).
Think of why you want to have your own business, then consider what you want to do, then how you will do; work so darn hard and wise, then the money will come.

If you are just looking to get rich, then just ignore all that and do whatever you want to do.

Please share your advice.

10 comments:

bassem said...

Nice entry.
waiting for the next on.
Go on and keep positive energy pumping

bono said...

dude, well done, keep it up ;)

mouneer said...

Thanks guys!
Really appreciate your feedback.

Bassem said...

Interesting Post, I love it :)

kareem said...

I liked this post, and sure you know why :D

Amr said...

Well, that's nice! but isn't it difficult to be implemented on the land of reality?!

how to tackle such constraints as bureaucracy!!

mouneer said...

Amr,
it is easier said than done; yet incremental acquisition of skills and gradual maturity of such skill. Along with incremental planning will make things happen.

The devil is in the details; I'm going to share more experience and knowldge on this whole domain.
Thanks.

Sara Medhat said...

I want to add one more thing, Talk about your vision, feel as if it is there, set your mind that it will be achieved in the best way it can and it will happen or even will happen much better than you imagine how it will be

Mohammed Nour said...

Nice post. Hope you continue posting in that path.

I really need to know the difference between these terms: "bootstrapping, venture capital , and angel investment funding". Any reading recommendations?

mouneer said...

thanks Mohammed. I will follow with more posts on the topic.
you should check the following blog post , it is a great one on the start-up topic:
http://jasonlbaptiste.com/startups/what-to-look-for-in-a-business-co-founder/