We often use the words “pull together” to describe group effort rather than entrepreneurship. The principles of socialism embrace the philosophy of functioning as a group for the benefit of the group. This is fundamental to centralized governments, which tend to produce very few entrepreneurs.
At its core, America’s greatness is based on the effort of individuals, not groups. Consider Benjamin Franklin, Sarah Breedlove, Andrew Carnegie, Bill Gates, Steve Jobs, Jeff Bezos, Oprah Winfrey, and the list goes on. Inspired by their own visionary ideals, these individuals overcame the challenges that stood in the way of their continued progress. Albeit when it becomes necessary for defense or charity, capitalists function effectively as a group of individuals.
Benefitting from Individual Achievement
Groups benefit from individual achievement, not the other way around. Groups do not achieve greatness, but only result in dependency, despotism, and the suppression of individual liberty.
Therefore, if you want groups to benefit, you must encourage individualism and entrepreneurship.
By definition, an entrepreneur is an individual who knowingly and willingly functions at his or her own financial risk. The outcome can result in either ruin or reward.
By their very nature, entrepreneurs do not shirk responsibility for their future, do not blame others when they fall short of their goals, and do not look to others for a bailout. However, when we remove the incentives that exist in a free capitalist society, entrepreneurship will die.
The limitations to entrepreneurship caused by government regulations and protocols require that my firm implement the following course of action and that I help my clients do the same.
1. Develop New Tactics
Develop and implement a new plan to market and sell to overcome this burden.
2. Sell Based on Value and Not Price
If you make buying your product or service about price, you devalue what you offer and turn it into a mere commodity. In effect, you determine your success or failure based on a negative relationship.
3. Build on Strengths
Determine your company’s major strengths and build on that. It is wiser and more effective to base your marketing plan and sales tactics on strengths rather than weaknesses.
Over-communicate with your customers and key vendors. Act with enthusiasm by having engaging and positive contact. The company will either get more business now, or be first in mind when customers and prospects pull the trigger on a purchase.
Entrepreneurs contribute to economic growth by creating jobs, promoting innovation, and offering products and services that make our lives better. The result is that everyone benefits by encouraging entrepreneurship.
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