step by step to become successful entrepreneur

What capabilities do you need to run your company ? There are many different ways to succeed

Do some research

“Starting your own work is a complete embodiment and a reflection of your beliefs,” he said. So, before you open your doors, you should spend some time thinking about those beliefs, your passion, and your intentions for your new business, and what your ideal company would look like.
At the same time, take a fair look at your weaknesses – and try to contradict those sounds – to find your blind spots. If you want a successful business, it is important to know the help you need so that you know what you’re doing well

Choose the right type of work

You will have to devote a large percentage of waking hours to your business if you want to succeed. You’ll also allocate a lot of space to your mind – there will be times when you can think of something else that is small. So it is important to ensure that the work you do is well matched with your values and the way you want to spend your time.
Not only do you consider the business itself, you also consider the characteristics of the industry you choose. Some industries require formalization and understanding of traditions. Some depend on your ability to establish personal contacts with clients. Others are fast changing and you must constantly adapt to keep up
Finally, your business must provide the return on investment that suits you. Carefully evaluate the financial statements – how much you will earn, and how other companies operate in this sector – before deciding on your opinion

Find out how much money you will need

“Many companies have optimistic financial assumptions before starting their project.” This is a mistake that could kill a successful business
The key here is to ask yourself, “What is the worst that could happen?” Then try to imagine a worse scenario. How much money will you need to survive no matter what goes wrong
Hire the right people
“The job is like sports: the best team usually wins,” said Moawad. So make sure you have the best team possible. Take a long time in hiring, get to know the people who will work with you, and make sure they are right for you and your company in terms of their outlook, values, and personalities, as well as their actual job skills. Once you have the right team, be sure to keep them by giving them jobs that will love them and a chance to grow

Create a winning culture

We all talk about culture, but Moawad says that most entrepreneurs fail to give this important issue enough thought. “Culture is a living organism that requires continuous observation and formation,” he says. “Once you reach this realization and start managing expectations, you will discover an enormous lever to inspire and motivate your team to achieve goals that may have seemed impossible in the beginning.”

Learn sympathy

These days, both skilled employees and clients enjoy a wider range of options than ever before. If you want your business to survive, Moawad says, it is important for you to learn how to see things from others’ point of view
“Understand the world as it is, not according to the way you want it to be,” Moawad says. “Every businessman provides solutions to an existing problem or need. Being able to empathize with others not only makes you a better person; it also makes you better in business

Find the most important metrics

“Diluted hard work on multiple directions is not likely to yield great results,” said Moawad. Spend some time thinking about what it really looks like to be a success for your business, and the numbers you need to transfer to be truly successful. Then create a strategy that focuses on these elements. This is a better recipe for success than following every opportunity that comes

Using incentives

Incentives are powerful ways to encourage the behavior you want from all stakeholders, from employees to customers to suppliers. Once you have completed step 7 and know exactly what key metrics spell your project’s success, you can use this information to structure incentives that will help improve those specific areas. Then track performance on these metrics to see if your incentives have the required impact, and if not, adjust as necessary.

The experiment is in stages

Every industry and every business faces constant change, and you will need to continue to change if you want sustainable success. Moawad recommends making small changes and using experimental programs to try new ideas before committing to your entire project. Then evaluate the results of your experiment to see if it has the expected effect and make adjustments

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Watch your future

Running a successful company is a daily challenge. It may be easy to overlook the long run, so make sure you have the time and mental space to think about where you and your business are going.
Moawad suggests, “Write a magazine looking to see how you are progressing and dealing with the challenges you face.” “Create an advisory board to provide you with an additional external perspective.”
Moawad also recommends thinking about your exit strategy – as a businessman seven times, this is always likely to be his top concern. “Are you planning to sell the company, transfer it to the next generation, or offer public shares?” He asked. He says that thinking about exit options “forces you to evaluate your company – and know how to increase its value”.
The teachings and skills of successful businessman Farid Moawad

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