Entrepreneurs must go through four very different stages, each of which requires a specific set of leadership skills. Those who master these skills are no longer just entrepreneurs, but business leaders.
"We never have good ideas, but good ideas don't necessarily guarantee our success." Professor Derek Lido, who has successfully started his own business and now teaches at Princeton University, hosts Eric McKenna, a senior editor of the journal. Interview Erti said. According to Professor Lido, entrepreneurs have to go through four very different stages: from initial concept to financial sustainability: each stage requires a specific set of leadership skills. Those who master these skills are no longer just entrepreneurs, but business leaders.
These four phases are:
1. Customer argument: starting with an ad, until you find a customer who is willing to pay for a product or service. 2. Operational argument: Provide products or services that satisfy the customer and try to find more customers.
3. Financial argument. Prove that companies can create value by changing the market and competitive environment.
4. Create an innovative process: make sure that the rate of acquisition of new customers is not lower than the rate of loss of old customers. At the fourth stage, the company will be able to operate smoothly, even if it leaves the founder.
In this development process, each company will gradually move from project to process. The goal of the project is to bring about change, and the goal of the process is to control change. To succeed in these four stages, entrepreneurial leaders must demonstrate five skills - self-awareness, basic business skills, relationship skills, career skills, and leadership change skills.