GENERAL PRINCIPLES OF ENTREPRENEURSHIP

Perhaps, aspiring to become an entrepreneur may be a longing dream for most ordinary humans like us. And of course, we definitely prefer not to or would rather not to work as an employee for the rest of our lives. We certainly dream to have our own source of passive income where we can open and run our business venture so that we can obtain a sheer level of financial freedom. And, through the establishment of our own sole entrepreneurship, we can be absolutely liberated from the typical permanent schedule of working hours at office along with our regular duties charged (especially, without being constantly pressured by a series of unrelenting orders from our superiors).

Actually, many people think that being an entrepreneur is the key answer to achieving success, particularly against the wave of economic crisis that hits almost every inch of our world; inflicting the economic downturn in many developing states. Perhaps, one of the best solutions to overcome the unforeseen economic crisis is none other than through the encouragement of establishing a sole business venture. Having owned self-motivation to unlock a myriad of business opportunities through entrepreneurship is actually the starting point because everyone will have a chance to demonstrate their own entrepreneurial spirits. Therefore, in order to be able to capture business opportunities, an entrepreneur must understand a certain number of entrepreneurial principles such as:

1. Need to be optimistic.

2. Must be ambitious.

3. Able to read market opportunities.

4. Able to stay patient.

5. Never give up.

6. Never be afraid to experience failure.

Apart from that, there are also other business principles such as:

1. Not being fearful to experience failure. Many people argue that entrepreneurship is analogous or similar to the theory of a person tries to learn how to swim. Although this theory appears to be quite cliché, however, it is true that there is no point if a person fears of jumping into the water directly. With that being said, there is also a proverb which goes along with the theory saying, “Failure is the success which is delayed”.

2. Must be creative and innovative. Creativity and innovation are the main capital for entrepreneurs. Therefore, being an entrepreneur should never stop creating innovations in all aspects.

3. Thorough calculation in embracing potential risks. Risks are always and will always be there no matter what. Often, we tend to avoid such unprecedented risks, yet, we end up facing the other ones. However, any potential risks should be properly anticipated beforehand prior to deciding to do anything; especially in a business pattern which has a high degree of uncertainty.

4. Patience and perseverance. This could be more or less important in business, even in the face of dealing with various problems, trials obstacles. With patience, it will help us to understand well on how to solve unpleasant conflicts, so as to deal with them.

5. Always being optimistic. Having a sense of optimism is essential for entrepreneurs because the word optimism itself is a core principle which can motivate and drive their consciousness to do whatever task that can be done whatever issues they may confront.

6. Never surrender. Another unyielding principle is whenever we see our efforts go wasted as a consequence of failure; we should not be in despair easily.

7. Doing business with ethical standards. This is another key principle that every entrepreneur must uphold and apply universally. However, the issue in regards to this matter is whether the ethical standards put into practice in each country can be well recognized and adapted to the culture of a nation addressed. For example, in Indonesia, the country has the Consumer Protection Act which can be used as one of the handling tools to exercise the country’s business ethics.

8. Must be independent. The principle of self-reliance should be an absolute guidance in entrepreneurship. Self-sufficient in many ways, in fact, is the key aspect which we can avoid our dependency from other parties in connection to demonstrating our best efforts.

9. Act honestly. Honesty is the value which cannot be earned easily. Being truthful to suppliers, customers, and all the company's stakeholders is the basic principle and the most fundamental aspect that must be aligned holistically.