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10 October 2018

Keys to entrepreneurial success 

The 2017/18 GEM (Global Entrepreneurship Monitor) report indicates that although up to 50% of the working population in various economies throughout the world might feel capable of starting and running a business, few will take that leap. Interestingly, the more developed the economy, the less entrepreneurial and more failure-averse its people seem to be.

Crafting Positive Results
Entrepreneurs are a rare breed in Europe. Less than 10% of the population will choose to bring their ideas to life by establishing a business. Growing and sustaining a vision takes far more than just good intentions. It takes courage and tenacity. Whether you are bringing exciting new products or engaging services to market, the following elements can help keep your business on the road to success.

Understand Strengths
Entrepreneurs have a knack for recognizing opportunity and disrupting market equilibrium with new products and services. Entrepreneurship has been linked to innovation. Innovation happens when we disagree and challenge the status quo. No matter the size of your business, assemble a team that will support your growth and challenge your ideas. Seek out people who augment your strengths and fill the gaps.

Always Evolve
Keep the future in your sights. Always. An entrepreneur can easily rack up a 95-hour work week while juggling goals and deliverables. Schedule time to reflect upon and assess your business, its direction and progress. Throughout the life cycle of the business, there will be important forks in the road. Consider the impact of a current decision on the health of your business when it has doubled or tripled in size. Analyze recent successes to determine how they can positively impact your future.

Choose the Right Partners
Everyone who interacts with your business is a potential influencer. Accountants, lawyers and bankers are all examples of professionals who can help or hinder your business. Partner with professional service providers who understand your way of thinking and operating. This saves you time and effort and allows you to focus on actions that set your business apart.

Big Dreams Can Start Small
Here at KBL Luxembourg, we understand the challenges faced by leaders and entrepreneurs. Our clients appreciate our unique skill set, value our ability to understand their vision and respect the level of support we provide. We free you to focus on the bottom line… and to turn great ideas into an even more successful future. 

For more information about how we work to help you make your vision a reality, contact us.