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Maung Set Paing - Entrepreneurial Entrepreneur's Handbook
Maung Set Paing - Entrepreneurial Entrepreneur's Handbook
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Don't expect success in advance.
Entrepreneurship is not a sprint, but a long-distance race. Even if you have a great vision for a project, and the right circumstances and timing for you and your organization, unexpected challenges will always arise.
If your customer acceptance rate is slower than you expected, you shouldn't underestimate how much time and manpower you should spend on customer support. TV commercials can give you incentives. After all, starting your own business is a pretty bad way to get rich quickly.
Whatever the case, the key is to take a long-term view and not waver in your decision. Have faith in your product, your organization, and yourself. Don't rely on superficiality or short-term successes that will boost your morale.
Don't ignore history.
Every entrepreneur thinks of themselves as unique and perfect, and others before them have tried and failed.
Instead of dismissing these failed companies, we should try to learn from them. Where did they go wrong? Did they do the wrong thing in explaining the benefits of their products? Did they not have the money to take risks and make deals? Or was the management team inexperienced?
The most important thing is to ask yourself, "How can I be different?" Just saying I'm smarter than them is not a good answer.
Businesses started by Ivy League graduates and people with genius-level intelligence have failed. If you want to succeed as an entrepreneur, you should seriously consider the failures of other entrepreneurs.
Don't think that money can solve everything.
In the early stages of a business, there is a common misconception that money can solve all of a company's problems, especially technical ones. Not only is this belief unhealthy, but it has been proven over the past decade that this type of thinking can be very damaging to those with exceptional qualities.
Yes. Capital is important for entrepreneurship. But it's even more important to use it in the right way. The best way to use that capital is to build a small prototype of what you want to do and then test it to see if it works. Suppose you have built a small, efficient, and effective engine, but you want to make it work better and use space fuel instead of the fuel it should use. Not only will it destroy the engine, but you will also be doing something that is not relevant to your business and will exacerbate the problems that your business already has. The bigger the problem, the bigger the reward for you.