Becoming a successful entrepreneur is not an overnight adventure. It is a process that requires endurance and is filled with challenges that threaten to derail one’s vision. Success, in such cases, comes through hard work and being able to take meaningful lessons out of every challenge that one faces. There are three important tests that every entrepreneur must pass:
Turning points are times during which crucial decisions are made in the bid to shape the present and the future. Sometimes, the decision comes after intense self-evaluation and may require implementing measures that affect other people. To be successful during the turning point moments, one needs to recognize the strategic vision that intends to be achieved in long-term. The decisions made during such a time are principally targeted at realigning the present achievements of failures to make them in tandem with the long-term goal. Failure to recognize the actual turning points and the right decision to make may significantly impair the entrepreneur’s vision of becoming successful.
Learning points are opportunities in the course of entrepreneurship where there exists a major gap in terms of knowledge required to successfully run an entrepreneurship. Such a gap normally requires the entrepreneur to take the right measure of acquiring knowledge through either active or passive learning. Learning points are often ignored by over-ambitious entrepreneurs who have a know-it-all attitude. This stage comes in various diverse perspectives and requires taking the necessary set of measures necessary. In a company situation, for example, the Chief Executive Officer may come to a learning point where he may need to consult his junior staff.
On the other hand, junior staff may come to a learning point where they may need to expand their education to undertake a bigger challenge ahead of them. Sometimes learning points require self-reflection and adequate case analysis of the particular situation to understand the decisions to take. For instance, if a company has been performing well in the market themselves suddenly flops, the marketing department may internally evaluate itself to determine the main problem and counter it thereof.
The earning points come during the climax of investment returns where the business is achieving its revenue milestones, stalling, and falling intermittently. Earning points are experienced during two situations inside a business including when cash flow is not appropriately managed and when the business needs to reorganize itself to include additional revenue sources.