3 Business Principles Every Entrepreneur Should Understand

Genia Philip
2 min readMay 2, 2022

Being an entrepreneur can be very fulfilling , but it’s also extremely challenging. Unfortunately not every business ends up being successful, whether it’s due to the people in charge, or the current climate of the world. Some businesses are ahead of their time while others just don’t know what they want to be. While this can sometimes seem demoralizing, the fact of the matter is that these things will happen no matter what and instead of giving up, entrepreneurs need to be able to regroup and keep fighting. To do this, there are a few business principles entrepreneurs should think about if they want to be successful.

You’re Never Done Learning

Studies have shown that learning can have a positive impact on a variety of areas of our lives. One of the most important factors that entrepreneurs should consider when it comes to starting a new business is learning about the offerings of their competitors. This will allow them to make an informed decision when it comes to their product or service.

To truly stand out from the crowd, it’s important that entrepreneurs thoroughly study the market to identify areas of potential opportunity. Then, they use this knowledge to create their own unique offering. And remember that you must always learn, as the business world is constantly changing.

Build The Right Team

Your employees are the most important asset that you have when it comes to building a successful business. They can help you develop and implement your strategy, and they can also be the cause of your downfall. You need to be sure that you’re recruiting people who will not only work hard to achieve your business goals but who are passionate about the mission you’ve set out on, whether that’s selling a product or trying to improve people’s lives. This is especially important in the early days of a business, when it may seem like you have to work extra hard. You’ll need people in your back corner, otherwise you’re likely to burn out.

Visualize The Future

Take the time to visualize the future of your company, as well as the various products and services that you’re planning on launching. Doing so can help break down goals into more achievable projects that are easier to reach. This can be as simple as committing to action. According to a survey, over two out of three small business owners believe that visualization can help them map out their plans for the future.

Originally published at https://geniaphilip.com on May 2, 2022.



Genia Philip

Genia Philip is a New York resident who is a seasoned strategist and financial expert. She has worked with non-profit, profit, small business, and government.