The success of an entrepreneur and subsequently the success of a start-up are determined by a variety of factors. Everything, from funding to the involvement of investors, to the public’s response to the product or service as well as the employees impact the success of a startup. All these factors, however, are controlled by the mindset of the founder. The founder sets the tone for how the start-up is seen and perceived by others.
Every entrepreneur has a set of principles or a code they will abide by. These are solid, grounded in reality and the basis of everything they do. Temporal relations, by contrast, are perceptions of the past, present and future events. These are primarily based on how a person views all these events in relation to the start-up. The question that arises then is that, do principles hold more weight or temporal relations, when it comes to entrepreneurial decision-making.
Basis of what you do
Principles are the basis of what you do. Somewhere along the road to building a start-up, an entrepreneur will have thought of the principles that will govern his thinking, decision-making and the company. The groundwork of the company is rooted in the principles. This is why entrepreneurs hold so much importance over perceptions of situations past, present or future. These perceptions differ from person to person and hence are not a basis for running a company.
Whether as children or adults, when we encounter a conflict, we go to the basics taught to us by our parents to look for a solution. A child faced with the dilemma of whether to take his friend’s pencil or not is likely to think back to their parents teaching them what stealing is, and why it is bad. Similarly, an entrepreneur facing obstacles needs to go back to something to procure a solution. Their principles or code is the guiding light in such situations. Perceptions change over time. A solution based on temporal relations might not seem so feasible after a week or a month because your perspective might have changed.
Pioneers with unique idea
An entrepreneur moves forward with the intention of being a pioneer in that field with their unique idea. The way forward will be filled with obstacles, but if one has a clear, focused goal, the way forward becomes easier. The focused approach comes from knowing what the company stands for, and where it should be in the future. The principles established early on will help set a roadmap to success.
Principles will keep you grounded
It is easy to get carried away with a few successes. While enjoying successes and introspecting during failures is human nature, neither of these should overtly affect the way the company is run. Neither should it overtly affect an entrepreneur’s vision and mission. Past, present and future events will happen and while learning lessons from each of these is a smart move, letting them affect your decision-making is not. As mentioned before, principles will keep you grounded, helping you get your basics straight and give you a solid foundation.
As quick as we are to let events around us affect our thinking and decision making, it is always good to take a step back and think about whether the company is adhering to the principles you laid down on the first day. An entrepreneur should make decisions based on solid foundations and not fleeting feelings of success or failure based on events.