Education · Entrepreneurship

Do you use the 5 principles that successful entrepreneurs do?

Mogens Thomsen Entrepreneurship Tools, Training and Knowledge. Konsulent i iværksætteri og socialøkonomisk virksomhed

March 13th, 2015

I have grown fund of the 5 principles that that successful entrepreneurs use to keep them on the track. Mainly because they can be learned by all entrepreneurs and often by reading them, you find out that you are not that bad yourself.

The 5 principles are:

  1. Bird-in-hand principle - rely on your own resources
  2. Affordable loss principle - do not risk more than you can afford to lose
  3. Crazy Quilt principle - you corporate with many different people instead of doing it all yourself
  4. Lemonade principle - consider bumps on the way as means to develop your business
  5. Pilot-in-the-plane principle - using the 4 other principles make it easier to stay in control of your own business

Read more about the 5 principles in the article Start your business from nothing  Do the principles give you any reason to consider the way you work in your startup?

A great idea is 1% of the work. Execution is the other 99%. In this course, we’ll teach you how to conduct market analysis, create an MVP and pivot (if needed), launch your business, survey customers, iterate your product/service based on feedback, and gain traction quickly.

Mogens Thomsen Entrepreneurship Tools, Training and Knowledge. Konsulent i iværksætteri og socialøkonomisk virksomhed

March 13th, 2015

@Steven 
The reason for the post is that I experience it gives a lot of energy to many entrepreneurs to learn about he 5 principles. To hear other entrepreneurs comments on them gives me inspiration to use them even better in my work.
As you read I am not the inventor of the principles, it is Professor Saras Sarasvathy

Steven Schkolne Computer Scientist on a Mission

March 13th, 2015

Wow this is blatantly self-promotional. By far the best self-promotional post I've ever seen here (and the link - even more so). Very informative. 

Perhaps this is not the right thing for this forum. Mogens what do you actually need help with?

Gil Allouche Founder @ Metadata

March 13th, 2015

This is awesome. Thanks Mogens