Ever wonder why management gurus are called “gurus”? To answer this question, you will need to go back into time when ancient civilizations reigned supreme. The term “guru” traces its roots from the Sanskrit language and is a respectful way of referring to a teacher or mentor. Today, the term has gone beyond the perview of instruction delivery and mentorship to denote advanced-level expertise in a specific knowledge domain. Entrepreneurship too has emerged today as a specialized segment of theoretical knowledge and practical real life applications. Like many other subjects, it is studied regularly at colleges and universities, in august board rooms and even on the Internet. It is practiced by millions with many more aspiring to become successful at the real world implementation of the principles of entrepreneurship. Are you one of those aspirants who wish to make that often talked about transformational transition from employment to self-employment? Here are seven things you should be able to demonstrate or begin to develop if you do not have them already:

Cherishing your Employee Resource

As the head of an online personal development and wellness company called You Taking Action, I know the importance of employee loyalty and the critical impact they can have on your bottom line if inspired and motivated the right way. Try to understand their needs and create a harmonious environment for your team. After all, teamwork is critical to entrepreneurial success.

Manage Money Wisely

Next to your employees, your funding and funds optimization strategy is your second most valuable resource. The best approach is to remain conservative and tread cautiously especially in times of economic recession. Look for inexpensive ways to reach your business goals. The time to splurge is never.

Beyond Stagnant Waters

Where would you like to be five years from now? What are your short-term and long-term business goals? Map your pathway to success and chart every single milestone carefully. More importantly, follow it.

Unchartered Territories

Although it is a good idea to spend your money conservatively, it is certainly not a great idea to play it safe all the time from a business perspective. Take every well calculated risk you can and learn from your failures. At the end of the day, every moment is a lesson in time.

Research your Industry Segment and Stay Competitive

If Detroit had built a viable electric car which they easily could have, they would have been laughing all the way to the bank instead of the banks laughing at them. Research your niche, find out what your customers are looking for, and deliver it on time and under budget.

Manage your Health and Reduce Stress

You can’t afford to be spending time being sick. Therefore, do everything it takes to stay healthy. You know the mantra and so I won’t repeat it like a broken gramophone record.

Patience too is Golden Like Silence

Rome wasn’t built in a day and neither can a successful business. Never try to over-expand or expand too quickly and try to beat the odds. It is best to trod like a turtle than race like a rabbit.

Follow my principles for success and in no time you will leave your competition so far behind that when you turn around to look for them, you will notice a long and wide expanse of empty space with nothing to stop you from reaching the stars.

Author's Bio: 

Stuart Rubenstein is the CEO of You Taking Action, a Canadian personal wellness and personal development company which shows you how to start your own home business with little or no investment. Visit him online at youtakingaction.com.