Do you have what it takes to become an Entrepreneur?
How many of us want to have control over our destiny? The answer to that is simply clear, everyone. How many of us need the financial freedom that every entrepreneur is after? You get the gist.
How many of us want to have control over our destiny? The answer to that is simply clear, everyone. How many of us need the financial freedom that every entrepreneur is after? You get the same answer and finally, how many of us are willing to knuckle down and put in the hours? (Meaning time and sacrifices must be made) Well that’s where the numbers take a drastic plunge. The few that make it beyond this point are home dry yet. The two biggest challenges for any prospective entrepreneur are; A great and practical idea and secondly, the funding.
Almost every entrepreneur has a different and unique story why they decided to venture into the world where there are no guarantees but where rewards are often so great they eclipse the all the big effort put in. The common reasons are freedom and self-actualization, opportunity, responsibility to society, wealth and need for impact. If none of these factors influence you, I am sorry to say you may be reading the wrong article here. Anyone may have a great reason on why they want to venture into entrepreneurship but do they have what it takes?
Sadly, entrepreneurship doesn’t deal with guarantees but risks. With funding and an idea of how to go about for a successful business just isn’t enough to cracking at being great and successful entrepreneur. You will first need that great idea, strategy, and time (and an equally great work ethic).
Think big when working on your idea. Expose yourself to information as possible, know what’s happening around the world, do trivial market researches on existing markets, go through the dailies and study the economy. Never reach a thought ceiling because of lack of expertise (but I don’t know how to do that), self-confidence (what will they say when I fail) and seemingly overcrowded business space (create new markets because a great entrepreneur innovates and the rest follow). Your idea must have a location because business is just that, all about the location. Your location will be normally dictated by type of business, customers, staff and support services. Get that right and you are almost certain to become successful. You have an idea of what you want to do and where you want to do it now.
The difference between you and thousands other prospective entrepreneurs who fail is that you don’t just have a great idea that will feed you and make you wealthy (great ideas don’t get you anything) but you have a strategy (implementation strategy not marketing strategy) on how you are going to implement, complement and supplement your ‘great idea’. That sets you apart from the rest. Strategy is like sex, driving and playing sport because everyone thinks they are great at it and I suspect this has to do with an ego issue. The real question you probably asking yourself is “Well how do I know you my strategy is great?” Its simple. You need a few things in check.
– Has it been done before and worked
– If the answer is yes, who did it, how was it implemented and what did they have to begin with
– If the answer is no, then refer to the following
If your strategy is new then work these two things, focus and simplicity. Your strategy must be simple enough for you to understand it. Strategies have levels and milestones for implementation. They are never rushed nor do they skip stages. Have it written down in a hierarchical order. Your strategy must be correlated to the vision of the company, it must focus on growth of the company, it must involve all stakeholders to ensure efficient teamwork from all those involved.
Focus on your everyday business habits. Are you consistent? Do you keep track of things and can you recall the conversations you had with other stakeholders? Are you honest? Doing everything right makes your critical path and you repeat this. Now you have your business ready to go forward.
First of all, do what you like. I don’t see myself wasting so much time on ideas I don’t like just because profits will be on a high but so will the internal turmoil/stress while creativity does the opposite. Time investment is equally important to a business as much as money is. This isn’t a philosophy column but it’s no secret that we want to spend more time doing what we like which helps encourage innovative thinking and better problem solving skills. Innovative thinking helps explore and find your critical path that will be used as part of your strategy. Doing what we like and really want means one doesn’t become a weekend businessman which contributes a big deal to the number of failed business start-ups.
Investing time in your business is the greatest thing you will ever do after the great idea. Don’t spend time on the business, but invest time in it. When you spend on things, normally they depreciate and get used and on the contrary, an investment will bring you the desired returns. Focus the mind on investments rather than spending. Work on your business every day, consider all facts (even the negative facts) work out solutions, and consult to seek for solutions.
5 Great Habits for Startup Entrepreneurs.
– Have a schedule to deal with major business issues
– Prioritize critical path milestones without negating other issues
– Schedule must be flexible but adherence remain strict
– If you don’t understand, outsource for tasks you have no expertise in.
– Give yourself time to think of other ideas ( to help business grow revenue or productivity and to start another different venture)
The more time spent honing these habits will result in great output, great ideas, great solutions and even better management of the business. Malcom Gladwell says that it takes about 10000 hours of practice, thought and hard work to achieve mastery of any field and if you are to succeed in something, don’t be economical with the hours you put in the idea and business. We generally assume that all successful businesses are successful because of a very talented group of managers. Everyday business activities that have a direct impact on the business’ success can be learnt with enough practice and that requires a consistent culture of effort and time.
So you have a great idea, a better strategy and willing to invest time and money in your business? You are well under way to becoming an entrepreneur.