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What does it take to be an Entrepreneur
– Vibha Menon
Even until last year, August 2020, there were around 582 million entrepreneurs across the globe and they only increased by the minute!
It’s crazy- the number of young and old minds alike, who find their calling in entrepreneurship and business. They usually start small by picking up on an idea and either build on it or sell it. Others- and very few of them come up with something innovative and new.
It’s interesting how this generation of millennials is all about building startups and becoming their own boss! But this is exactly why many of these 582 million businesses fail. The idea of just being their own boss.
No, it’s not that being one’s own boss is a problem. The problem is the “WHY” behind each business. As Simon Sinek quotes, “People don’t buy what you do, they buy why you do it.” Manipulation can only last a little while, what stays is the reason, the ‘Why’ behind each business that makes the customers come back again and again.
So the question comes to this, What does it take to become a Successful Entrepreneur? And the answer is simply this:
- Focus on your Why
- Deeply understand & show What you do
- Put excellently across your team and others How you do it
It all comes to these little things at the end of the day.
“THE SECRET OF YOUR FUTURE IS HIDDEN IN YOUR ROUTINE.”
Now one may ask, this framework is more about my team and other aspects, how can I personally become successful as an entrepreneur?
“CHOOSE YOUR DREAMS OVER YOUR FEARS”
Here are 10 tips to build your dream team, focus on your product/ services, and at the same time, find clients readily:
1. Follow your passion but do your research
It doesn’t matter where your passion lies, but what does matter is whether it makes sense to others. So do your research before you jump to make a business out of your passion.
Because there is no point in putting efforts to build on your passion but have no customers to serve!
2. Develop a solid business plan
And by this, it doesn’t mean you need to have the perfect plan that talks from 1.01 to infinity. What it does mean is that you need to make sure you know what you’re doing and have planned all the ifs and buts for your idea.
Basically, start small. A business plan generally includes clearly stated business goals and how one’s going to achieve them. This must include marketing, financial and operating aspects of your business.
3. Be prepared financially for challenges that come your way
Most importantly, become financially aware and keep in check all the money problems you may have gradually during the course of establishing your business.
Prevention is better than cure, even in business. But don’t forget to take calculated risks.
4. Ask questions and help
Most entrepreneurs fail because they forget the importance of asking for help in need, or are embarrassed of reaching out.
Don’t. Always be the first to ask questions and also the first to help others. Remember, you learn a lot more this way than otherwise!
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5. Network!
What’s the point of going to school when you don’t even make friends? In the same way, business needs networking, especially when you’re establishing or expanding in this age of technology. People are more alive on their phones than in real life, and make good use of it.
Talk to people, potential customers, everyone alike. Talk to random people, not just for business but even otherwise, you never know where a lead or a recommendation comes from!
6. Hire your team cautiously
Your team is your family. Period. If you don’t treat them like one, they won’t behave like one. And for an entrepreneur, his/ her team is everything! They must see your vision as theirs too, only then will they give their best.
Pro tip- Know when to hire, as well as fire.
7. Manage your time well
A businessman knows how to manage his time, but only a successful businessman knows where to give his time and how to divide it throughout the day. Know how to prioritise and focus.
8. Prepare 1 year, 5 years, 10-year plans
You don’t have to live by such plans. No. It is only for guidance, it’s like a path you need to travel on, but take occasional calculated turns.
Preparing such long-term plans can make it easier to stay goal-oriented and at the same time be vision specific.
9. Take risks, but be aware
A successful business that has not taken many risks is a myth. Every entrepreneur takes quite a few risks throughout his/ her journey, and this is where most either make it or lose it. Risk-taking is an art very few have mastered.
You must take calculated risks to avoid any such blunders and make it big.
10. Don’t give up, but know when you just have to
Everyone tells you to never give up, but they never mention when you should consider giving up or taking a detour. Your idea may be relevant for the time being, but times change, people change, your environment changes.
You need to upgrade, update or maybe even innovate in order to stay alive in the business. Optimism is great but practicality shouldn’t be forgotten.
This may all seem extremely overwhelming for a few new entrepreneurs, but remember, you’re new, of course, it may be a little difficult, but persevere and you’ll make it big. Be as enthusiastic as you were in the beginning about your idea and fuel your optimism, fire your energy and make each minute count.
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