Here are a few pointers to help you be better prepared before beginning your entrepreneurial life.
From being the domain of eccentric people and those who can’t get or keep a job, entrepreneurship has evolved into one of the most sought-after career paths. But how do you know whether you are cut out to be an entrepreneur? What are the things to consider before you set sail? Read on to find out the 10 things you need to consider before becoming an entrepreneur.
Success is not guaranteed: Here’s a dose of reality: entrepreneurship is not a glamorous job and not everyone succeeds as entrepreneurs. Nine out of ten startups fail. Don’t be disheartened however; let this encourage you to work harder and smarter.
Focus on your strengths: Entrepreneurs or not, we all have our shortcomings. Instead of wasting time trying to improve your weakness, focus on your strengths. If math isn’t your area, for example, hire an accountant on a contract basis when you are starting out. This will help you focus on your strong points, which are really going to help you succeed.
There’s no easy way to be successful: Only hard work and determination can get you to the top. The overnight success stories that you hear are misleading most of the time. These people may have shot into the limelight overnight, but what about the years and years of hard work they put in before that? Companies take up to 10 years to make a reputable name for themselves and new businesses in general take at least five years to just break even!
You will want to quit: Entrepreneurship is not a smooth ride. There will be days when the going gets so tough that you may think about quitting and going back to your corporate job and the security that came with it. Remember that feeling this way is just a phase, a phase that you will overcome soon.
Don’t be too optimistic: There’s no point in desperately hoping that the tide would turn if your business is going downhill. Instead, you should accept the fact that you have failed, adapt and try again rather than just hoping everything will work out.
Your product should solve an existing problem: No matter how awesome your product idea is, if there is no requirement for it in the current market, your business idea will fail. If you want to be a successful entrepreneur, identify a problem and develop a product that solves that problem.
No one cares as much as you do: Nobody, neither your investors nor your most loyal employees, care about your business as much as you do. You may get their respect and support, but seldom will you find others who are just as passionate about your business as you are.
Be careful about who you associate with: It is important for entrepreneurs to surround themselves with positivity always. Remember that Taylor Swift’ song that goes, ‘The haters gonna hate, hate, hate, hate, hate’? So, spend time with other like-minded entrepreneurs who will help you feel motivated and give their honest opinions about your ideas. Also, be wary of anyone who tries to demotivate you without reason or tries to sabotage your attempts at starting out.
Disproportionate work-life balance: As an entrepreneur, it would be difficult to maintain a clear-cut differentiation between your entrepreneur life and your personal life. More often than not, you will find yourself cancelling personal plans and working late into the night. Remember not to make this a habit because the extra work combined with high stress levels could burn you out in the long run.
The finish line is always moving: Every entrepreneur sets out with a goal in mind. When that goal is achieved, a new goal will inevitably appear. Your life may become a continuous race where you are constantly trying to improve various aspects of your business, be it the product features, your execution strategies, or marketing tactics.
Remind yourself that you are about to embark upon a challenging journey, one which has the power to encompass and affect all aspects of your life. Employ tried and tested methods to keep yourself motivated throughout. The last thing any entrepreneur or wannabe entrepreneur needs is to lose their passion. So stay positive. Keep your passion alive and work hard until you reach the zenith of success.