So, you think you have what it takes to make it big in the business world.
That’s a great start; confidence and passion are the key ingredients of a winning entrepreneurial recipe.
However, there is a lot more to entrepreneurship than a business idea, access to seed capital, and your drive.
The Simple Guide to Becoming An Entrepreneur
We’ve put together this simple guide to becoming an entrepreneur. Here are the skills and qualities you need to nurture to be a successful entrepreneur:
1. Constructive Skepticism & Willingness to Listen
Proper execution demands that entrepreneurs ask some hard questions. These questions, often, come out of the listener’s skepticism. Entrepreneurs differentiate themselves here.
- They won’t let people merely get away with saying what they want to; there will be intelligent questions
- They keep on asking questions to grab the deep-rooted meanings behind what others say
- They’ll be willing to do their homework and background research
- Their questions are inspired by their motivation to know more, not to unsettle the other person
This is exactly why entrepreneurs can deal with uncertainty, which is the only certainty you can associate with the onerous task of doing business!
2. Don’t Be An Entrepreneur Because You’re Not Comfortable Being an Employee
The biggest misconception of our times is also the biggest reason why 95% new businesses fail. Too many people believe that working for someone is restrictive; and they would rather own a business where they could do things the way they want to when they want to, and how they want to.
To some extent, that’s true, However, for sustainable success in your entrepreneurial ventures, you need to realize the harsh truth.
Owning your business is not a cakewalk. The responsibilities are manifolds, as compared to working for your employer. Half of the US lives paycheck to paycheck.
Leaving the safety net of a stable employment for an adventure into the wild business world – that’s a tough decision. This must be taken with a decent level of understanding of your business goals, a business plan, and a risks mitigation plan.
3. Work Hard, & Smart
Most people envision entrepreneurs as super-busy people who work for 18 hours a day. They might well do so, but such work practices are obviously not sustainable for an extended duration of time.
Moreover, how many of us are good at everything? It’s fair enough to agree that the average human can be brilliant at, let’s say, 3 to 5 business management skills. An entrepreneur can’t manage business development, product design, and accounting – all by himself/herself.
This is where it becomes super essential for entrepreneurs to work hard, as well as smart. So,
- Find the right people to do jobs that can be delegated and the ones you’re not good at
- Automating repetitive aspects of your work
- Identify the most value-adding activities in your work and invest more of your time there
4. Build a Team
Entrepreneurs know that they have to chase growth, even if the thought scares them.
To be able to do this, building a good team becomes a core competency for any entrepreneur. Some of the key aspects of making the team for your entrepreneurial ventures are:
- Ensuring that the core founding team remains committed to the venture
- Identifying key areas of the business execution plan for which you need human resources
- Explore alternate options such as hiring contractors, virtual assistants, and freelancers
- Design pay packages to make the startup’s employment opportunities appealing to talented individuals
- Lower work-space costs by implementing strong ‘remote work’ practices
5. Purposeful Relentlessness
Steve Jobs, the inspiration for many entrepreneurs across the globe, very famously said that life could be much broader; only if you would realize that whatever you see around you and cherish, has been created by men and women as smart as you. And hence, you can change and improve everything.
This was a call for stubborn relentlessness, and that alone can be the biggest enabler of success for an entrepreneur. All successful entrepreneurs covered long journeys, where they’d wake up every day with a purpose in the head.
The relentless pursuit of the goal is what enables entrepreneurs to step past hurdles and keep the focus on the larger picture in the distance.
6. Leverage Tools and Technologies
The internet has completely transformed the human life.
Today, technology life-cycles have shrunk, tools have become more affordable, and cloud has made even the most sophisticated and latest of technologies accessible and affordable for entry-level businesses.
Technology has permeated every business, market, and industry to such an extent that today, every business, to some extent, is a technology business.
Entrepreneurs, who don’t embrace technology – whether it’s a casino owner in Las Vegas, or an online casino entrepreneur, a retail store owner in NYC or a niche online multiband e-commerce store – will very quickly be left behind the rest of the pack.
New age technologies such as IoT, virtual reality, augmented reality, chatbots, and machine learning can not only enable you to scale your process and operational efficiencies up but can also help you create expanded and differentiated products.
7. Identify A Target Audience
It’s super easy for anybody to be disoriented with the initial response they receive, in their social circles, for a product or service idea.
However, those with a genuine entrepreneurial intent know that the market is very unpredictable, and the best to gauge its desire for your product is actually to make proactive efforts such as:
- Surveys and opinion polls to understand which product attributes the market holds dear
- Comparing your product versus the alternative, on all aspects, such as price point, product catalogs, augmented product possibilities, etc.
- Carrying out pilot testing to understand how consumers react to the product or service offering
- Using analytics tools to crunch all the data gathered from different sources and creating potential target market groups
- Maintaining a very flexible plan around raw material sourcing, manufacturing, and co-packing to be able to accommodate any requirements of product re-design, etc.
Here’s a quick recap on the simple guide to becoming an entrepreneur:
- Constructive skepticism & willingness to listen
- Don’t be an entrepreneur because you’re not comfortable being an employee
- Work hard, & smart
- Build a team
- Purposeful relentless
- Leverage tools & technologies
- Identify a target audience
The path to entrepreneurial success is laden with the kind and quantity of tests you’ll never estimate. Trust your ability to keep on walking amidst the trouble to take you through.