5 Anchors of Entrepreneurship

There is a marked difference in the mindsets of People today. Rather than focusing on 9-5 secured job, people started investing on becoming the Entrepreneurs. The encouragement and support from the Governments have helped lot of youngsters as well as those aspiring business people to venture into entrepreneurship.

This is a welcome sign and will help our nation to progress towards achieving self-reliance in all fields. But as Young Entrepreneurs as well as Aspiring people who want to become Entrepreneur should know that every field have got lot of challenges and hurdles to cross before becoming successful ventures.

In this article, I will discuss 5 Anchors that will never allow the business to grow and will eventually lead to major failure if not addressed.

The 5 Anchors are

1.?????Lack of Passion and Purpose

The biggest anchor the world face today is that people are not aware of Passion and Purpose of Life. They chase dreams/goals set by those visionaries and not theirs. When they start business following someone’s dream, they will fail and mayn’t able to bounce back.

2.?????Lack of Focus

The next anchor is Lack of Focus. Since they don’t have clear vision set by themselves, they start working without any directions. They will randomly select the task which mayn’t result in desired result. This will lead to major waste of time, money and resources.

3.?????Poor Market Data

People become entrepreneurs only because of following the stories the successful business leaders and enter the business. No idea of what is the market, size, requirements and target customer. Things will turn sour when the market dynamics changes and there is suddenly the market requirements shrink. As there is not much data to revise the new strategies, those business won’t survive this market onslaught.

4.?????Chase the wrong Horse

Most entrepreneurs start chasing the investors with multiple proposals for investments. They spend more time in tie up for funds for operations as well as future Growth.

However, the business will never progress or have a free fall as most of those entrepreneurs never chased the customer and don’t have sufficient back up customers to withstood the market conditions.

5.?????Avoid Failure - Not willing to Face Failure

Entrepreneurship is a challenging journey and you can’t expect success every time. This will more for start-ups as they start business now only. Majority of those tried to avoid the challenging journey as this journey will most probably result in failure. Once failed they won’t get back again that vigorously.

When you avoid taking risks, you will not able to gain any advantage. Rather your life will be anchored down like a ship. You will never progress in life due to avoiding failure

These 5 Anchors will never allow the young entrepreneurs as well as aspiring or existing business people to progress in Life. If not addressed and taken care, these 5 Anchors can even impact the global economy.

Go through this 5 Anchors and List out your anchors, then only you can devise a new strategy to overcome these anchors.