6 Things Every “Wantrepreneur” Should Know About Business.

We live in a new world. The new age of information. A world where it’s much easier to start businesses compared to thirty years ago. I guess it’s true that knowledge is power at least in this perspective.

There is no one way to “make it” in the world of business. If you are looking for the “key”, rest be assured that you will NEVER find one. What exists is a combination of things, skills, etc. However, today I will be highlighting 6 things you should know before plunging yourself into the entrepreneurial waters.

But first things first, this post is not for everybody. I will be specifically addressing those who are aspiring entrepreneurs, who would wish to start their own business someday. The same bunch of ladies and gentlemen who I call the “wantrepreneurs”. A term coined for those who aspire to become entrepreneurs. Don’t feel threatened or patronized in any way, every one of us was once a beginner.

1. Learn to sell.

Folks, this is the number one rule for business success. You MUST learn to sell. Look around you, we live in a world where everyone sells something to someone else. Everyday we sell our ideas to potential investors, ourselves at the interview panels, even that boy or girl you have wanting to take out for a while. Get the picture?

There is absolutely no way you will ever call yourself an entrepreneur without getting yourself into the sales game. Anyone who calls himself or herself an entrepreneur or businessman/lady who doesn’t sell “real” actual goods and services is a fraud.

The sales game is a process and a fundamental pillar for any business. It is called a process because it takes time to learn the ropes. There is no “guru” or “expert” in the sales field. We only have people who are experienced. These are people who have succeeded and failed several times but who vow to keep improving at it. Learn to sell.

2. Success isn’t guaranteed, but failure is.

Over the course of my 6 years in my career life, 2 in accounting and 4 in marketing, I would admit that I haven’t had many failures in business. Guess its maybe because I`m starting out and I do not have a “wealth” of experience as other “gurus” like to be known for.

Nevertheless, it is almost a given that when you are starting out your business you may barely see success coming, let alone even breaking even in your profits. What will drive you is the hope and faith that you will be keeping along the way. Just remember to grow a thicker skin and develop stronger muscles for business.

You have probably also heard a million time that half of the startups don’t make it past their 5th birthday. This just shows you how much failure is guaranteed compared to success. This however should not prevent you from getting in the game to at least change that narrative for you.

3. You must adopt a 24/7 work ethic.

A 24/7 work ethic. There is no way around this one, you just have to put in the work. If you don’t have a strong work ethic, you’re not going to give the highest return possible on the knowledge and skill passed on to you. It will be a total waste of time for you and your business mentor.

Elon Musk, CEO/CTO of SpaceX & CEO of Tesla Motors once said , “Work like hell. I mean you just have to put in 80 to 100 hour weeks every week. If other people are putting in 40 hour work weeks and you’re putting in 100 hour work weeks, then even if you’re doing the same thing you know that… you will achieve in 4 months what it takes them a year to achieve.”

That said, you need to take inventory of yourself today, and find the purpose of your life, what you want to achieve, and what type of effort you want to put in. You have to determine your standards of behavior and what is and is not acceptable to you. Anything else is irrelevant, because work ethic is relative to different people.

4. Be ready to risk it all.

They say that nothing ventured, nothing gained. This is often the philosophy of very successful entrepreneurs. Calculated risk takes courage and intelligence, but it also requires an ability to welcome the uncertainty that comes along with it.

Risks often don’t pay off and almost always don’t work out the way you might have originally imagined, so being able to flow with the way your business is changing is an important skill to master. There might be failures along the way, but you might also rake in huge rewards.

Bill Gates had to drop out of college to invest his time toward Microsoft. At the time, he was going up against another risk-it-all innovator, Steve Jobs, which helped Gates develop a thick skin and a can-do attitude.Today, Bill Gates could buy hundreds of colleges if he wanted to.

5. People will call you crazy.

They say, If your ideas don’t freak you out, probably they may not be big enough. But again, if people don’t call you crazy when you first share with them your dream, then you might just be lucky or perhaps they may be thinking that your dream is far-fetched or unachievable altogether.

When Jack Ma, CEO and co-founder of china biggest e-commerce platform, Alibaba , shared his dream of giving Jeff Bezos`s Amazon, a run for his money by becoming his biggest competitor, most of the investors were sceptical about it. Half of the investors actually thought he was out of his mind.

Fast forward from April, 1999 to date, when he made that aspiration public look at where he is now. This is just one of those facts that you will need to keep at the back of your mind that folks will think you have lost it. But the best part about this is your thirst to prove yourself right and them looking foolish.

6. Relationships are KING.

Ever heard the phrase “customer is king”. This is true in business as well as life. Building relationships along your entrepreneurial journey will pay you more dividends than almost anything else. Keep in mind that relationships are build long term but can get vanquished in a moment, right?

People buy from people they know, not from strangers. These same people, who know will guarantee repeat sales for you. A strategy that will ensure that you stay afloat profitably during the lean times. If you value relationships, then this is where you need to invest your time into.

Amazon, the largest online e-commerce marketplace, knew this and invested tonnes of time and other resources in their customers. To them, customer is king. They live for them, serve them and make sure that they get the best experience shopping on their online store.

Conclusion

If there is one statement you will hear hear time and time again it is that you are going to fail. That may sound extremely pessimistic, but there is quite a bit of truth in that statement. But truth or not the idea is to stay away from toxic, negative people who do not have a clear “why” for themselves.

At some point in your life, you`ll probably also hear the phrase: Without risk, there is no reward. Remember some of the greatest entrepreneurs of all time are living proof that if you want to achieve greatness, you have to be willing to lose it all. Drop me your thoughts below, I want to hear from you.

Be great!