EN-TRE-PRE-NEUR: Here’s how to be one

“Entrepreneurship”, what a heavy word! It took me a lot of practice to learn how to spell that! I always thought it must be cool to be an “Entrepreneur”, then I realized it was my dad, and all my uncles, and my cousins too… Hmmm, wasn’t as cool anymore. Well, little did I know what masterminds these men of my family were. Glad to see a lotta women in the category these days as well.

Setting up a whole business of your own is not a joke! To start something from scratch, individuals need to prepare for various foreseeable and unforeseeable challenges, and what gets them through is vigor, passion, and ambition. I have seen it so closely that my respect for every entrepreneur out there has multiplied.

If you aspire to become one, here are few pointers that can guide you through it:

1.    Challenge Yourself

In an organization, one of the significant tasks of a superior is to keep the subordinates motivated. What to do when you are the boss? Especially when establishing an organization, you cannot afford to get demotivated. Challenge yourself! It keeps you on your feet and, every little achievement raises the spirits and morals.

2.    Do What You Love

People often ask me if I would like to take on my father’s business, but I know for a fact that I will be horrible at the job. Not because I lack entrepreneurial skills, but simply because I have never been interested in constructions, and buildings, and woods and laminates! Having to spend the rest of my life selling these would be impossible after a point. Identifying what drives you, what you are passionate about is of utmost importance. Is it creating fashion? Is it providing the best healthcare services? Is it promoting healthy diets? Just follow your heart; do what you love, to love what you do!

3.    Don’t Be Chicken

It is a rule well known, “Greater the risk, greater the reward”. An important part of being an entrepreneur is taking risks. Playing it safe might seem like a more rational choice considering the dangers of a risk, but risks also unlock multiple opportunities. Most successful entrepreneurs are risk-takers and while some learn it the hard way, what’s important is that, in the course, they learn how to take calculated risks.

4.    Start With a Vision

What are you doing starting a business, if you lack a sense of purpose? A well-defined, unwavering vision is one of the drivers of a business. It provides a sense of purpose, helps establish goals, short term and long, and guides the decision-making process. 

5.    Team Building

“As the company, so the color.” pretty sure we have all come across this one before. What makes a company great is its people! It is crucial to have like-minded people on board, these should be people aligned with the organization’s vision, people who are working towards the same goal, and people who match with the values of your company and fit into its culture. 

6.    Know Your audience

Having a sound understanding of who you are catering to, aids in providing a better service and delivering solutions. Rather than assuming what they want, engaging with them, understanding their pain points, and seeking suggestions for improvisation helps win their trust. 

7.    Hold Onto Patience

It’s a fierce market out there; so many brands and so many choices. As an entrant, it's unrealistic to expect a good chunk of the market no matter how path-breaking your product is. Information spreads, but it takes its time, and in this process, you need to make sure that your motivation, vigor, and energy levels are at an all time high. Do not lose confidence, be patient and your goals will be achieved sooner than you know. 

8.    Study Your Industry

“Don’t play games you don’t understand, even if you see lots of other people making money from them.” this is a famous quote by the founder of Zappos, Mr. Tony Hsieh. By this, he simply meant that you must know what industry you are entering to conquer it. How futuristic is it? Is there anything new you can bring to the table? What are the giants doing? Blah, blah, blah… stay updated.

9.    Go An Extra Mile

That kit provided in a Kingfisher airline or the free dessert in a restaurant at the end of a meal can really keep the customers coming back. A little extra that you do for your audience can create a very positive perception of you in their minds. It shows them how you care and is one best ways for you to build loyalty. If a happy customer spreads the word, growth is inevitable. 

10. Money Matters

One big challenge that remains common between most young businesses is handling financials. It’s tricky, but once you master this skill it’s a much easier journey to embark on. Be creative, see how you can cut down on the overheads, be extremely smart with your marketing techniques, provide tactical offers!

Well, on an ending note, I know it’s all easy said, but gotta do what you gotta do! Better be informed than clueless. It definitely takes a lot more to become an entrepreneur than these 10 points. Read up, pick a mentor, there is a buffet of successful businessmen out there, from Steve Jobs to Ratan Tata, to the Ambanis or Bill Gates. Understand their journeys and be a forever learner.

Sources:

• https://www.santam.co.za/blog/business-advice/10-tips-for-becoming-a-successful-entrepreneur/
• https://www.entrepreneur.com/article/247540

https://neilpatel.com/blog/become-successful-entrepreneur/