How do you define an entrepreneur? An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
What are the things that anyone who is endeavoring to make this journey from employee to employer needs to know?
1. Braveheart are you?
Entrepreneurship is for those who are brave hearts. You have to be mentally strong. You won’t raise money overnight. Your co-founders may leave you mid-way. Your potential investors may ditch you after promising funding. Going near cashless becomes routine (be prepared for inconsistent income). You know it’s not an easy journey. You have to bear a lot of pain. It is scary to leave your job and follow your passion. We hear success stories of startups, but no one tells us how many failures are buried under that success.
2. There is no work life balance.
The harsh truth about entrepreneurship – there is no work life balance. You must be extremely passionate about your company to be able to find the motivation to succeed.
3. A Great Idea
Great entrepreneurs solve market needs. An idea, which translates into a product or service can only be successful if it fulfills a market need. The need should be large enough to create demand and make the idea financial viable.
4. Be prepared for criticism.
Starting anything new is hard and the number of obstacles you are going to encounter can easily get overwhelming. There will always be those who will play the role of detractor. Believe in your idea with passion and persevere. Keep fine tuning it. You will also need the ability to discern constructive criticism and use it better your business plan.
5. Step by Step
Take small, smart steps towards your goal. Contrary to the popular press, the most successful entrepreneurs are not swing-for-the-fences, bet-everything-on-one-roll-of-the-dice types. They are extremely conservative. They take a small step toward their goal; pause to see what they have learned from taking that small step and build that learning into the next small step. Like they say Rome was not built in a day.
6. Learning from Mistakes
You are going to make mistakes. That’s a) a given and b) okay, providing you truly understand what went wrong.
Hence, if you want to succeed be prepared to work hard. The road to success is marked with potholes and obstructions. If you’re an entrepreneur what lessons would you add to list?