Talk to someone who is doing the regular nine to five kind of job about their career aims and 9 out of 10 will answer that they want to be an ‘Entrepreneur’. Everyone wants to be one even if they don’t really understand the true essence or even the meaning of the word entrepreneur. When your day starts with your favorite social media sites which are loaded with different app ads and ventures that your friends are getting into, it is a natural reaction to dream to be in their shoes.
But while you dream of this glamorous world where you decorate the white board with different revenue models do you also visualize the sleepless nights, the initial years when your income might be negative or even the times when you have to sacrifice meeting your friends over beer? Rarely so does the reality ever paints the real picture which believe me may not be as pretty as it looks. So let me try to get this straight for most of you who are new to this world.
90% of the startups fail!
Well waking up to this fact might be tough unless you are in that random lot of 10%. Be ready to face failure but don’t let that make it your first and last venture just because things didn’t go well.
Entrepreneurs don’t take risk but they manage it
As Raffi Amit, academic director of Wharton’s Goergen Entrepreneurial Management Programs highlighted in one his talks, entrepreneurs manage risk and if they can then they outsource it. Don’t risk out your savings and spend as less as you can before you have gained your customer.
Get out of your bubble!
If you have started up and doing great, try not to live in the bubble you have just created by ignoring the outside world. It is important to focus on the day-to-day functions of your company but even more important is to be aware of the outside world reality because it is cruel and can anytime bite into your flesh!
Focus on mutual love
You love what you sell, now make sure the customers also love what you sell. Most entrepreneurs try to sell something that they like which may not even be the need and love of the real customer.
There will be many to give you bad advice and many who will hate you. Ignore them. Don’t fall for scammers and don’t go to events that lead to nowhere.
Every day will be a struggle
Things will go wrong every day, but don’t panic and make it worse. In fact anticipate it, deal with it and turn it into your favor.
If this is your first venture then sure you don’t know many unknowns and so you should seek help wherever needed. Don’t swim in the lack of knowledge pool and be willing to take help. And people do help as they will respect you that you understand your limitations and working towards eliminating it.
Don’t introduce yourself as an ‘Entrepreneur’
Don’t put the focus on you by saying you are an entrepreneur but put the focus on what you make and sell. You are the problem solver by giving people what they need.
Don’t sweep mistakes under the rug
Sure we entrepreneurs don’t like to admit mistakes, but never ignore them. The moment you ignore a mistake and allow it to fester, it will cost your company. Face it and take care of it.
And finally as you have gone through the above “gyan”, you can happily ignore them all because you are the entrepreneur and you will make things work irrespectively. So just get it all together and get ready to reach your goal!
I'm a self confessed foodie, king of the kitchen, wannabe anthropologist, technology evangelist , curious, inquisitive & experimental entrepreneur at @DigiLands and an adrenaline junkie. Love spending time with my wife & two young children and faulty KitKats that consist purely of solid chocolate.