Imagine 20 people waiting in a queue for a bus or to buy a ticket, or on a cash counter in a bank, and suddenly the last one of them, moves out, comes to the counter and says, “Keep standing there all day. I am just buying the ticket right away. My world, my rules”.
I don’t have to write what might have happened to that person. An Entrepreneur is just like that guy. When everybody is going to get a good salary, officially given a car, home allowance, free tours, medial insurances, pension and a fair amount as gratuity fund, the entrepreneur is talking about taking risks, spending money, taking loans, hiring services, paying rent and utility bills – isn’t that person crazy?
Out of box thinking and breaking the egg shell are 2 very different tasks. But before that, aspiring entrepreneurs must learn and develop a few things which can prove to be vital for survival in the open market. An “about to become” entrepreneur must learn resilience, professionalism, self-confidence, leadership, team work and effective ways of communication and presentation. But it isn’t something beyond human capabilities. The rule is simple – Higher risks, higher profits. It’s sometimes stressful but at times, it can be highly rewarding and can give a sense of accomplishment. So it isn’t as hard as it seems. I would suggest the following points to consider before jumping into the market.
1. Prioritize things
First decide what you want to become. Then rank different things you have and also the things you want to have. What is important to you and what are you willing to sacrifice?
2. Personality Match
Some are good at being the boss, while others are better at following instructions. Are you comfortable with a lot of responsibility? Can you take full responsibility for success and failure? Can you accept failure as well?
Are you an innovator and a creative problem-solver? Do you have the ability to tolerate uncertainty and unexpected change of events? Do you have a clear picture of your strengths and weaknesses?
4. Be idealistic
Do you believe in yourself? Do you have the determination and courage to keep climbing until you reach the mountain top? Will you be able to jump over many hurdles continuously?
5. Be realistic
Can you be realistic enough to face rejection and comments which are directly against the idea dearest to you?
6. Be flexible
Adaptation is important to survive. It’s actually the “survival of the fittest” kind of logic. Do not be over-obsessed with your plans. Always be flexible to accept and understand changes in market and consumer behaviour.
7. Be Prepared
Situations can either be like an “elevator pitch” or “detailed essay”.. It’s expressing your idea according to the situation. You must know every aspect of your business to avoid pitfalls.
Market research and analysis is vital before entering a market. You can fail easily or succeed easily depending on how strong your research is. Jumping into the water without knowing its depth is actually a huge risk.
9. Expand Network
Keep networking. You will never know who can be critically helpful in your business. More networking will give you more options and more ways to keep on moving.
10. Team Up
You don’t have to do it all alone. Keep it legalized and written, and add partners without any fear.
In short, it’s all about analyzing your personality, skills and keeping your idea acceptable for the market and the consumers.