Think for yourself!

Have you ever thought of starting your very own business? Do you wish to become an entrepreneur?

Many undergraduates ditch the concept of entrepreneurship or the idea of starting their own business soon after joining as an employee at an organization. Your first pay cheque becomes the biggest hindrance to obstruct your business idea and eventually makes you just another employee who continuously obey the orders of your Boss.

So let’s get back to roots!

An entrepreneur is an individual who develops a new venture or business having the ability to take risks thus enjoying most of the rewards. He/she is portrait as an innovator or a source of new ideas. The simple definition of entrepreneur would be the person who organizes, manages a business with the risk taking ability. Most importantly, someone who challenges the status quo.

A great example would be Richard Branson, the founder of Virgin group. He has challenged the current organizational culture of working from morning to evening. He is someone who was first to adopt flexible work schedules such as work from home even before the covid19 pandemic.    Sir Richard Branson never fails to add the fun factor or humor into the workplace. He is renowned as a well-balanced Entrepreneur in the modern day – someone who learnt from his past mistakes and failures.

Here’s some entrepreneurial tips for new entrepreneurs

Be prepared to work harder

Whether you are planning to quit your job or have your side hustling, you must get yourself prepared to work harder than earlier to become successful in your entrepreneurial journey.

If you think you will have more time and freedom, it will not happen as entrepreneurs work two times more than employees on average.  At this point, having a good work life balance becomes a crucial factor for success along with your determination to build an empire from scratch which needs your blood, sweat and tears.

Know your people

Unlike before, now you are the finance, marketing, human resource and sales manager of your business. Therefore, it’s crucial to attract the right people and retain the right people in your business. This can be your target audience, suppliers or employees. Understanding what your target audience needs becomes crucial. Did you know that 80% of customers stated in a survey that brands and businesses does not know them personally? So try not becoming one of them!

Always discover new ways to reach your audience and understand their needs while communicating in a way that ensures they are comfortable to provide feedback. Building good customer, supplier and employee relationships is crucial to be a successful entrepreneur.

According to Dr. Peter F. Drucker, “The most important thing in communication is hearing what isn’t said”.

Listening is key!

Control of Finances

Many organizations fail due to expenditure getting out of control. It’s crucial to spend money at the startup level but do not fill your head with lots of debts. Always have a budget and convince your investors to invest in your idea.

Don’t make Poor financial management an excuse for failure!

Never Give up and always follow your Passion

What’s your core motivation? Are you doing something you love? What interests you?

Your entrepreneurial journey is not easy unless you follow your passion. Do what makes you happy.

Start something which is based on your passion, be it a product or a service. There are thousands of products sitting on shelves and does nothing, so make sure to have a unique selling proposition. Make a product which sells by its own.

Modern Day, entrepreneurial journey will throw so many challenges at you but do not give up!

Unfortunately, only one third of companies last for 10 years while 20% of startups fail during the first year and only half survive till 5 years.

Have a Nice Day!