“I also want to be an entrepreneur, I have an excellent idea which is jaw-dropping for investors.” Said my ex-colleague when I visited my ex-employer.
I reacted “Why don’t you start then? Make the product and show to an investor.”
“It will take a lot of time and effort to make the product. I want an investor investing in this idea, once I will get the fund I will leave the job and will start making this product.” He explained his worries.
I smiled and said, “If you need a different source of earning then change your job but don’t jump to entrepreneurship.”
Almost every second person in sales have once thought of owning their own business, but only a few could really turn that thought into a plan. Among the few persons who could make the plan, there is further a filter who could dare to turn the plan in action. There is a fear which stops them to walk on the path of entrepreneurship. What kind of fear do they have? Let’s analyze that.
To make a quick opinion, it is easy to say that the fear is of failure. And yes, it is true in many cases. But when Failure is an integral part of learning and a very natural process then why it is fearsome? No business can be guaranteed to be successful and this is known to all, then why giving an excuse of possible failure? Actually fear and failure, both are excuses only. We will try to understand the process of being an entrepreneur.
TRUST YOUR IDEA
The biggest issue is trust. Trusting your own idea and your capability to turn it into an execution. Making a (so-called) amazing idea is not a skill. You will find every second person is having an idea which is unique from their perspective. But only a few trust their own idea. Because when you trust the idea, you attempt to make is feasible. The formula is simple, if you can’t trust your idea then no one else will do.
Trust comes from belief. You must have belief in your thoughts. Of course, thoughts can be inspired but should not to be borrowed. Making idea based on thoughts of your belief is a substance. You trust your idea. Most of the wannabe entrepreneurs fail at this front only. Their thoughts are copied or borrowed. Even in some cases when the thoughts are unique, they don’t believe in that.
HAVE A CLEAR PLAN
Trusting your idea should not make you jump in the mud. You need to have a clear plan. The Plan will have all the required angle. Checking feasibility of the idea in the real world is one of them. If your idea is feasible then you must draw the next steps and resources required to do. Your idea may be something new or some old conventional thing but your plan will differentiate you from other. Planning of commercial aspect is also required. Analyse your basic needs and plan fund accordingly. Also, have some spare fund for your business.
SACRIFICE THE LUXURY
After the plan, it all comes to your sacrifices. Sacrifices of all the luxury and not the basic needs. Your basic needs will always be there and you need to plan accordingly. But your luxury is your illusion for the public which has no significance. Trust me, your needs are much lesser than what exactly you own or wish to own. You must plan your expenses on the basic need for the period of struggle. Typically it should be about double your expectation.
I have seen many failures at this level. This is not an easy hurdle. Few take this as an excuse of delaying the start. But to save money for your basic needs will take just a year (in most of the cases). The false story starts when luxury gets counted as a basic need. Having weekly outing at an expensive mall or buying costly gifts can’t be a basic need.
MAKE A SKILLED TEAM
Once you trust your idea for which you are ready to sacrifice the luxury, then all it takes is a good team. There are few business ideas where you can start alone, but in some cases, you need a team. You need to understand that you don’t have all the skills and team is required to fill the gap. Selection of team is very tricky. Basic elimination round in selection of the team is finding a person who is in similar need. The person who doesn’t have any need or hunger (to be a successful entrepreneur), is of no use. If it is a side business or one of many businesses for them then they are not required. The second parameter is the skill. Choose a person who is having the skill you need. You may not have much time to train a new one, so get a skilled one.
After the team building, don’t behave as a leader. You should always feel that it is all your business and others are there to support you. It needs your own full dedication. Your dedication is motivation for others. Walk together and be united. Conflicts will be there and treat those as part of the execution. A mature behavior and trust among each other will turn conflicts into opinion.
HAVE SOME MONEY
After all, you have, the last thing is money. You need money to meet your daily office expenses (even if you don’t have an office). If you don’t have any salaried person in your team then this burden will be less. And if all members have also followed the previous steps then Money is certainly not a constraint. But it is advisable to have some fund dedicated to your operational expenses.
While money stands at last for any entrepreneurship plan, it is the first excuse for non-doing but wannabe entrepreneurs. If you are self-disciplined then you will have the required fund without much ado. All you need to do is
Believe your thought – Trust your Idea – Plan it clearly – Sacrifice of Luxury – Make a skilled team – Make it operational
Once you make your product the market is there to sell and investors will invest on a saleable product. Welcome to entrepreneurship.