Are You Ready To Be An Entrepreneur?
What it was like becoming an entrepreneur? Ask any entrepreneur, successful or not. For some, it started naturally. For others, it was irresistible. For many, it was by necessity.
But almost every entrepreneur will also admit that it was tough. While every job has its challenges, the role of entrepreneur is particularly challenging. It’s deeply personal and overwhelmingly demanding in every area.
‘The Toughest Boss You Will Ever Work For Is Yourself.’
The entrepreneurial journey is extremely challenging but if pursued with a plan, you can certainly succeed. Here is your road map; the step by step approach to thrive:
Step 1. Conceptualization: The key to converting your business idea into a success is the idea itself. Figure out the business concept before moving on. Document the idea and keep revising it. It is imperative that the idea evolves as you move on based on the market feedback and operational considerations. Remember you need to remain flexible and ensure quick adaptation to environmental stimulus.
Step 2. Analysis: Entrepreneurs often suffer from entrepreneur’s myopia. It is a feeling that clouds our mind and makes it completely biased about the idea and its implementation process. Before spending time, money or energy we must analyze the potential of the opportunity. We must understand where our offerings stand, our customer needs and the competitive scenario before proceeding.
Step 3. Strategy: “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” – Sun Tzu. Before going in for implementation have a strategy in place. You need to figure out what it is that you want to achieve. Take a bird’s eye view of your overall business and then drill down to functional elements like marketing, financial, human resources, operations, etc.
Step 4. Implementation: If you have reached to this point, you have won half the battle. But at this stage the real struggle begins. Get yourself some passionate team members. Consider of a phased operation, initially funding it through your own funds and later seek funding from investors. Allocate resources for a pilot launch and closely monitor the feedback. Fine tune your plan based on the feedback and organize your launch. Ensure performance, quality, and customer convenience and scale up your business slowly and gradually. Success will follow.