Unravel the Entrepreneur in You
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Do you want to be your own boss? Do you wish to work as per your own time schedule? Do you feel deprived despite giving your 100%?
If any of the above resonates with you, it’s the right time to dislodge from the comfort ‘9 to 5’ desk job and venture into what truly is your heart’s calling. No matter how scary the initial dislodging phase might be (as it’s bound to come with a magnitude of insecurities), but as they say, “When the going gets tough, the tough gets going”.
Here are a few crucial points to be kept in mind while planning a switch over:
1. Present and future financial planning
Just as one embarks on a new journey, adequate care has to be taken keeping in mind the expenses on the present necessities as well as the capital needed for the new venture. If it’s a lifestyle venture, relatively smaller scale of investment would be involved than a digital start up. However if it’s a high-tech business or a factory set-up, the investment would be much higher.
A very interesting exception to the rule is the case study of David Osorio (founder of Cross Fit South Brooklyn gym) who opted to bootstrap his venture and build his business brick by brick by investing his own profit and not choosing the conventional funding by loan strategy.
2. Breaking startup idea
As William James says,” Give your dreams all you’ve got and you’ll be amazed at the energy that comes out of you”; believe your hidden talents and niche. What you love doing the most and what keeps you happy even if you have to give rigorous working hours to it would be the true calling. You need not necessarily be a degree holder in the stream of your passion.
For example, if you love cooking and eating, food industry is your niche. If you love photography, try your hands on aerial photography or digital printing services.
One sparking idea gave Jeffry Bezos a kick start to take up Amazon.com from a virtual bookstore to the biggest company in Washington.
3. Risk is the keyword
Peter F. Drucker beautifully quotes,” Whenever you see a successful business, someone once made a courageous decision.”
Risk is the price one pays for the opportunity. Right from abandoning a steady job income, sacrificing personal capital, irregular cash flow, deadlines and meeting targets to sacrificing one’s personal health and time are the initial risks must be well equipped to deal with.
Elon Musk, co-founder of PayPal, moved onto create Tesla Motors and Space-X. With such diversification, risks are imminent. In a January 2005 interview, he summed up this the best,” There’s a silly notion that failure’s not an option at NASA. Failure is an option here. If things are not failing, you're not innovating enough.”
4. Business planning and know your target audience
A calculative framework of the goals, strategies and action steps gives the business a real shape. You must meticulously plan the ‘how-to go about it’ stage to prioritize your efforts and hence eventually save time and money.
Estimating what is your target market is important in building the right product, the right marketing efforts as well as channelizing profits. ‘Customer is the king’ is the punchline to be adhered to.
5. Marketing strategy
Embracing the most effective social media marketing tools (Facebook, YouTube, Twitter, and LinkedIn), hiring a PR, content marketing, affiliate marketing, blog posts, e-mails and newsletters are the varied marketing tools. You must choose the one best suitable to the target audience as well as your pocket.
To summarize, the most apt is the quote by Jeff Bezos,” I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”