5 Tips for Beginners to Entrepreneurship Trivia
Journey as an entrepreneur itself is a learning experience and the following points will help you focus on the key aspects of the journey
There is no better proof of learning other than to embark on a journey and gain from one's own mistakes. Similarly, for an entrepreneur, one has to jump in with both feet to truly enjoy the adventure. While this is all worthwhile, what can definitely support is learning/tips from fellow entrepreneurs gained from their personal experiences. This sure has helped save time, cost and efforts of those who want to move fast.
Here are 5 points, for us all to know, to help us grow in our journey as an entrepreneur and personally.
You do not need all the answers in the beginning
"Today is the oldest you've ever been, and the youngest you'll ever be again." If you have a good idea and are settled on medium-term financials, go for it! Being in a good industry and being headstrong is all you need to have in the beginning. The team is also very important.
There is no way to know other than doing it yourself
Jumping into the entrepreneurial journey is the only way to know about it. It’s a see-saw of crests and troughs, ego-defeating encounters and frustrating inertia. So much of experience is packed into that kind of a timeline.
Expand your mind; know that you do not know
One important thing especially rational people tend to miss is that you don't know everything right now. There will always be some things which are different than what you've planned. Planning too long into the future is a telltale sign of exactly that - you don't have any recognition of what you don't know.
Focus Focus Focus
It's not a good idea to have multiple things going on when none of them is working well. Many different ideas (none of whom have reached product-market fit) will only slow you down in reaching your destination and will increase the burn. Indiscriminate spending will finish off your business before it has a chance to ripen.
Pivot or Persevere?
Understand that no new idea is going to work the way you've thought in the beginning. Learn the scientific way of reaching to a pivot or persevere decision as explained greatly by Eric Ries. In any company, too much time is wasted on persevering when you should've pivoted.