5 Things To Check While Entering the Entrepreneurship World
The majority does not have the courage to cross the line and walk towards their 'dream path' because we are afraid to go beyond the comfort zone
It would not be wrong to say that once in a lifetime, all of us are stricken by the desire to be the master of our own.
For most of us, the mere mention of a 9-5 job is enough to send shivers down the spine. However, the majority does not have the courage to cross the line and walk towards their ‘dream path’ because we are afraid to go beyond the comfort zone. We are afraid of failure that we might not be able to sustain throughout the journey.
With my experience of seventeen years in the industry, I have come across many people who long to become their own boss and step towards their dream. Yet, they being skeptical do not take the plunge as they are afraid that the path is not a cakewalk.
But I personally believe, “no one knows how that path turns out unless one walks on it. You cannot predict what is in store for you”.
If you are at the brink of making a move, here is a small checklist you need to be sure of:
Why Do You Want to do This?
Prior to setting out on an entrepreneurial spree, one should undergo the process of thorough self-scrutiny to get a clarity whether it’s just a whim or you are genuinely passionate about it.
For majority of them, working in pajamas at their flexible hours while indulging on favorite coffee sounds very comfortable.
But they fail to realize that the above-mentioned perk is secondary. Ask yourself, why do you want to get into the skin of an entrepreneur. Do you believe that the knack for entrepreneurship is within you? Do you think you can do the monotonous thing differently? Or do you tend to delve a little deeper to make more money? Or do you have a desire to improve the lives of others with your creative outcomes?
It is a fact, the very first impulse of setting up their own business is to make more money with an advantage of freedom and flexibility. But, you need to be dead sure. Look around you—Does it solve any real-world problem? Do you think people will really pay for it? How do you market your products or services? Have you ever checked your idea with friends or family?
The real challenge is not the lack of ideas, it is how and why you want to go for it.
Know Your Current Numbers
The foremost step you need to understand is that being an entrepreneur, there is a thin line between personal life and business life. That is why having a detailed understanding of your personal assets and how much do you need to get on board is important. You must be attentive enough if you are likely to be the only investor.
Budget is the basis of any commercial success which in return gives you the gist of the planning and control of the finances. When there is control over expenditures, planning becomes productive, and with the right planning, you can achieve your business objectives.
Being utterly enthusiastic accompanied with single handedly controlling the entire business could lead you to become a spendthrift and eventually burn your pockets. But, you must also be aware of your risk tolerance level. It is only you who is aware of the actual condition, to what extent you can lose and stand still.
With appropriate numbers in hand, you can have control over your finances and can make confident financial decisions. Because every penny counts.
Write Your Business Plan
Setting up a business is scary and sticky.
It is indeed magnificent if you are starting from scratch. I have seen many people own ‘script and structure’ but lack strategy which needs to be ‘simple and subtle’. Writing a strategic business plan provides you a sense of direction and becomes handy while making decisions.
A business plan imparts confidence, clarity and concentration on what you are doing. If you are setting up your business, you should be able to address these questions: What is my business purpose? What do I want to achieve? Who am I serving?
A plan doesn’t mean 10 pages, A4 sized documents accurately formatted in the Times New Roman with justified alignment. When you write your goals, actions, and strategies, it gives you a perspective of your status in reaching the milestones.
With a written plan on your hand, you can keep your ideas in concrete terms and work towards the cause.
Know Your End Audience
Yes, you must know your audience inside out.
The customers are the one who can make or break your business. In order to build a business that connects with the customers, you must know who they are.
Start thinking from the perspective of a consumer. If you are looking for the same product, how much do you pay for it? Why should the audience choose your product over the competitors (if any exists)?
In layman terms, the one who has paid you directly is the one who convinces others to give your product/service a shot.
Therefore, they form your backbone. Hence, before starting the business, a close study of the target audience should come handy in the long run.
Never Give Up
Though it sounds very easy to stay motivated throughout and have a strong will power, but in reality when faced with dire situations it is quite obvious to break down. Moreover, the people around might not encourage you to pursue your entrepreneurial journey. Some of them might envy your big step and others might feel bitter about your guts to literally do something. But, it is you who should not allow these detractors to stop the journey even before it begins. During this process, you would get disappointed and break down into pieces.
Educate yourself that you did not get into the business world to be in a safe nest. You knew there was risk involved. You knew you might break the bank. In such moments, remember the hours, energy and the efforts you have spent on building this. Remember the moment that made you set on the journey.
You have come a long way, just one more step. Continue what you are doing and believe in yourself that you will succeed eventually.