10 Tips to Become an Entrepreneur
There are few jobs which need you to be aware every moment. And being an entrepreneur is one of them. In this job, you have to learn to succeed; you stop and the competition will hit you hard. Follow the ten tips given below for success.
A team with the proper skills and having a leader to delegate the right responsibility – the start-up will be a success. But to build a team who share your vision/passion is the greatest challenge. Your investors will check your team members’ educational qualification and experience. The reason – your team should first believe in your ability to sell.
One of the most challenging jobs for an entrepreneur. In recent times, there are companies such as YCombinator, 500 Startups , TechStars etc. By registering in AngelList you can easily track the fund raising efforts regarding your company. You can know more about your strengths/weaknesses when you meet potential investors.
If you have started a service-based company, for the first few months, keep a sharp eye on the customer service. If possible attend the calls as it is your own designed product. You will be able to figure the expectations/needs of customers regarding your service. However, you cannot be doing the same forever and you should delegate to a person who can act as a perfect representative of the company.
Tradeshows are the hot places where you are exposed to the press/media, forge valuable partnerships and friendships. Although, you will not like to be known as a Conference Ho , in some time, you will realize the importance of these trips.
5. Long Hours
In the initial stages, you will have to face the grind more than when you have worked for some company. The hours may stretch to 80 hours per week or even more. However, if you are passionate, you will enjoy the long stretch and never feel tired.
6. Tough Decisions
You may have smart team members, but there will be times you may have to take harsh or smart decisions. In short, you should enjoy taking crucial decisions at the drop of a hat or else you will burn out.
You may have to attend conferences/trade shows in another country. The crucial factor is your presence and not the $200 dollars that you spent on the taxi driver to reach the venue on time.
Your company is in India but may also get a big investor in a foreign country suppose in Germany. To form a lasting relationship, you may have to learn the German language. Since you are time-strapped, you think of joining an online tutoring class with a platform such as preply.com where you can find a reputed German tutor.
8. Humble Lifestyle
You might be stashing millions of dollars in the bank for your start-up but remember it is investor money. You may have to live a humble life until your start-up becomes a success.
There is one word which describes a start-up best – uncertainty. Ensure your focus does not shift from the goal of achieving success.
You are always racing against time to reduce your cost and to grow steady-fast. Remember, in this job profile, you have to do the work of an entire organization. In the early days of forming an organization, you have to do many jobs such as HR, CEO, assistant, customer care executive etc.
Always think every challenge is a learning phase and you/your company will also become a success.
What is the first word that pops into your head when you hear the word – entrepreneur? Start-up? Rebel? Money? Struggle? Or all of these? The most commonly thought of word is – struggle. An entrepreneur does not inherit a pot of gold, they are not generally born with a silver spoon in their mouths. That is the basic reason why they are entrepreneurs – trying to get what they weren’t born with, right?
Most people believe that the entrepreneurship is the fastest way to become rich but this can end up being just an illusion. The truth of the matter is that you can only succeed in business when you have the right entrepreneurial skills, attitude, and behavior. Therefore, current and aspiring entrepreneurs have a chance to enhance their entrepreneurial skills through the Entrepreneurial Development Program (EDP).
The first year of a startup can be the toughest. In fact, between 1994 and 2015, an average of 60 percent of new businesses died in their first four years, according to the Bureau of Labor Statistics. But your enterprise doesn’t have to follow this trend.
Fraud comes in many different forms. The last thing you want is a knock-off product reaching the hands of a loyal consumer. This could ruin their experience and make them decide to never use your brand again. Fraud can also have a huge impact on lost profits and affect any business model from a short or long-term point of view.
Investing your money or time in a new venture without proper analysis is the perfect way to guarantee its failure.