The definition of an entrepreneur is a person who launches a business in the pursuit of making profits. According to me, this definition is only partly true.
Entrepreneurship is not only about making money. It’s about converting dreams into reality.
The very reason an entrepreneur launches a business is to script a career path that provides the freedom to pursue their dreams.
Unfortunately, the majority of entrepreneurial dreams end up in heartbreak. This is because young entrepreneurs don’t understand the complexities involved with launching a startup.
These tips are for aspiring entrepreneurs; “wantrepreneurs” who have recently launched their startups.
1. Make sure your entrepreneurial dream is realistic.
Many entrepreneurs with failing businesses didn’t realize their idea was faulty and unrealistic to begin with! It’s important that you evaluate your business dream a couple of times before launching it. This will ensure you have a foolproof idea in place to launch a company.
The best way to evaluate your business idea is by approaching friends or experts from the industry. Share your thoughts with them and understand how your venture can be converted into something that is achievable in a big way. You may have to iron out a lot of deficiencies in your idea before sharing it with the world.
2. Devote your 100% to the venture!
A lot of entrepreneurs are wary about quitting their day jobs to pursue their dreams. The hesitance to devote their professional lives to their venture will ensure it dies a slow death.
A new venture has to be nourished just like a newborn. How will it survive if you neglect it? Invest time and energy in your entrepreneurial dreams to gain the results you seek. Abandon your venture if you won’t decide to make the time for it.
3. Network like there is no tomorrow!
Most entrepreneurs realize the impact proper networking can bring to their businesses – they are already busy making new connections on LinkedIn! Invest time and energy in LinkedIn. You should also step out of the office to meet potential clients and partners. Approach them through calls, emails or simply walk up to them at events.
The key here is to make yourself visible and approachable. Aim to become an expert in your domain. This can be done by writing frequent articles for publications and participating in events and workshops where your expertise can be shared with other people in your domain.
4. Believe in the power of inquisitiveness!
The best entrepreneurs are those who constantly learn and improve their skill set. You should make an effort to stay in touch with the latest advancements in your industry. For this, you will have to make continuous efforts to read and learn. Monitor competitors as well and ensure you can steal a march over them within a period of time.
5. Surround yourself by people you can rely on.
An entrepreneur is as good as the people around him – they can work together to either bring you down or help you reach the moon! Ask yourself these questions:
What kind of people do you have around you?
Do they sincerely seek my success?
How equipped are they to contribute to my business’ success?
The answers you have to the questions above will highlight the quality of the company you keep. Be prepared to seek new friends if required to ensure you have necessary support for your entrepreneurial journey.
6. Have a sound financial plan in place.
Let’s suppose you have the best business and a bunch of talented individuals working for you. All this amounts to zero if your business doesn’t have adequate financial backing. It’s important that you seek investors right from the beginning. Approach family members, friends or venture capitalists – pitch your great business idea and hope they are willing to invest handsomely in your venture!
I hope you found these tips useful. Use them to pursue your entrepreneurial dreams wholeheartedly. You may not be able to implement these tips all at once. Take them on one by one to ensure you are on the right path to success.
This article has been edited and condensed.
Neerav Mehta is the CEO and Founder of Red Crackle. He leads a team of Drupal enthusiasts to build and deliver technology solutions for clients across the USA. Connect with @redcrackle on Twitter.
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