Entrepreneurship is not a bed of roses. There are a lot that an entrepreneur has to deal with which a regular office goer never even thinks about. However, most entrepreneurs choose to be in that position. There are not many successful entrepreneurs out there who have made it big by forcing themselves into entrepreneurship. Most who became successful loved the process of being an entrepreneur.
Anyway, in this article, we are going to talk about how important it is to utilize the entrepreneurship skills that you have in you. Should you become an entrepreneur? Or should you let it go?
The first thing that you understand before going for any action is the risk factor. Are you at a position in your life where you can take the risk of not earning any money for next one or two year? There is a saying that university life is the best time to start your company as you do not have families to take care of at this point. Once you get into a family and once you have your other half and children to take care of, things can get risky.
There is no one who can decide whether you are ready to take that risk or not. It is you who will have to take that decision. Before you take it, try to make sure that you are saving some money for the rainy days. You will try your best to make sure that your new company earns revenue but a smart entrepreneur is always prepared for the bad days too. The chance is not high that your first company will make you a lot of money and you have to be careful from the very beginning.
The next task for you is to go for the right thing. As an entrepreneur, you need to start the right venture at the right moment. Do not go with the flow. If you have entrepreneurial skills , this will come naturally to you. You will, on your own understand what not to do. However, it is also important to note that you might get deflected with a lot of opportunities and as the main person of your newly found company, you need to keep the focus.
Many companies cannot succeed for more than a year because they shift their goal too easily. Do not be one of them and try to stick to your goals without getting the ‘shiny object syndrome’. Now, this might sound contradictory but it is also true that you need to know when is the right time to pivot your company in a new direction. You cannot keep moving ahead when you know there is a dead end at the end of the road.
It is important to utilize the entrepreneurial skills that you have in every way possible. Some entrepreneurs think that it will be better if they hire a professional for a certain position but when it is the early days of your company, nobody will understand the vision better than you do. Therefore, you should try to be involved with everything as much as you can.
Let’s use an example to understand this better. There are a lot of entrepreneurs out there who hire a professional PR person as they think they are not good enough to build relationships and go out to talk about the company that they are building. This is not the right approach at the initial stage of your company. When you are starting a company, a PR person will never be as dedicated as you would do. Yes, you can still have a PR guy to talk to journalists and media but as someone who has the vision, you should be the person who goes out and talk to people about the goal and purpose of your company.
Now, it is obvious that you need to utilize the skills that you have to be a successful entrepreneur but what are the skills that we are talking about here? Before we end this article, let’s talk about some skills that you must possess to be a successful entrepreneur according to Entreprenur.com.
• Money Management
You have to be able to manage your money like it is the most important element on earth. If you cannot manage your money, you won’t be able to succeed within your business. A lot of entrepreneurs spend way more than they should have spent just to look good or to feel the charm of entrepreneurship. Do not be one of them if you want to stay in this for long term benefits.
• Motivation and Productivity
You, being the founder of the company need to be as motivated as possible but at the same time, you have to make sure that your employees are motivated too. Different people have different approaches towards motivating their employees and it also varies based on the kind of person that you are dealing with. Do not go with a static approach. Be prepared to change your plans according to the scenario.
• Ability to do Split Test
Often, entrepreneurs get into one idea so much that they do not want to go for split testing. It can be related to anything. It can be a social media advert or it can be a packaging for your upcoming product. You should always be ready to do A/B testing of different products or services to figure out what works and what does not. Going with your intuition is often not a good idea when you have better solutions around you. Going with your intuition is only a good idea when you do not have a better option in front of you. When you have a mathematical solution to choose, your intuition should be the second best option.
At the end, if you think that you have the entrepreneurial qualities then it is the perfect time to go for it. The world is taking entrepreneurship very seriously at this stage and it couldn’t be a better time for a new company to be born.