You are purpose – driven, passionate, a potential change agent, plus you have so many ideas bubbling in your head you think can change the world…..
You think it’s time to turn those ideas into a business? Think again because although becoming an entrepreneur can be so fulfilling it is very daunting as well. Here are five key factors to consider before diving into the deep blue entrepreneurial sea.
- Be fearless.
Grit, Guts and Gumption are the main character trait you need to become an entrepreneur or a business person. You must have the courage to dive into a sea full of sharks and the resilience to continue swimming through even though you are being bitten by these sharks. Be aware that launching a business is similar to starting a race. You either « win big » or « win small » or lose! Do you have the guts to face industry giants or will you lag behind with the average players? Yours to know.
- Make Sure your idea adds value.
A Successful business person once told me the secret to his success in business. He said that the best way to succeed in business is to find something a group of people need so bad and make that thing available for them in exchange for cash.
Leads me to the question – will your business idea add value to your customers’ lives? Does your idea meet any of their needs? If you answer is “yes” then you are ready to launch. For we are in an era where people know exactly what they need… consequently, you want to make sure your product or service satisfies their desires.
- Get the necessary skills.
You may have a billion dollar idea, but as the founder of a company you are the pilot of a plane and so you need the knowledge to pilot this plane. You do not want to be get lost in the running of your own company. We are so blessed to be alive in a time like this when knowledge is free to have. Google and the likes have made it so easy for us to access all kinds of information anywhere at any time. Harness the power of the internet to become the master of your craft.
- Plan to the end.
The most reason why 95% of businesses do not survive the storm is because its founding member(s) did not plan everything prior to launching the business. Most at times, the founders are so passionate about implementing their beautiful idea that they forget to take into consideration key marketing and financial facts.
First of all, be aware that the first reason why a business is called a business is because it can generate profits -. In this light you’ve got to plan your marketing and sales strategy carefully. How will your product or services reach your customers? Be careful with your cash flow – spend less that you earn. Are you starting on a loan or do you have capital from family and friends? Make sure you always have cash reserve. Plan on a long term – Set clear financial goals and implement them. Brainstorm and implement strategies that will cause your business to scale in the long term.
- Launch! But Be resilient.
As an entrepreneur, I will not restrain from telling you how amazing the idea of launching a passionate venture is. It is one of the most fulfilling acts to do. The pride of knowing that you can create change and create jobs and impact lives! But hey!… Stay focused and do not sway from your vision for there will be a lot of roads blocks, the fame and increase in social status might distract you but be aware that you must not lose focus. Be prepared for the worse scenario – for there will be losses and gains but in the face of adversity do not ever give up. Press on until you reach the end which is always full of awesome rewards.
Think you have more tips on what to know before launching a business? Your opinion counts! share it with us below. Do not forget to share these tips with those you care for.