Today, everyone is motivated by the waves of successful business startups, and especially younger generations want to be their own boss to gain full of glamour and wealth. The coolness of being an entrepreneur is all-time high but the fact is that being an entrepreneur is not for the faint of heart and there are lot of risks associated with entrepreneurship journey.
“To be or not to be”, is the dilemma faced by Shakespearean character faced 400 years ago in “Hamlet”. Today, entrepreneurs or corporate people are facing the same dilemma, but of course in different context.
Well, Entrepreneurship journey is like exploring space. It is purely a matter of personal journey. If you succeed, it is an unparalleled experienced but if you fail, you end up getting marooned in the universe.
Below is a go-to checklist of questions to ask yourself before you get into ENTREPRENEURSHIP JOURNEY…!!
- Are you mentally ready to be an entrepreneur?
This is very important question as it indicates your readiness for business. So, evaluate if business is in your DNA? Why do you want to be an entrepreneur? Assess yourself first because it does not matter at the end of the day what people say? Your opinion matters.
- Can you handle failure?
You might be the smartest and hardworking individual but you will fail statistically. A lot of echelon people feel that they handle failure, but most of them have not yet tasted it in life. So, it is up to you.
- Are you willing to change your lifestyle?
No entrepreneur and especially startup business founder get a chance to maintain a lifestyle. Because if you do so, you are wasting the capital of your investor on personal expenses and hurting your possibilities of business success.
- How will you survive financially?
Calculate your personal financials because in the real world of entrepreneurship, everything including your professional and personal life will be at stake. Don’t consider it a pessimistic attitude, but you should have minimum backup like savings, salary.
- Are you a happy go lucky or high-level thinker person?
Entrepreneurs is not only for high level thinkers but for all the doers in the world. Are you the person who will get on to the knees to fix every issue that comes in your way? As a startup, you simply cannot call the department to fix everything for you.
- What is the survival position of you and your company?
Have you raised enough capital in last 1 year? Nothing is done overnight and it takes time to build the ideas, save for business investment and finally get started. If you are putting your toe into the pool, be ready to survive till the end for at least 1 year.
Most of the people are ready with this checklist but don’t know where to start. And that’s quite a valid question. Starting is one of toughest parts because you are not moving yet. So, if you have ticked the above checklist, here is a little guide to help you get over the question – “How to Start?”
The First 90 Days of your business.
Days 1-5: Decide to be an Entrepreneur and start learning. Take a leap and being the journey of entrepreneurship. And spend time on reading and learning new things every day.
Days 6-10: Find out your true passion and write down the things that made you feel meaningful about life in past. Be it fashion, helping people, technology or anything.
Days 10-20: Identify a broad problem in the field you are passionate about and find the like-minded people as your co-founder(s). Try to find the pains that are not yet solved.
Days 20-30: Find a solution to the identified problem and brainstorm about the solutions every day. The only suggestion is to be creative and think out of the box.
Days 30-40: Tell everyone about your idea and start assigning the roles. At this time, the roles and responsibilities should be decided, just start picking the right talent.
Days 40-60: Talk to potential investors as you have gained lot of idea about your business field, recruited the talent, and observed the market. Start spending most of the time in selling your vision to people who are going to invest in your business.
Days 60-70: Build a website, start branding your company, develop key partnerships. This should be before the product launch. Don’t consume much resources in this area, and utilize the power of social media to create a buzz in the market.
Days 70-80: Get the legal stuff done at this stage. This is an important step but do it when your company is recognized in the market so that you don’t end up wasting your precious money in the under-development stage of company.
Days 80-90: Focus on your product and launch after the almost 3 months of hard work and determination. Validate your business idea in the market, which is also called prototyping. It is extremely important for your business as well as the investors.
And The Journey Goes On…
Every business has unique needs and the future is always unpredictable. The last thing is to focus on things that are important and not only urgent, keep up with your passion, Don’t give up and watch your business grow.
START TODAY WITH YOUR ENTREPRENEURSHIP JOURNEY.