HOW TO BEGIN AN ENTREPRENEURIAL JOURNEY?

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enterpreneural journey

Every entrepreneurial journey starts with an idea. Deciding to undertake on an Entrepreneurial journey is always intimidating. There is no guarantee of success, and there is no way to be ready for all the obstacles you will face along the way. Whatever challenges there may be, pursuing an entrepreneurial journey in this field can be hugely fulfilling and in some cases transformative.

Owning your own business gives you a feeling of freedom and empowerment. Every entrepreneur has his or her own "WHY" that drives them into being their boss. Entrepreneurs always realize their imaginativeness, so that they can develop a permanent impression with other entrepreneurs, consumers, and tradesmen. That is why we have put together some tips on how you can become a successful entrepreneur so that you can inculcate your entrepreneurial spirit.

Business VS Entrepreneurship

Know yourself first. Always examine what you are passionate about. Ask yourself whether you want to put your hands on becoming a businessman or an entrepreneur? Most of us have disbelief about having business and entrepreneurship with the same meaning.

Getting a clear view of business vs entrepreneurship and the impacts help you strengthen your motivation. A businessman is a person who runs the business with existing ideas by offering new products or services in the market whereas the entrepreneur starts an enterprise with a new concept becoming a market leader. This leads to a new question.

Why entrepreneur culture is growing?

Is entrepreneurship better than employment? The entrepreneur culture is growing like never before and there are a majority of people who are unhappy being employed because they have to follow strict guidelines and always work under their boss. But then, on the other hand, entrepreneurs have the freedom to work the way they want to. They also tend to be happy and healthy as compared to employed people because they have a great work-life balance and because of that they remain less stressed.

But there are also many challenges faced by new entrepreneurs as well as existing entrepreneurs on a daily basis. We may not deny the fact that entrepreneurs work the way they like but most entrepreneurs spend long hours working to get success. They need to be mentally and physically prepared to work very hard at first.

Hence, they may miss their social life, parties, get together, etc. Sometimes, sticking to your efforts can be the most challenging aspect of entrepreneurship. As a human, we like to see immediate results based on our efforts. We want to see the rewards early. But, this isn’t possible always. Entrepreneurship requires one hundred percent dedication and determination.

You need to push yourself because there will be several pitfalls and you might even be disoriented. You may face several obstacles in your way but you need to be prepared to navigate it away. People might discourage you from reaching your desired goals and target. There are still people in our society who become jealous of your success. They will constantly criticize you for your lack of experience. Rather than letting them demotivate you, learn to be ready to rise above, and become more powerful.

As an entrepreneur, you might also have a fear of rejection from your family members and friends. They might simply not understand why you chose to start a business. They might not share your ideas or might even question and judge you. Not receiving support from your loved ones can be a challenge. You might also face challenges when hiring employees for the first time.

The process to identify, recruit, train the right talent for your business can take time and might lead you to frustration. You need to create a great company culture and attract employees with the right skill and attitude. Life can be challenging as a new entrepreneur but you can overcome every obstacle with a positive attitude and enthusiasm.

Entrepreneurship vs employment is always a debate in a society like ours where getting a job provides security and sustaining is key.  But your motivation and work towards breaking this stereotype is always an icebreaker that backs you up for the entrepreneurial journey all the way through. 

You can be an entrepreneur in any area, but you will have to find your interest and pick a field to start your niche business. Before you start any business, know your fortitude, develop your skills and competencies, as only these factors can help you determine what industry you should dive in.

Also, ask yourself whether you want to be employed and work under somebody or you want others to work for you. Once you know what you are good at, examine things in your life that always excites you. Something that you love to do that does not seem like work or a burden. Discover if you could do anything, what could it be and how could you put your ideas into a perfect business plan.

How to plan for entrepreneurship?

Before you begin, you need to have a business plan. Layout all the objectives, strategies, challenges, budgets needed to achieve success. Dedicate your time in reading books, trade magazines; listen to TedEx, business podcasts for information and inspiration. Analyze the market and competition.

It is also important to get feedback from friends and colleagues who are honest with you. When you start to consider your new business, make sure to discuss it with your own family first. Both your families and customers want to see a clear purpose in what you are offering and how you intend to deliver the benefit, then comes planning your finances. Entrepreneurial business needs money.

Many start-ups spend too much time looking for money and not enough on acting. Most entrepreneurs are using their savings to start their business and that's risky. Make a plan and make sure to minimize risk. Before you make any financial plan, raise capital, or decide your business name, make sure some customers would buy your product or use your service.

Customer is the key

You might have customers who are interested in your product or service but if you do not listen to their complaints, you will soon have no customers. Always take your customers seriously, treat their complaints with respect, and improve your service. As a successful entrepreneur, you need to learn how to identify risks and which risks to take.

Always be ready to learn from your mistakes. It makes your business grow faster. Many entrepreneurs are working from home, with family, or even across borders. It is important to know what you want your entrepreneurial culture to look like. Become active on social media which means network. That is where you build all the connections.

Meet everyone you come into contact, you never know what connections or resources they might be able to offer you. Always be ready to ask for advice, find and be around mentors and do not hesitate to know everything you want to. Asking questions gains your information. The more information you have, the more connections you can make, and the easier running your business will become. Those who ask questions are more likely to become successful entrepreneurs.

Being successful in business does not require overnight success. Learn to take small steps. Finding success isn't easy, but with these simple tips, we hope it becomes just a little bit easier to turn your entrepreneurial journey the most productive one.

 

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Have a great entrepreneur’s journey ahead!

NIC Asia Bank
Helpdesk - NIC Asia Bank

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