As per the traditional definition of a businessperson, he undertakes activities for the purpose of creating revenue. But is that all you want? Where did satisfaction and fame disappear from the list? In today’s age, being a successful entrepreneur is all about knowing what you want and having it your way. Gratification and success comes with it.
You may set up a business venture by investing precious time and take monetary risks in anticipation of higher returns, but what you really need to know is where you’re headed. What do you want in life? Youngsters aspiring for plush homes and swanky cars must not think of this path as a short cut to success, although it all comes to you in the end. Business operations require heavy commitment and perseverance. Young dreamers should read on to decipher what can be done if they see themselves running their own show in the future. Currency or contentment, no matter how you measure the success of your entrepreneurship, the following steps will help you establish yourself as a dynamic businessman. These guidelines will lead you on to a successful enterprising journey.
1. Look for passion – Have the boldness to purse your dreams. It may not be adequate to just have the desire of being an entrepreneur. Only a burning passion for success can drive you to set up shop and stand out from the crowd. It will also help you follow up in later stages and prevent you from losing interest when the business hits a rough patch. Again, if it doesn’t keep you up all night, it may not be worth pursuing.
2. Get the right education – First and foremost, it is necessary to have the right stepping stone that will serve as the foundation of your entrepreneurial escapade. Seek admission to a business school to learn the dynamics of running a business. Business administration courses like BBA and MBA are ideal for those seeking to become entrepreneurs. You get to learn about subjects like marketing, finance, human resources, operations and management. If your business would specialize in a specific trade, you should gain as much insight in that field as possible. Attend workshops and seminars by industry players and get inspired by their success stories. Also make sure you seek internship in one of the top companies in your sector.
3. Hone your interpersonal skills – Like partying? Yes, great! No, start socializing! You must have strong social skills in order to network and build associations. And moving out and interacting with people will help you hone interpersonal skills, which in turn will help you manage your staff someday, discuss contracts, negotiate deals and effectively communicate with industry professionals. You must actively listen, learn to appreciate the inputs provided by others, empathize towards others’ feelings, encourage fair play and promote teamwork. You must also take to a leadership role to resolve conflicts.
4. Planning is everything – Intelligent planning before the launch of a new business is not restricted to preparing a smart business plan. While it is among the most necessary exercises, find new ways to give your business concept a boost. You may try these methods –
• Gain industry experience
• Partner with experts with vast experience and knowledge
• Constantly test the business model on a small scale and refine it at reasonable costs
If possible, start creating a buzz. Even before your business plan materializes you can begin promoting it through social media. Tell your friends about it, post it on walls, make videos that show your passion. Don’t be shy to publicize. Even self-praise can be good sometimes.
5. Find a mentor and seek guidance – Setting up a business is no child’s play. Find someone you respect, someone who can assist you with what’s right or wrong. You can start interacting with a businessman you would like to follow. Look for a mentor on social networks or by choosing established businessmen you find intriguing. Break the ice by complementing them on the expensive suit they adorn in that picture!
6. Take a calculated risk – Life is too short and there is no fun when you keep playing safe to avoid failure. Look for sponsors and seek funding from friends and family to set the ball rolling. However, do not seek a loan from the bank if you are unsure about repayment at any stage. Your family may forgive you, the bank will not!
7. Hire smartly – Your employees will be your support network. A business cannot function without human resources and your managers will be the backbone of your organization, so recruit judiciously! Appoint only competent and skilled professionals who you think will add value to the enterprise. Share your aims and talk big to convince them if they seem skeptical of joining a start-up.
8. Execute well – It is likely that others may have thought about the same concept as you are trying to implement. But don’t get flustered as you don’t always require breakthrough innovations to make things right, your success will depend on how well you execute your ideas. No matter how much you plan with PPTs and graphs, the adaptation takes place on the basis of ground realities. So take an action instead of hypothesizing. Only then can you gauge your real performance and strength.
9. Don’t put all eggs in a single basket – Don’t make the fatal mistake of investing all out or going into partnership with someone you don’t trust. Take your time to take such important decisions. Not only can the repercussions be financially damaging, wrong choices may also close doors for other opportunities.
10. Hope for the best, prepare for the worst – Take a chance and step away from your comfort zone to become an entrepreneur who can stand against competitors. Gracefully accept the inevitability of minor failures and view them as learning opportunities that are part of the growth process. Plan all operations prudently and hedge the risks. Prepare for occasional setbacks to avoid dismay.
11. Manage your funds keeping the business in mind – A swanky office and customized suits may seem tempting, but reinvesting in the business should be your topmost priority. When you start thinking maturely, this is the moment when you know that you are ready to take the big step. This is the time when you know what’s good for you and what’s better. You are now on your way to becoming a dynamic and successful entrepreneur!
The business world provides ample opportunities to young entrepreneurs seeking to establish themselves. You only have to focus on the big picture and withstand a few hindrances to succeed in your endeavors. And in the end it’s all about introducing something that people want, something you love. So don’t wait up, start testing the waters and take the plunge.
Author bio: Devika Arora is a professional writer who amasses significant facts about career building. The above article discusses about how to become a successful entrepreneur.