Tag Archives: entrepreneur

The New Wave of Entrepreneurship

by admin

There is a multi-trillion dollar economy opening up to technology faster than ever. It has been driven by trends that have changed the nature of how entrepreneurs will be characterized going forward; specifically, industry executives will be the next wave of in-demand startup CEOs.

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In April of 2007, Apple changed everything with the launch of the iPhone. It is hard to imagine that it has only been 8 years since the release of the first truly pervasive smartphone, but there is no denying its impact has been world-changing. Beyond the creation of a new dimension of industry-driven, by location-based, services (and with it, a myriad of billion dollar companies), an equally significant phenomenon emerged. By creating technology that was intuitive to the consumer masses, every person around the world started to embrace technology as more than just a work tool. Lawyers, doctors, car mechanics and people from every sector of the economy not only had a tool for productivity, but a piece of technology in their pocket they embraced as an intimate part of their lives.

 

Furthermore, these new consumers could now point to a standard for usable technology. Cumbersome, enterprise legal software that won’t allow a lawyer to search cases from outside the office is no longer acceptable. For those outside of the Silicon Valley silo, conversations can be heard from construction workers sitting on a lunch break saying “Wouldn’t it be nice if there was an app to …”. Unfortunately, these conversations are often too far away from Silicon Valley’s ears, which are still dominated by the talk of what will be the next WhatsApp or Instagram. Even so, a new breed of entrepreneur is emerging who see firsthand the challenges in their industry, and with that the opportunity to make a world-changing impact, and these entrepreneurs do not fit the founder archetype that many Silicon Valley investors look for.

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Photos from http://www.ablogtowatch.com, http://securityaffairs.co, http://geniusapp.com, and http://www.rakenapp.com

Previous decades saw similar shifts in entrepreneur characterizations. The late 90s were about Harvard MBAs applying traditional management techniques to leverage brand new Internet technologies. The “aughts” brought on the “22 year-old Stanford Computer Science” graduate applying technology to a low hanging industry. Now, in this decade, we are seeing a new wave of entrepreneurship driven by industry executives with deep product backgrounds leveraging technology to disrupt a traditionally non-tech industry.

For the past 2 years I’ve had the opportunity to see this shift firsthand as the managing partner of Silicon Valley Software Group (SVSG), a firm of CTOs focused on helping companies with their technology strategy. SVSG has seen entrepreneurs ranging from movie producers, lead singers of platinum album rock bands, travel executives, and hedge fund managers all trying to figure out how to leverage their domain expertise through technology. After a number of similar engagements, a few observations have emerged:

In each venture, a product-focused entrepreneur saw the adoption of technology among their peers in a particular industry and, with that, the opportunity to create a product focused on that industry.

  • Noneof these entrepreneurs had notable tech experience.
  • Hardly ANY of these high profile individuals had relevant connections with the Silicon Valley community.

This last observation is of particular importance!

As tunnel-visioned as Silicon Valley might be, there is a reason that it has produced so many world-changing companies.

The combination of growth capital, multidisciplinary talent, and mentors sharing best practices around how to create hyper-growth businesses are often taken for granted by those who are part of the ecosystem.

However, the disconnect between Silicon Valley natives and outsiders is shocking. Many of the companies SVSG has come across have no ability to raise strategic capital at first because their businesses are too risky when considering common pitfalls they are more likely to fall into compared with their Valley peers. Concepts as commonplace as the lean startup methodology are welcomed as sage insight to these new entrepreneurs.

What is missing for these new founders is a bridge into Silicon Valley. To date, this has been stymied by a narrow mindset from the Silicon Valley community. However, the forces of capitalism will eventually prevail and these new entrepreneurs will find their own community to center around. Keen investors will lead the herd and take advantage of existing markets ripe for change. Incubators and accelerators will emerge with afocus on entrepreneurs with deep industry experience. We are in a tech boom right now and there are countless ways to apply technology to industries that haven’t changed in decades. For those sitting in the corner office, the time has come to venture out, there are markets to disrupt.

The original article was written by MATT SWANSONand can be read on the Toptal Blog.

 

5 Risks Every Entrepreneur Must Be Prepared To Take

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img source: contentgroup.com.au

Does anyone remember the story of this dare devil- the founder of Virgin airways? Yes, I’m talking about none other than Mr. Richard Branson. We always get to listen so much about him in social media posts, even motivational stories, etc. etc.  But do you know the guy who is a source of inspiration for billion has seen a lot and has overcome a lot. Today he is the 4th richest man in the U.S. but contradictory to this, people are hardly aware that he is a major risk taker in his business. It is clearly evident from his business records that when he grew his brand by signing the most controversial acts of the time. He took these risks to gather some attention in this trafficked industry…But what has he made Virgin today? You know the answer…And Sir Branson is the man behind this successful venture.

I certainly feel that there a lot of obstacles in the world but if one has the locus of control and passion, then one can move mountains. Certainly, not as easy as we perceive; but not impossible.

Today the risk taking scenario has changed, and almost everyone undertakes some kind of risk to raise the bar. Be it Bollywood producer investing in difficult plots like Masan or The Lunch Box, or a bunch of friends going to a trek to Mt. Everest or launching of a new product, risk is involved everywhere. But risk taking has to be smarter rather than being reckless because it’s one of the key essential of an entrepreneurial process. And more than 60% believe that taking smart, calculated and planned risk is a good option to bring dynamics to business. There are a few examples of risk taking abilities which I can quote from what I read and discussed:

Ready to part with personal finances

It is very important that initial source of capital comes from the personal financing i.e. via savings, life insurance or fixed deposits. The personal finance. There are two types of risks involved: one is a pure risk and the other is a speculative risk. A pure one is the loss incurred owing to some event or calamity (i.e. money is lost) while in a speculative risk the money can be lost or gained money. In either way, one should be very clear that he or she should be able to part with his money.

Trust in the newly hired

Indeed a big risk! An entrepreneur is dependent on his man force for the success of his business and an organisation is not only a single man’s work but also a product of collaboration with others. This may require hiring people for various functions. The newly hired may be un-trained as seen in many start up requires. And moreover affording training may be beyond budget and time. Thus, allowing the responsibility in hands of newly recruited bunch and aligning them to the company’s vision requires some margin and risks.

Read more about –  9 Strategies to sustain your startup

Market risk – the consumer scenario!   

If one is running an E-commerce business, one may need to identify whether the business is relevant to the market, if it is incompatible then it is difficult. One should know what competitors are doing. Like if Naptol plans its positioning they need to see what are Snap deal and Home Shop 18.

So you need to check these points- Do you have customers for proposed e- business planned already existing online? What does it require them to get online? Does it extend a cost? What is your plan for digital growth and presence?

Technology and operational risk

It broadly deals with the implementation and ease of doing activities & business. This risk throws innumerable questions such as – is it possible to select the product design with a limited allocation to R&D? Will the product work as intended? Can you provide with a proper support framework for product design and distribution? How will you firewall your start–up against cyber crime elements and hackers? Is there a Plan B to run the company if some major equipment goes due to calamity and accident?

When operation comes into picture there is no standardization or benchmarks, this creates a lot of variability in delivery so in order to prevent that one can gauge experience effectively and use it as a benchmark. One can learn from past experiences and the mistakes committed.

Legal and regulatory risks

Last but not the least, it is very important to pay attention to the legal and regulatory environment of the business. If you are planning to expand the business then you need to consider certain things compiled under Company’s act 2013. You might have to face numerous processes when it comes to a company as a legal entity, like tax complications, law suits filed by competitors, copyrights and patent issues, disputes arising from poorly agreement structure etc. Thus, you need to have the right attorney or law consultancy involved in the firm practices to provide effective guidance.

More insights on: 5 things you must do to build a successful startup

So did I scare you? No don’t be!

What I learned during my MBA is paying attention to a seven element matrix that includes risk factor (judgemental), type (Categories of risk), Likelihood of risk , consequence, mitigation tactics, mitigation cost and status of risk after first six elements are adopted this is nothing but risk management plan.

Be a smart player, take calculated risk and nullify them with your resources. There you start your entrepreneurial journey!

By

Gautam Chadha

Author-SuccessYeti

Learn From The Best: 5 Tips From MissMalini To Become A Successful Internet Entrepreneur

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img credit: MissMalini.com

My name is Malini Agarwal, but of course now I go by my digital avatar MissMalini! Looking back I’ve (literally) danced around a career in media starting as a professional backup dancer for Indie pop artists like Sukhbir, Shibani Kashyap, Channel [V] and MTV. I moved to Mumbai in the year 2000 and joined the first Internet boom running digital content for MTV, and Midday, then kicked of a 9 year career in radio as a drive time host and gossip columnist for Radio One/Midday and became the digital content head for Channel [V] while I started my blog as a hobby in 2008. Things ramped up pretty quickly from there as social media took off and I focused on my blog full time from 2011. Now I’m proud to say MissMalini is a serious social media influencer for all things Bollywood, Fashion and Lifestyle and a leader in digital content. So what does it take to become a successful Internet Entrepreneur? Keeping your finger on the pulse of digital India, evolving with the times and a fair amount of FOMO! (*Fear Of Missing Out!). Check out more pointers:

1. Know your niche

There are a million websites, content creators and social media creators on the web today, what will make you stand out is finding the gap in digital content and owning everything about it. For instance MissMalini aspired to fill the void of entertainment content with a voice and personality and has become the one stop curated shop for everything you need to know about anything that’s relevant, engaging, sharable and cool for the young global Indian today with a bent towards Bollywood, Fashion and Lifestyle!

2. Use social media effectively

Today Social Media is your brand’s best friend. It’s your digital avatar and virtual voice, a way to communicate with the people you want to reach. It’s very important to identify the social media platforms that best suit your digital presence and use them to their full potential. Treat social media as you would any social network. Be yourself, be active and have a personality. Nobody wants to communicate with a robot. Be engaging, interesting and fun!

3. Interact

We no longer live in a world where you can exist in a bubble of your own enterprise. Find brands, communities and other Internet Entrepreneurs that complement what you do and create interesting collaborations. This allows you to share and grow your networks together. Today’s digital audience loves when they see their favourite virtual brands talk to each other. Besides it’s always more fun to play with the other geeks in the neighbourhood!

4. Perfect your user experience

No matter how good your social media skills are or how fabulous your personality is, if your product experience isn’t up to scratch you’re going to lose your audience. Whether you’re running an e-retail shop or launching a clever app beta test, focus on user experience aggressively. You get one golden chance to make an impression. If your interface is clunky or riddled with bugs people will “check out” only too quickly and are unlikely to come back. Also unhappy feedback and negative reviews spread like wildfire. Be quick to address gripes and feedback, people are for more likely to give you a second chance if you’re reachable and open to constructive criticism.

5. Have fun with it!

We live in incredible times where anything we imagine is possible! Let your imagination soar and enjoy the experience. Like Walt Disney said, “dream it, wish it, do it!” Never underestimate the power of passion and you’re more likely to approach your digital endeavour with creativity and passion when you’re enjoying what you do. So give your digital enterprise a good think before you launch. Ask yourself, “what would I be doing for the rest of my life if nobody paid me to do it?” And that’s what you need to do!

Good luck and to the moon!

-MissMalini

These are indeed some great tips from ‘the’ MissMalini. Jot down, start acting and tread on the path of success.  Don’t forget to like, share and comment.

Keep reading SuccessYeti

The mystery is you. Discover and succeed.

Want Your Business To Stand Out In The Market? Here’s the guide

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img source: makingittv.com

“Wisdom cannot be imparted. Wisdom that a wise man attempts to impart always sounds like foolishness to someone else … Knowledge can be communicated, but not wisdom. One can find it, live it, do wonders through it, but one cannot communicate and teach it.”

―  Hermann Hesse, Siddhartha

Trust me, communication is the best thing that humans can do. Actually branding can never be taught, it’s what you learn from experience and understanding the identity of the consumers.

In relevance I have something to share… So it happens to be a usual Sunday When I contacted my friend Adesh who was recently interning at Bizongo, a Mumbai based B2B e-commerce marketplace for packaging, plastics and paints and since we all were into our internships, work culture and work profile happen to be the hot topics of our discussion.

During the interaction, he was narrating me his experience when certain facts got my attention. Bizongo has tapped Modi’s Motive of Swaach Bharat Abhiyaan, the motive was turned out into a campaign in the area of proximity like Damodar Park and Powai. They launched a Swaach Baharat kit. This was an area which was a good way to stand out because Start-up Social Responsibility is a missed out opportunity by many. Just think what we will do with the left out water drums? But Bizongo had already thought about it, something Nek Chand had carved in his rock gardens by creating innovative benches and furniture from waste drums. Ganesh Pooja also was incorporated in their campaigns where they focussed on eco-friendly and reusable packaging for sweets.

This conversation gave me clarity on what a start-up can do for the branding. These small campaigns or ideas can be really a booster to  your start – up at times.

A strong brand can influence a number of areas in your business, from creating trust between your company and its users to attracting new talent and customers.

So how can entrepreneurs stand out in the stiff competition? Here’re some ideas

What’s your unique story?

Whenever entrepreneurs talk about their start-ups, the one that has a more engaging story stands out. More than the product or service that one offers, it is the way one tells the world about it matters a lot more.

Discover the X factor of your business. It has to be there.

“Crafting a compelling story is also important in garnering press mentions and shaping perceptions of your brand to your user base”, says Erickson.

Customer is the king

When customers are happy your business flourishes! As simple as that. Think of your customers, take their feedback and make your service as friendly as possible.

Furthermore, maintaining relationship with existing customers and tapping their loyalties to build customer base is also essential to make your business stand out.

Brand associations and brand trust

It means how much the brand is deep seated in your customers’ mind. Connect with brands that relate to target audience. This is strengthened using effective communications like advertising, packaging, Word of mouth publicity etc. As human beings, we inherently understand the importance of trust from finance to friendship and even contents of our food.

Quality matters the most 

How do you achieve customer satisfaction? Well, when customers are satisfied with the quality of your product, be it consumer goods, services, content or other intangible stuff.

So never compromise with the quality! It would definitely add an edge to your business over others.

Promote your business via. cultural functions, festivals, events, etc.

Culture plays a very important role in market demand and it can be understood from social and business interactions. An entrepreneur should have a good hang of cultural knowledge.

For example Start-ups especially in India have an immense opportunity to tap in the coming season of autumn winter filled with so many festivities starting with Ganpati and then Durga puja, followed by Dushera or vijaydashmi and in a span of 10 days marked by Diwali

These culture, festivities, stories can be related to advertising campaigns, communication and schemes designed.

Some brilliant examples are – Tata DoCoMo designed an ad campaign promoting free talk time during the four days of Durga puja (which  targets all Bengalis  and Guajarati’s) or Tanishq again in its ad campaign where they captured the hearts of customers with the tagline, “Don’t hold back on your Diwali celebrations, it comes only once a year where a husband gifts his wife an ornament”.

Hire the right talent

The kind of people you have hired for your company plays the most significant role in the success of your business. “The smartest business decision you can make is to hire qualified people. Bringing the right people on board saves you thousands, and your business will run smoothly and efficiently.”  – Brian Tracy

So those were some tips that make your business a success in this already enterprising market economy.

By

Gautam Chadha 

Author – SuccessYeti

5 Things You Must Do To Build A Successful Start-Up

by admin

“The strategy is to first know what you don’t know, the tactic is to grind, and the value is to remember: there are plenty of places to innovate.” These were the words David Friedberg, founder of Weather bill.

People generally become very inquisitive with the subject of entrepreneurship. They have questions like, If I want to become an Entrepreneur, Where do I start from? Do I learn how to program to make the next Dropbox or SAS? Do I start selling products? How does one create a successful start- up venture?

An example I came across, is a very famous start-up Academia.edu, whose ideas around choosing & developing a business idea were both thought provoking and filled with wisdom.

Academia.edu’s mission is certainly a noble one i.e. Mr. Richard Price wants to get every single PDF on science ever written on internet for free. The initiative has also managed to raise a substantial amount of money.

The methodology of building a social networking platform for academics is really commendable and is a source of inspiration for other budding entrepreneurs. There are many such success stories in the space of start ups.

Here are some tips that will be beneficial to make your start-up a successful one.

Get Your Ideas Validated

In this generation of ours we are budding and shooting with ideas, but we don’t realise before starting on a particular idea that is there a market demand for it. Don’t work on the business until you’ve validated the idea. Make sure there’s a market. Make sure it’s what the customer wants. Sometimes the entrepreneur’s vision doesn’t align properly with what customer’s want.

Coming to the point, why is Validating Idea of importance? Since it helps to answer a quest of what is the potential market or is there a lack of it.

If you have an idea that is great and you want to turn it into a successful product, one should keep the following in mind, don’t keep to yourself and tell it to as many people as possible and seek their opinion.Talk with people you trust and whose opinion you value. Do test your idea like premier, pre-surveys etc.

If you’re aiming to become a billion-dollar business, take steps to ensure that the market can satisfy your aspirations.

Define a Goal or Mission 

Most business start-ups fail within three years. They fail for three reasons. The first is that the business has insufficient capital to operate until cash flow can pay expenses and generate an operating profit. The second is due to poor management. The third is most significant one i.e. Lack of common motive or goal.

As an Entrepreneur articulate your mission, what you aim to do and why it is important. It is simple, easy and more comprehensive than any business plan one writes. In fact such kind of a post will not only be good for internal motivation but also allows connecting with the external world like engineers, investors or future employees.Even if you haven’t built your idea yet, simply writing it down will have a transformative effect on how you think about what you’re doing.

Estimate your Start-up Cost

Launching a new start up is a big decision; it is an opportunity cost for one’s own family for years ahead. It is very important that the Entrepreneurs should build business budgets very carefully. Most of the start- ups are dealing with less number of resources so it is really important to allocate your start- up capital very carefully. A good budget helps you stay prudent in the way you spend your money while ensuring you don’t skip on essentials your business needs to survive.

The budget is really an organised way one can precede further. It allows a scope of constructing the future ahead. This document will chart out a target specifying, revenue goals. In facts once you have a sound budget in your hand; it will be easy for banks and other financial institutions.

It should consist of following i.e. start- up expense which may vary with business types but it generally includes a licensing fee or some fee on incorporation, insurance payments, rent utilities and the cost of supplies and last but not the least website holding and its maintenance. Sometimes it is difficult to gauge but one can research by assessing other firms in one’s region and other data. Apart from initial capital there is something which the start-up requires on month on month basis i.e. operating cost which can be further broken into fixed and variable one. Better be prepared to handle, maintain trackers and alerts to tell you ow to deal in escalation.

Start-up founders must also estimate their business’ projected revenue for a given period. Your revenue sources can include the sale of goods or services, income generated through selling a portion of your business, or other income from company-owned investments. The revenue will provide our goals a direction to move ahead.

Another big challenge is managing the personal expenses at the same time. There should be some contingencies assigned to personal and family expenses.

Build the Right team

Hiring the right talent can make or break any young start-up.

When investors evaluate startup proposals, much of their final decision is based on the team. Why? Because it’s a lot easier to fix problems with the product than to fix the team.

Finding the right team: Attracting and hiring people from one ground is difficult. The very first baby steps require you to know whom you need to hire, when you need them and why you need them.

The hiring person should write out a list of how each new employee will specifically contribute to the organization in the short term. Long-term goals can be more broad.

Finding the people with the right skill sets for a position is very difficult. A company rarely hires their ideal candidate. The work needs to be done, and start -ups don’t have the luxury of waiting.

Start-ups should search for experienced hires who have not only the technical skill but have worked in start-ups before and love the start-up lifestyle.

Respond to Feedback and Refine your Model

It is very important to accept the criticism in a very healthy manner. For start-up entrepreneurs, the need to constantly tinker with the business never ends. You have always got to be thinking about how you can tweak whatever you have to make it even better.

The process of building or refining your business model is a matter of carefully working through and answering these four important questions:

How does the business generate income?

How to fine tune the business model to increase revenue?

What are the major costs incurred in generating revenue?

How to reduce cost on your business model?

These are some of the tests. If you want to add, do hit the comment box below.

Written By

Gautam Chadha

Author-SuccessYeti

Ronnie Screwvala’s Dream With Your Eyes Open is TRULY INSPIRING (Grab a copy NOW)

by admin

Heard a lot about the book from my colleagues in the media fraternity and finally grabbed a copy last week. And guess what? I was so intrigued by the content and flow of the text that it took me merely a day to finish it. I am referring to Ronnie Screwvala’s MUST BUY book: Dream With Your Eyes Open: An Entrepreneurial Journey.

Personally, have been an admirer of Screwvala’s impressive and inspiring body of work. Though yet to have the fortune of meeting and interacting with him in person, I have heard him speak at a couple of conferences. Such clarity of thoughts, calm demeanour, impactful communication: a rare breed of entrepreneur who inspires and ignites passion in those who are restless, ambitious, always on the search for the next big thing.

The book is an absolute goldmine of information and relatable knowledge for entrepreneurs, to be entrepreneurs, professionals, and senior students. You need to read it over and over again to absorb every gold dust of information. However, after my first read, I had some takeaways which I would like to share, in all humbleness and gratefulness, with the readers of Successyeti.com. Here we go:

It’s Not Preachy: The best part about the book is that it is not preachy. It doesn’t finger point at you and say do this, do that. There is important messaging, but it’s all via life experiences, thus connecting with readers perfectly.

If He Can, So Can You: Ronnie is an outsider, which he keeps emphasising in the book. He had no godfather or silver spoons to feed from. A middle class fellow, he made it to the top of the food chain and beyond via his grit, passion, hard work and of course, intelligence. The book tells you, if he can, so can you. All you need is to take the leap of faith.

Failures and Mistakes: While many revel on glories, Ronnie is humble and courageous enough to talk about his failures and mistakes in life. He considers failures to be learning lessons which strengthen one’s character. We all fail, the choice is ours, to learn and move on or to succumb.

Communication:  Effective communication is important in any organizational set up, but as a leader he uses the term ‘charm’. It’s about bowling one over with energy and positivity. This is one important lesson we all need to learn.

Team building and Empathy: As an entrepreneur you are as good as your team. Ronnie emphasises on this point in Dream With Your Eyes Open. He talks about not making compromises while hiring the right talent. Most importantly he mentions the power of empathy while leading. Being humane towards fellow colleagues can do wonders to your business. End of the day, it’s all about people management.

Just Begin, Funds Will Follow: We all have ideas, ambitions, but very few can conquer fears and launch. Ronnie tells you to stop making excuses. The most basic fear is to get fund for your start up. Ronnie says just launch, work hard, have faith and funds will follow.

Humour: There will be tough times in the journey and that’s when your true leadership skills will be tested. Ronnie throughout the book talks about using humour in conversations to defuse tension. While addressing a team, or pitching ideas, use humour to sail through. I absolutely dig the idea.

Be Bold: By being bold, here, Ronnie doesn’t mean to grow 16 inches biceps (good if you do, no harm in it). But he talks about having real courage to face the team at a grinder of a moment. No matter what you go through, how tough the scenario, you have to be calm and in control. Let worries not show on your face at team meets or else whatever is left will be gone. Weather out the storm, you have to, that’s why you are the CEO, the Entrepreneur, the Founder.

Anecdotes: The book is replete with interesting titbits from Ronnie’s life. But he also shares intriguing Bollywood anecdotes (UTV days) which give you a rare insight into the happenings, workings and lives of the superstars of the tinseltown. Be it Shah Rukh’s shooting during Swades or the tussle to release Rang De, the memories will stay with you, like it did with the writer.

Well, I can share many more points. But rather I would suggest, just buy the book and have fun reading and learning.

Thank you Mr. Screwvala for the wonderful book. Hope you pen one more soon.

-Siddhartha Laik

 

7 Awful Excuses For Not Following Your Entrepreneurial Dream

by admin

So, you have always dreamt of having your own business, inviting, lucrative and empowering. And so it is!

But then, after finishing your education, you got one of those 9 to 5 jobs and stuck to it. You’re now totally in your comfort zone yet secretly cherishing your “entrepreneurial dream” in one remote corner of your mind…

Every time you get in touch with a successful businessman, you think “I could have been him.” Every time you see a startup company’s ad, you desire, “How I wish I was doing this for my own company”

You feel the urge, even opportunity strikes but you push them aside and instead put up blockades made up of silly excuses to prevent the urge from resurfacing. What are you doing my friend?

Our job here is to break those excuse-barriers and make your path to success as rosy as possible.

Who, me? May be, not sure though…

“I don’t have the qualities to be an entrepreneur.”

Why, though? You have dared to dream of it, haven’t you? You have had the courage to visualize yourself as an entrepreneur. So why is this hopelessness filling you?

Now take a closer look at these three attributes- adaptability, persistence and dedication. Once you think of them constructively, you can rekindle your entrepreneurial dreams.

Do you not adapt to your present job everyday?

Have you not been persistent enough to keep your entrepreneurial dream alive all this time?

Have you not been dedicated to your dream? Secretly making plans, then keeping them locked up?

See, you have the desired qualities. The only one you need, is the right motivation.

I cannot spare the time

You are possibly busy juggling two things- your job and your family. The former may be the thing you are not enjoying! So how can you blame time for not letting you be an entrepreneur? Food for thought!

So make a list of the things that are essential, and cut away from your life all those things that do not fuel your dream. If you don’t ‘have’ time, then you must ‘make’ time. It may not happen immediately, but set goals that span over certain periods and involve ending the obligations that veer you away from starting your own business.

You should also read about – 4 mental blocks that would never let you be an entrepreneur

I’m not rich. Who will invest?

Being an entrepreneur is the art of accomplishing more with less resource at hand. If your plan demands cash or capital of an amount that you do not have, and are not likely to have in the foreseeable future, then it is time to change your plans. You may not be able to control what you have, but the choice of using your resources to bring the best possible result, is entirely yours. Find out ways to garner money…(wait for our next article on this perspective)… There could be an angel investor waiting to give wings to your hopes!

The thing is, one never really has enough. It is all about putting what’s available to the best possible use.

Wouldn’t it be… Umm…kinda risky?

Of course yes, it would be risky! Where is your sense of adventure?

If you take the risk, your idea might click, if you don’t take the risk you regret forever…So which one is a better option? You know the answer.

With the right focus, taking risks only makes your resolve stronger. Refer to what Mark Zuckerberg says, “The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

In time, you will be telling people, “I’ve risked too much to go back now.”

My ideas aren’t good enough

Then find new ones.

Think. Cultivate inspiration. Plan wisely. Get professional advice. Take up a course. Read more about how to accomplish your goals. Imagination fires up when you are fiercely motivated. You never know you might end up discovering something exceptional while giving a makeover to an old one!

But for heaven’s sake don’t give lame excuses…Stop lying to yourself.

Soon you will have a brilliant plan that would be a big hit in the future…

I don’t know anyone from the industry

How many of us have connections good enough to make their business successful? Very few…

But we all have access to the Internet. Use social media, local publications, banners, pamphlets, etc. to advertise your company. Reach out to people as much as you can.

Take your time to build your foundation. Develop good rapport with the people you get in touch with. You never know when and how miracles happen.

But… what if I fail?

The truth is, you might fail, and if you fail many would thrive on your misfortune. But ask yourself honestly, “should I allow fear of failure overcome my entrepreneurial dreams?” Find out the answer.

But remember, unless you give yourself a chance you can neither taste success nor failure. All I say, never get dissuaded by negative thoughts. Take a shot.

Now that your horrible excuses have been countered, you must buck up to chase your entrepreneurial dream. There is one life but so less time.

Go achieve and win!

By

Srijanee Adhikari 

Author – SuccessYeti

4 Mental Blocks That Would Never Let You Be An Entrepreneur

by admin

Becoming a successful entrepreneur is not easy! While most people fear to start a business, others set up with a kick but it dwindles within a few years down the line.

More than external factors like budget, funds, technical maintenance, development, and marketing, it’s the mindset of the aspiring person that contributes to success or failure of his or her business. Self doubts, fear, and lack of confidence and faith on self are some of those internal blockades that certainly negate your ambition to set up a business. Honestly speaking, every successful entrepreneur has been through mental challenges but the reason why they have emerged as successful is – they have gotten rid of those mental hurdles…So what are those mental blocks that stop you from becoming an entrepreneur?

Should I take the risk?

There’s no question about not taking the risk! The mere thought of leaving your job to start your own business is a risk. But unless you are prepared to take the risk don’t even think about setting up a business.

Do you know Mark Zuckerberg’s opinion on taking risks? He believes that, “The biggest risk is not taking any risk…In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

Oh! Salesperson! Never Me

This is the worst kind of mental hurdle that you have to overcome…The ultimate truth is – Every successful businessman is an amazing salesman! So, don’t even think that you can ride on glory without donning the cap of a salesman. Well, I am certainly not referring to traditional salespersons over here but referring your passion about your product, your ability to talk, your ideas about marketing your product and presentation to your prospective customers.

If you are novice in sales, you better learn how to sell! And then take the plunge.

I am not worth the money

How futile it is to think that you are not worth the money you would earn from your business! Of course you are worth of your wealth, it’s your hard work and sweat! You can change your life, empower people and better lives of others with your wealth. So never ever forget the good old saying, “with money comes responsibility”. Good luck.

Business doesn’t run in my family

The very concept that no one from my family has ever become an entrepreneur is very much redundant. These days, youngsters are highly motivated to start up and do what they are passionate about, irrespective of the fact they belong from a business family or not! It’s your skills, your ideologies and your willingness to become an entrepreneur that actually make you the one. So get rid of this traditional mindset.

Listen to your inner voice and you would be able to the right decision. Hope for the best always.

Motivation, Communication, Leadership, Success, Inspiration, Start Up, Business