5 Things first time entrepreneurs should know before starting any Venture
5. There are no overnight successes.
All startups need to think in terms of a 3-5 year commitment/timeline. There are no magic mantras for success. It’s all about hard work, perseverance and patience. Most first time entrepreneurs get stuck on the thought that they need to build something that will go viral and popular in no time. This hardly happens in the real world. The truth is most people come to know about a startup only when it has become widely popular and its product accepted by thousands of users. Pinterest, often called as the overnight success, took four years in the making to reach where it currently is.
4. Get your first customer, Get Real.
You may build an amazing website with lots of features and functionalities. You may also invite friends and family to be a part of your new Startup Idea. However, until you get your first customer you cannot call your business a real one. Getting the first customer is always difficult. It takes a lot of patience to convince the customers that you can deliver what you promise. So, once you get that ball rolling you will know how to continue.
3. Banks Aren’t Going to Give You Any Money.
Sad but true. It’s very difficult for first time entrepreneurs to get a loan from the bank. Banks are usually too skeptical about your business idea and unless you have an exceptionally amazing idea, there is a high possibility that your loan application will be rejected. Nevertheless, you do have other options. Either approach Angel Investors or Venture Capitalists. They would certainly be willing to invest in you, provided you impress them with your business plan and your commitment/passion towards that plan/idea. It has also been observed that some investors invest in people who are executing the idea. So it is also believed that more than the idea success lies in the person accomplishing it.
2. Focus on your Startup, the money will follow.
A quick question you should ask yourself: Why do you want to become an entrepreneur? If you think it’s the fast money that you are looking for then you are not cast out to be an entrepreneur. Being an entrepreneur involves passion, commitment and dedication. It’s your idea that sells. So focus on the unique idea. Think what difference you can make out there in the world. What gaps can you bridge with your knowledge. Once you have an answer to these, money will automatically follow. The minute you start focusing on the money, your startup is bound to fail.
1. It Better Be Fun
“I got bored with my job”, a very common reply I get from entrepreneurs when asked about their reason behind becoming an entrepreneur. One major motivation to keep your startup alive is fun. You should enjoy what you do otherwise it will be the same old story of you getting bored and stopped doing it. So how do you find something that’s not boring? One wonderful way is to start looking at your hobbies, the ones you enjoy the most. You enjoy designing – start your own web/graphics design company. You like building applications – start providing solutions to clients in the form of apps. You like gaming – start designing games. It has aptly been said that once a person enjoys what he does then his work isn’t work anymore. It becomes fun!
0. Most important of all don’t waste time thinking about the right time to start your business. The more you think, the more time you loose.
Just Get Started and you’ll learn along the way! Keep in mind that Entrepreneurship is a journey not a destination
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