What is the one thing most entrepreneurs need to know?
The entrepreneurial journey is not an easy one, as everyone here already know. But, it can be helpful to know a few things before-hand. here are 5 things that an entrepreneur should know:It is totally fine if you feel that you are going crazy! : You are not alone. It’s totally fine if you feel that you are crazy with all these ideas and you are not sure if anyone’s going to listen to you. Gather all that courage and keep going, the feeling will eventually go.Learn to draw a line: you should know the limits of your professional and personal life. Never, ever mix the two. It could cause a huge issue if you take your business problems and keep cribbing at home in front of your family and vice versa.It is difficult: You, probably, already know this. The journey is going to be difficult. Be ready for it and stand for your idea till the end. Especially, the first few months will be the most difficult phase, but also the most important one. turn yourself into success.Keep learning: Never think that you have learned enough and stop reading through material altogether. Keep reading things and keep learning.Start small: Keep loans and investors away as much as possible. It is a burden when banks or investors are constantly keeping a watch on you. Financial independence is extremely important for an entrepreneurial journey. However, there are certain times when you cannot raise money all by yourself and you have to turn to banks or investors. It is fine! But try your best to be as financially independent as you can. Start small if you want and expand eventually.SO, keep growing and thank you for reading!
What's the one thing NOT to do as a new entrepreneur?
Don’t go all-in on day one.If you have ever seen an episode of Shark Tank you have probably witnessed a would-be entrepreneur say something similar to, “I quit my job, took out a second mortgage on my home, and dipped into my kids college funds to start this business”. To the uninitiated this may sound like a person who is demonstrating extreme bravery by going all-in but in reality they are just a sucker that will most likely lose it all… And it’s not 100% their fault. Today, there is a common misunderstanding among new business owners that you must first quit your job and put everything on the line or you are not truly an entrepreneur.The truth is that statistically speaking, your new business is going to fail. The entrepreneurs who are successful usually only find success after many failures. But if you put yourself in a position where failure means potential personal, financial, and even mental destruction, how will you ever be in a position to try again? The only time you really ever fail in the world of entrepreneurship is when you quit completely and there is no greater way to ensure you will quit for good then by taking a vicious pummeling that leaves you utterly broken. The very mention of starting a business to someone that has lost it all will send chills down their spine.You see, the seasoned entrepreneur realizes that the risk of failure is high and only exposes themselves to as much risk as they can personally tolerate and be able to still get back up and try again after being knocked down. Sure failure will always sting (some worse than others) but there is a big difference between an entrepreneur who empties his kid’s college fund to start a business vs an entrepreneur who withdraws 20% of her personal savings to fund her new venture. One is being nonsensical while the other is being calculated and limiting their risk exposure.This doesn’t mean you can’t take big risks. Sometimes you will need to go all-in to make the next big push and summit the mountain. But these risks should be carefully calculated and you should always ask yourself whether you can personally tolerate being wrong and still come back the next day and try again.So in short, as a new entrepreneur don’t take risks that would make you not want to come back and try again tomorrow should you fail.
What should I study to be an Entrepreneur?
I want to build my own empire in the business area. I am planning to start a clothign line first and then start the roots and invest in other plans. I want to study business Administration or Business Entrepreneurship, I dont kow which one because people say that both are good for what I want. I am aslo reading a lot of business & lifestyle books, 1 book a week.Education and work are the most important thing in life to be succesful so I consider that helpful. btw, sorry about my english, is not my first language
Does anyone know the disadvantage and advantages of an entrepreneur?
If you mean the advantages of becoming an Entrepreneur then some advantages would be: 1. You control your own business 2. Work when you want for as long as you want 3. No one to report to, you're your own boss 4. You keep all the profits from business The disadvantages would be: 1. If you want the business to be successful, you will have to put in a lot of work, probably 60+ hours a week 2. It is hard to find finance to support start up businesses unless you have a very good business plan to show your bank manager, without that you mat have to "boot strap" it, which means you would have to work one or two jobs on the side to pay to finance your business. 3. If your a sole trader you can (and will) be held personally responsible for any losses the business makes, if it goes bankrupt you could lose everything, house, car, wife.... 4. You make all the decisions and call the shots, which means lots of pressure. If you want to know the psychological advantages of entrepreneurs they would include: 1. They tend to be very energentic and motivated people who will spend as much money and time as is needed in order to make their business profitable. 2. They tend to be very charismatic and charming. 3. The view themselves as being invincible and almost infallible (thus this is why they arethe people who start companies, they think they can't lose) However the disadvantages of this are: 1. They tend to make stupid mistakes because their belief in themselves is so strong they thing their way is always best, which is not always true! 2. It is believed that entrepreneurs are driven by their need to succeed and gain recognition and esteem from peers. There is strong academic evidence that this may be caused by the lack of a parental figure, poverty or other such undesirable situations in the persons childhood. It's not a disadvantage but not something to be envious of either. Hope that answered your question. There's plenty of material out there on the subject anyway from school books to Havard Business Reviews. You could go to this site too for some idea of what the advantages/disadvantages are. It's a bit crude but gets the points across http://career.sdsu.edu/entre/ent1g.html
How do you become an Entrepreneur?
Don't take big risks. An entrepreneur is not a career, it is a title that is given to a big business man. To secure a loan for something like this, you will need proof that your are able to pay it back
How can one bring innovation into entrepreneurship? Is it the only thing that makes an entrepreneur successful?
Hi,I would like to restructure the question asHow can i built a Culture of Innovation into my Startup ?The Answer is the Innovation is a Culture and which comes from the top and how they build a culture among the team members promoting Innovation across multiple functions of the Startup.Innovation is a not a individual trait , its has to be organisation trait for huge multiple impact on the way your Startup runs and scales.Is it the only thing that makes a Startup Successful ?Its important but alone cannot give success, for eg if you enough funds but not a great idea and team it does not assure success similar to that a Startup is successful because of various pillars that needs to be built and remain strong for it to be successful.Thanks Vasukumar Nair
How can an entrepreneur focus on one idea and make it super successful?
In Indian mythology (in an epic called Mahabharat), there is a character called Arjun. Arjun was known to be one of the greatest archers of his time. One day, during one of his archery classes, his teacher put a dummy bird on a tree. The teacher asked all the students to gather around and get ready to shoot the birds eye. Just before the novice archers would shoot the arrow, the teacher would ask them ... what do you see and what do you hear. The students answers were something like I see a tree and the bird and I hear the sound of the birds chirping, the dogs barking, my friends chatting, and of course, my teachers instructions. When it came to Arjun, his answer was, I can only see the bird's eye and the head of my arrow, and I hear absolutely nothing. Amongst all the students on the day, Arjun was the only one who could shoot the bird's eye. I am coding an app these days. The most distracting things for me is the devil that sits inside me, and constantly tells me things I hate to hear. Things like, you will fail, the way you have failed many times before, that you will neither make a business nor a would have a regular job, that you are giving neither the time nor the resources to your wife and son that every other man in your vicinity gives. That you should wrap up your insanity soon and get back to your job before it's too late. You are not living in silicon valley and you did not go to Standford or Harvard. I tell the devil that he can keep on shouting as long as he wants, until he is tired and can't shout any more. Like Arjun, I choose to see only my source code and the faint vision of how my app would look like. I tell the devil, I know you exist, but I choose to ignore your existence. Cleary this is a constant battle. The times I can beat that devil (happens only when I am sitting in my desk and coding), I am focussed. All other times, when the devil is on my top, I am unfocused. So, let's define focus as a state of mind when you are well aware of all the good and bad things around you, and worst, you have this devil inside you constantly telling you not to follow your dreams and wake up to reality, but you can somehow choose to ignore their existence and produce something (in my case, it's my software), that is tangible, visible and measurable, that draws you one step closer to your journey of a thousand miles. If you can get to this state of mind, I believe you are focussed.
How to become a successful entrepreneur?
There are so many ways to venture out into becoming an entrepreneur. I think the reason people have so many issues with this is because being an "entrepreneur" can encompass a broad category of subjects. I think you have some great questions, so let me just help you out and narrow some down. "How long should you be in school for?": That's the great thing about being an entrepreneur. Schooling doesn't matter as much. If it will help you when it comes to developing your product/business, then schooling will help. But there are plenty of successful entrepreneurs who have never graduated from college. Entrepreneurship is more of a skill and way of life. College does help though (because it allows you to connect with other like-minded individuals). "How to start being an entrepreneur?": Take one of your ideas, draw up a business plan (basically where you think you want your business to go), and then dive into developing it. Most people are scared to even start. If nothing else, you must START (this is the only way to learn). "Go big and launch a venture, or be patient?": I would recommend starting slow, possibly with your own funds. If you aren't business savvy already, and don't know the ropes of the venture approach, then I would hold off on trying to go that route (unless you are developing the next GOOGLE). The biggest takeaway is to start now. Follow this template, and you'll be on your way. 1) Write up a business plan (it doesn't have to be elaborate...just something simple to see where you want your business to go). This will help you to understand if it is something that may actually work (I do this with all of my "great" ideas...only the truly great ideas survive the business plan) 2) Start looking into developing your product/business. 3) Develop a plan for driving traffic (social media, local word-of-mouth, etc) to make sales. 4) Keep honing your skills. Keep on top of your industry. Learn everything that you can. 5) Know that you will fail at some time. Know that this is part of the learning process and this is what will put you above your peers. If you're looking for inspiration, you can check out http://yournameentrepreneur.com . Good luck on your journey!