Becoming a successful entrepreneur is a lot like eating a sweet-and-sour candy. It tastes sweet at first, but then you get introduced to the sourness. It’s important to understand the pros and cons of running a business rather than living in a fairytale.
Here are some challenges that entrepreneurs face and the solutions that they can use to get past them.
The Right Time to Invest in a Start-Up
Some people start thinking about starting a business when they are in college but don’t make up their minds. They ultimately find themselves being recruited by big companies after graduation and perhaps abandoning their dreams of entrepreneurship.
There’s one thing to remember: There will never be a time when everything—money, time, investment—lines up perfectly for you to start a business, but you can still make it happen. If you do go to work for somebody else, start planning your business without quitting your day job. Acquire the best skills, save money and learn from other professionals. Make connections. Float your business idea when appropriate and gauge interest. Some preparation and determination can work wonders.
Choosing the Right Administrative Team
You might want to choose family and friends as your employees and advisers, but you should look for someone you can trust and who won’t be insulted if you have a disagreement. In business, you will need to make tough decisions, and your partners must understand and value those decisions. At the same time, business tensions must not cause rifts in relationships.
Learning from Others
People who start businesses are often inspired by other successful business owners. The dilemma? Whether to trace their footsteps or walk your own untrodden way. What if their methods do not work for you? What if your customers do not respond the way theirs did? Well, here’s a solution.
Set your own short-term goals. While working toward them, list the problems that your role model might have faced and determine whether you can handle those problems in the same way your business hero did. Do not follow everyone’s advice blindly. Listening or learning too much from others will harm you since your uniqueness approach be lost. Moreover, you might lose the ability to make quick and sound decisions.
Is This What You Wanted?
This is going to be the biggest dilemma after you take up entrepreneurship. Is this the right track? Your past successes might keep on haunting you, screaming out loud that you should have stuck with your previous job. Cautionary words from people who told you not to start your ventures will echo in your mind. This will be more acute when you are not getting the expected results. Do not forget that creating an empire is not an overnight task. It requires patience and dedication. Remember the management rules you learned in your management school or college—or in your life experiences—and keep working.
Whether to Be Alone or Seek a Partner
Do you want to share your profit with someone? Will you be able to work around the clock? The answers to both these questions cannot be the same. Gauge whether you will be able to be there for the company all the time. Otherwise, if you choose to partner with someone, find someone trustworthy.
Remember that entrepreneurship comes with risks, requires dedication and leads to pressure. Don’t lose hope, and stay motivated!
Sharda University contributes articles to BusinessTown.com.