Are you a college student and dreaming about becoming an Entrepreneur? or Are you an employee in a company and dreaming about to start a business in the future?
Well, we are happy to see your enthusiasm to start a business but we are going to tell you the first truth about walking on this path (No Intention to Make You Scared!!!). According to Fortune Surveys, a bitter truth has revealed that 90% of Startups Fail and there are various reasons for that. In 50% of cases, people just think and dream about to start a business but they don’t take action towards it. These people are failed because they are already failed in attempting to start a business. Rest 80% out of 50% failed because they start doing business without learning it which is just like trying to play chess without knowing the moves of its members.
What will happen if you don’t know how to play chess but your competitor is someone who is a champion in this game? Most probably you will lose. The same thing happens in business when you are trying to start it without learning and your competitors are already master in this game.
Today most of the youth have craze to start a business which is a good thing but before taking an action they don’t understand that starting a business is not just about taking a domain name and making your website live, It’s much more than that. They need to understand some core and deep meaning of a real business, they need to understand the mindset of a successful businessman and some secret or common factors behind the success of startups.
Now if we ask that what are some characteristics one should have to become an entrepreneur and what are the factors behind successful startups then what would be your answer??
We know that a lot of people are going to list out some words like….ideas, innovation, passion, creativity, hard work, consistency, determination, leadership and things like that. Well somewhere you all are true but understand that there are a lot of good business ideas (friendster, Color) that were failed. New ideas are overrated among most of the people who are thinking about to start a business. Google built a better search engine than Yahoo, Mark Zuckerberg introduced facebook which was a better MySpace and a lot of examples are there where new ideas weren’t generated.
Now guess that what was the reason behind the success of these businesses?? So it was timing. Well…Google is a perfect example of choosing the correct time to build a better search engine.
A lot of people are also going to give their opinion about customer need, market value, locality, sales, trends, advertisement, communication, networking to build a successful business. Yes, that’s also true…we agree. If you have already learned these things from some resources then what are the things you are missing??
3 Steps to Become An Entrepreneur
Step – 1: Observation
Most people lack this skill not only in business but also in their daily life. Your journey to become an entrepreneur start with this skill. If you want to learn something you should have good observation skills so start with simply observing those people who are doing the same work, you want to do. Observe those people who are failed in the same business and who are successful. Observe their actions, observe their thoughts and how it works, observe their perception, observe their point of view to see this world, observe everything about their startups, their product, their business, timing, team, leadership everything. Observe what are the problems people are facing around you??. What are the best solutions to those problems?.
Think about Reliance Jio…why it was launched?? Why Tesla Motors came into existence?? Why Netflix ?? Why Flipkart ?? Why Tata Motors?? Why Android phones are getting launched by companies. Think from the perspective of these entrepreneurs and you will get the answer that they also started their businesses with deep observations. Observation of the problem, observation of the solution…..they observed everything.
Step – 2: Understanding
After observing the successful businessman in your field by reading books, autobiographies, videos, their thought process, interviews you need to make your understanding at the level where you can differentiate why these people are successful in their field. How their perception, way of thinking or their point of view to see this world is different than someone who isn’t successful in their business. Their mindset, thoughts, actions, perception is different than people you are surrounded with or people who are failed in their business. You need to observe and you should have a clear understanding of the things successful entrepreneurs are doing correctly in their business. Once you understand, apply the correct things they are doing in your situation or business.
When you read about great people, you will know their thought process, and when you read such content long enough, you automatically will program your mind to be like them.
Step – 3: Action
You observed a lot of entrepreneurs, their business, their thought process, their point of view or perception and you also have understood the things that you need to adapt from them. But what if you don’t take action….??? Nothing will happen. There is no point to get theoretical knowledge only. So you need to apply that deep level of understanding on a small level and practice it. You will start observing the changes once you practice that knowledge or understanding.
Once you practice either you will face failure or you will get success. In both of the cases, you learn something, again you observe something, again you try to find out the solution from different resources or from people who are successful in making the same attempt. During this journey, your good and bad experiences teach you to start a business and you learn how to drive it successfully.
We hope that all the above three points sum up everything about becoming an entrepreneur…
Entrepreneurship is a journey. It will get hot. It will get uncomfortable. It will get tough. But know that if you focus on the progress of the journey, you will never give up.
Note: Entrepreneur is a very wide topic that can not be covered in a single article. You will find a lot of blogs, stories, videos, books filled with different suggestions but you need to understand that everyone has different opinions based on their experiences. Understand that theoretical knowledge guides you but hands-on learning teaches you a lot about businesses.
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