Becoming an Entrepreneur, top 10 sides no one has ever told you
Virtually everyone detests the feeling of having a boss over their shoulder, eight to four daily kind of job had proved a serious factor that has continued to leave so many dreams unborn.
Many are either afraid of the unknown or had somehow managed to start a business of their own.
You are most probably reading this article because you want to take the bulls by the horns and join the struggle to becoming self-reliant, may be already in the band wagon of entrepreneurship.
Which either side of the divide you are, kindly afford me few minutes of your time, relax and read this post with keen interest as I am about to reveal to you some mind blowing facts the entrepreneurial mentors and experts never get to tell you, while on your journey to becoming an entrepreneur.
The revelation is not meant to scare you as an aspiring entrepreneur, but to further encourage you to surmount the challenges ahead.
Let me guide you through the top 10 sides of becoming an entrepreneur you may never get to know.
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1.BECOMING AN ENTREPRENEUR: THE RESILIENCE STRATEGY
Resilience in entrepreneurship is your ability to recover swiftly from difficulties and tough situations. Resilience infers you have an unyielding spirit that never say die, you must fight to finish.
As an entrepreneur, you must expect situations where things are not really falling in place according to lay down plans, there are bound to be time when you’ll almost feel like given up, may be to try some other things.
Resilience will uphold you at those difficult times, do not give up, rather device other ways to fight your challenges, winners never quit, quitters never win, be bold and resilient becoming an entrepreneur.
- BECOMING AN ENTREPRENEUR: FAILURE IS A LEARNING CURVE
I don’t wish to use that word failure, but to prove a point. You never failed, you learn instead, thus learning by practicing to do it the right way.
For example: Your inability to drive sales despite experimenting severally should not be attributed to failure, you’ve instead learnt what didn’t work for you.
Not every plan you roll out will have a smooth sailing, some will meet stumbling blocks and obstacles, but your ability to device innovative strategy that works makes you a winner.
Always try to improvise a way where others have tried and fail, your ability to put your creative juice to work will bring out the winning mentality in you, do not accept failure as a final answer, device innovative solutions rather.
- BECOMING AN ENTREPRENEUR: DECISION MAKING THE ULTIMATE FORMULA
As an entrepreneur, key decision making becomes your core responsibility, the extent at which your business succeeds depends on how qualitative and effective your decision are, one wrong decision can make you start over again.
A single effective, well thought and spelt out decision can change the overall aspect of your business for good. Embed in your business policy key decisions which must be goal oriented, thus the goals must be SMART.
S- Specific at all time, you should work on a definite project at a given time. Clouding other good ideas could lead to poor execution in its entirety.
M- Measurable, work on decisions and projects which are measurable. The goals which form your policy as a product of decision must be measurable, work on projects you have the financial and will power to execute otherwise it becomes a poor decision.
A – Your goals must be Attainable, should not be based on wishful thinking, becoming an entrepreneur entails rational thinking.
R – Your goals must be Realistic and void of any form of ambiguity.
T- Time bound, who sets time for nothing definitely plans for nothing, you don’t have the whole time, work with specified time, the combination of these factors will decide how effective your decision can be, which will then reflect in your business.
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- BECOMING AN ENTREPRENEUR: TAKE RESPONSIBILITY
You’re responsible for your actions, your action is a product of decision, thus you must be proactive in effective decision making.
You’re answerable to every wrong that occurs while managing your business, this is why you must be very careful. The blames must not be apportioned to your employee especially when it’s a product of policy being laid down by you for the business.
Take responsibility and forestall damages to your business, once done get back to the drawing board and see where you get it wrong, right the wrongs and proceed.
- BECOMING AN ENTREPRENEURE: COMPETITORS ARE SNOOPING
One thing is brainstorming how to manage your business, another is to be careful with your competitors, Entrepreneurs in the same line of business are snooping over you, if you have that strategy that works guide it jealously.
Your competitors want to know why you’re different in business sense and perspective. Your selling point remains a mystery they want to unveil, and that’s your golden rule, don’t let it out.
Devise other means to step up while they’re snooping on you, before they discover that strategy kindly set a premium version of what they know, think, make a difference and operate on a higher altitude.
- BECOMING AN ENTREPRENEUR: YOU COULD GET FRUSTRATED
Frustration is a product of unwanted result, no breakthrough after so much efforts. Frustration could set in at a point in your entrepreneurial journey, it could occur when expectations are not aligning with results.
Revisit your strategy at this point, you shouldn’t think of quieting, it isn’t the best thing to do, you could need just one more crazy and direct formula to crack the code.
This is why you should have a mentor you can rely on in time like this. A mentor can proffer viable solution that could calm the ship to at list provide the required stability, when you get so frustrated take a break from work.
- BECOMING AN ENTREPRENEUR: BEWARE OF THE LAW
As a matter of fact, I hereby implore you to try and register your business with the Corporate Affairs Commission (CAC), by right of law, every business operating in this part of the world should be duly registered to forestall legal implications.
If by any means, your business is not registered and you encounter issues of legal process on the cause of business, you may possibly forfeit your business because the law will go against you drastically.
- BECOMING AN ENTREPRENEUR: YOU’RE A POTENTIAL DEBTOR
If you don’t like owing anyone for any reason, becoming an entrepreneur may have to see you change that philosophy.
In practice, there’ll come a time you will either owe your employee or business associates especially those who direct contributions had impacted in the overall success of your business enterprise.
The steps you take towards resolving the debt is what matters. Do not be a habitual debtor, it will kill your brand faster than you can imagine. Also have plans in hand to resolve debts.
- BECOMING AN ENTREPRENEUR: YOU NEED PARTNERSHIP THAT WORKS
The role and importance of a viable partnership cannot be over emphasized, you may not really have thought in this direction while setting your business, however financial constraints could force you to seek viable partnership who can be of financial relevance to the business.
It’s likewise very important to beware of agreements you accept on admitting a new partner into your business, it should be well written and void of any kind of ambiguity.
- BECOMING AN ENTREPRENEUR: YOU COULD SELL YOUR BUSINESS AT LONG RUN
This may sound very surprising, but it’s one bitter truth you must learn to live with in becoming an entrepreneur.
You could sell your business as an exit strategy, which could be fair, however some could sell because they are fade up with the entire struggle. https://www.wealthygorilla.com
Whichever way, selling a business may not really be a bad idea depending on why you choose to do so.
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Becoming an entrepreneur is not an easy road to trade, but for the brave who wish to distinguish themselves from the league of conventional workforce to as well be productive, manage their time themselves and live a life of their dreams while stimulating the economy in the right direction. Have questions, kindly use the comment box below.
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurship development. A councillor and motivational speaker.