Now is the age of start ups. The younger generation in particular has developed a keen interest in the concept of be your own boss. It is a good development as previously more focus was on getting a job and now a growing breed of entrepreneurs are becoming job giver. But this field is not fraught with danger of losing money and failing. Still most of the start ups do not survive the first two years.
With a lot of finance which is available these days from banks and angel investors, now funding is not much of a problem. Also the younger generation has a wide range of options to begin a start up. Many have grown to be multimillion dollar businesses.
There are certain ground rules to be a successful entrepreneur, today I will tell about them.
Risk taking appetite.
The world of start up is all about risk taking ability of the person, and that too with the money of loaned money from bank or angel investors or private equity. Also many people have good ideas but fail to start anything with those ideas because they do not have the ability to take risks. An entrepreneur without this ability will not be able to take the first step in this direction.
Implement the idea.
If a person has the risk taking appetite then only he will be able to implement his ideas. This requires a lot of conviction- to take the first steps. There is too much competition in every field so the journey is not easy at all. But when he decides to implement his ideas then his start up starts taking a shape.
Perseverance
This is a quality which is required in every field of life and here also. Nothing happens over night here. A lot of effort goes into it, taking a lot of time, with many failures. So the ability to stick around is very important. You should have the mental toughness to whether all the ups and downs.
Challenge yourself
It is you who has to do it primarily and no one else, so keep challenging yourself that you can excel in every step of the journey. You have to challenge yourself to deliver it better than your competitors, and then only you will be able to survive.
Be passionate about your project
The project is your idea and your baby, so you have to passionate about it. If you try to copy and paste others business model then you will never be passionate about it. It will just be a borrowed idea. A lot is at stake and being passionate will help you to increase your dedication towards it.
Reduce fear
Fear of losing is a big fear. A lot is a t stake and all your known people are following you. Some may be supporting you and some may be waiting for it to fail. You have to overcome the fear of failure in order to go full throttle.
Visualise your goals
Always revisit your goals. Always remember why you started it, this will give you the motivation to continue especially when you are passing through difficult times.
Have good mentor and partner.
A good mentor will be an asset as he is experienced in this field and will be able to guide you through the whole course of the journey. You are new and accept the fact that though you may have done a whole lot of research but the mentor has the practical experience in dealing with these things. So is a good partner if you have one. He should be trustworthy as he will also be a part owner. Most importantly both of you should have a mental match otherwise there have been many cases when one partner leaves the business due to difference of opinion.
Plan your finances.
It is most likely you are starting with borrowed capital. So planning your finances is very important. It is easy to overspend in business due to emotions but a careful road map is required to follow. Any deviation from it should be backed by a solid reason.
Being an entrepreneur in young age is an exciting journey where you give wings to your ideas and try to make a place of your own. But always remember that your success and failure is mostly dependent on you and no one else. You are in charge of everything. If you keep these things in mind then it will help you to become a successful entrepreneur.
