Friday, 5 December 2014

Five things you need to succeed as an entrepreneur

My apologies to be late on this sequel, for I have been moving into my coaching practice full time, after my corporate pursuit for little over 25 years. Carrying on the threads from where we left last time, most entrepreneurial ventures begin with the feeling of fear and anxiety, and it is natural and human to have one. In fact this feeling is responsible for most successful ventures. Some successful entrepreneurs I have asked have admitted with reluctance, that despite their confidence people keep hearing about, they were the most scared lot when they made a beginning. They could only factor in risk and mitigate it to the extent of human capability. As a coach, I believe that some basic elements could make or mar the success of a venture;

1.       Start up idea: For those who ‘follow’ others in terms of idea or genre and believe that they would succeed too, the reality is, followers rarely made it big. It was always the idea relevant to time that made it to the customers.

2.       Emotional build: Entrepreneurs put comforts at risk, and toy with uncertainty, needing some metal in their hearts and mind to enjoy the camel ride. The emotional build is although a combination of contrarian ‘soft’ emotions like passion and belief, and some truly ‘hard’ emotions like willingness to commit and withstand the tide. A good professional coach can come handy on this one.

3.       Focus with flexibility: The beginning with end in mind is synchronous with law of attraction, and does propel start up entrepreneurs, without getting bogged down by hurdles that come in way of success. Also some sense of alterations to be made to the strategy in a non-utopian market place may help navigate to the goals successfully.

4.       Intuition: Successful businesses have strong intuition as underlying success factor. Their stories had emerged well ahead of time, and they were built, bought and adopted over time. This is one strong trait most successful entrepreneurs exude.

5.       Readiness: It is common to hear that people take a plunge in a mad rush. Reality check on how many succeeded could be the benchmark of their efficacy. Most better organized entrepreneurs would have had some preparation or warming up while getting into a venture, ranging from genre knowledge, industry connect, insight into customer needs, and the skill pool that get together to make a holistic approach to markets. These have high probability of making it to customers.

Entrepreneurship entails uncertainty, but the thrill of creating on one’s own can be much more fun, and fetch rewards that are self earned, and may help provide fulfillment to those who make a serious effort towards it. Wishing the very best to all those who wish to now make it big on their own.

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