7 Solid Practical Tips From One Entrepreneur To Another

Posted: April 17, 2019

Entrepreneurship comes with a bag of a zillion challenges that test your grit and determination. Here are some learnings for those looking at making it big.

“Don’t worry about being successful but work toward being significant and the success will naturally follow.”  – Oprah Winfrey

We all think about our ‘dream job’. With stars in our eyes and a resolve in our heart, we strive to reach a stage where our passion becomes our job. But, do you think this road less travelled is an easy choice to make?

Being a Commerce graduate, I landed a job in a large BPO company. I started growing in my job too and the learning was immense. Through my hard work and dedication, coupled with my communication skills, I was promoted to a leadership role fairly early in my life. My scope of work included training sessions, personal sessions, performance appraisals and what not! Frankly, I was working beyond my job description, but was I happy?

From an outsider’s perspective, there was no reason for me to be unhappy. But, I began to realize that I was losing the creative aspect of my life. I have always been impulsive with my choices and a proven risk taker. This job restricted me from taking risks, from exploring beyond boundaries…from thinking beyond conventions.

Enter my husband! He too was sailing in the same boat as me. The only difference was that he had the courage to take the plunge before me but it did not take me long to plunge in too. And so began my entrepreneurial journey,

As intriguing as the term itself, entrepreneurs are looked at some kind of an enigma. You are you own boss! How cool is that! But, entrepreneurship comes with a bag of a zillion challenges that test your grit and determination. Eventually, things work out. At this point you sit back and look back at the journey with satisfaction. I am currently at this juncture of my life, and so thought of sharing some of my learnings with all those people out there who are looking at making it big.

#1 The Entrepreneurial Decision

Wanting to be on your own and being on your own are two completely different things. Take the first step by being sure about your entrepreneurial decision.

#2 Choose your field

If you are already in a job, chances are that you are highly skilled and possess many competencies. It is for you to introspect and decide which competency scores higher than the others, and use it to choose a field where you can apply your skills and knowledge. Some of the ways to go about it are:

  • Turn your hobby into a business. (Market your hobby)
  • Your own consultancy (you will obviously have to use your contact and build network)
  • Writing (If you have a knack for writing, then this field has multiple opportunities)
  • Social Media Consultants (with ever increasing lack of time, businesses want freelance consultants for every field)
  • Food (This is one field that can be explored widely as it will be never out of fashion)
  • AirBnB (If you have a spare room in your house, then you can definitely join the list of AirBnB homes)
  • Teacher (If you love studying, then you can be a good teacher. You can start at home or open a centre)

#3 Plan your business  

Once you have chosen your niche, you need to plan around it. Plan your services, operations, target audience, mode of delivery and so on. Essentially create a pipeline for your business and follow it through.

#4 Plan your finances

Entrepreneurship requires capital investment. During the process of creating a business plan, ensure that you have working capital for at least first two years of your business. Approaching investors and venture capitalists is a subsequent step, but it is better to be covered individually. My advice is that it is better to use your own assets rather than piling additional responsibilities in form of loans from banks and financial institutions.

#5 Know your audience

Customer is the king! Understand this aspect and keep your customers happy . Focus on creating long term customer relations.

#6 Build a network

In the age of social media and technology innovation, it is essential to create a network of loyalists through social media and other channels. Capitalize every opportunity to solidify your network and social media presence. Social media marketing is universal and applies to all alike. Attend open mic forums, networking events, seminars and use social media tools to build and grow your network.

#7 Continuous uncompromised service

Providing a service is not your end goal. Your end goal is to provide continuous service and boosting your services time and again.

One important addition to this is that you need to devote time daily to all this. Have a schedule, work through a space that is not too noisy either. A routine and structure will help you streamline things.

These small steps will help you in your journey of being your own boss. Don’t be shy to approach for help or call out to other entrepreneurs. The community is always there to help!

Watch this video that describes the journey of an entrepreneur in the best way!

Image via Pixabay

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