Entrepreneurship is a different journey altogether as the road gets bumpy once you start walking on it. Just how it goes for any other journey, there is advice from your near and dear ones or at least from those who have taken this path. And it has its advice. I, too, began this journey a few years ago to provide professional business services to realize I would have learned a few things in advance to make it manageable.
But it’s just that I had to learn to be an entrepreneur in a challenging way. There are times when you have to bank on the survival insights for emerging leaders in todays’ time.
Here are the top three things I wish I heard from someone before I plunged into the company’s sea.
1. Staying Focused. Full-Time Dedication
It is necessary to commit and persist. To start something myself, from scratch, I had to give up my full-time work. Make sure your trip begins with a full-time commitment; otherwise, time and money can well be lost. In the present job and in your efforts to start a company, this may fail you.
It would help if you stayed centered once you have a full-time commitment. And when I talk about concentrating, I mean the emphasis overall and not just the focus on the job.
— Focus on your MVP – I have begun by realizing that my services should have a substantial value bid. Hundreds of other products will be open to your potential customers. What is so special that my organization can offer? This question causes me to concentrate my efforts on delivering something that is the same as my rivals but distinguishes my offerings.
— I focus on a market/product fit– I’ve run into an old article about the only matters for a startup. And that speaks to two things: the product/service quality and the size of your target market. Focusing on these elements helped me to assess my growth.
— Concentrate on a single measurement metric for success – how do you define success when you start a business? What error have I made? I focused on too many metrics as a benchmark for my business growth. I was dispersed in various directions, starting with many metrics, and I couldn’t concentrate on anything. It has undoubtedly changed for some time, but focusing on a specific time metric has given me a clear and consistent objective.
2. Take Care of Legal Formalities and Protecting Iprs
It’s exciting to start a new company. However, it can leave you in doubts, nervousness and several other legal problems simultaneously. Business newbies are often caught in the confusion that a private company has been licensed for a startup, or in the case of co-founders, they can opt for online LLP registration. When it comes to looking after the company’s legal formalities, I wondered what would be more useful to me when registering for my startup. Apart from everyday work, there are a lot of other items to deal with. Here are the five things I want someone to tell me to start a new business
1. Pick a valid business structure
2. Regulations on Know Licensing
3. Introduce legal records and strategies
4. Compliance with taxes
5. Manage the budget and cash flow
The time today is both a blessing and a curse for beginners. While the world is so dynamic to start a company, this is not less than a curse, because you must always be at the forefront because of the high level of competition. For a startup to stand out, it’s necessary to protect intellectual property rights (IPRs). In a highly competitive market, IP can be something that helps build a sustainable and defensible differentiator.
3. Entrepreneurship Is an Emotional Journey with Practical Decisions Been Made at Each Stage
To be an entrepreneur, you will have to give yourself to a continuous change, transformation, and perseverance, rather than a destination. I started with a bit of confusion about what to prioritize and how. But I realized that it was an emotional rollercoaster, full of passion, disappointment and hard lessons steadily on the journey. But it is necessary, above all, for the personal experiences to make realistic decisions.
I don’t feel timid when I admit I was crazy when I started a business. But things began to occur steadily and I took advantage of every little experience that my startup offered me.
Later on, by making realistic decisions that benefited my business, I implied my learning.
Fear: I’ve been worrying about making the right decision, the ambiguous approach, embarking on the wrong guy, losing a significant customer, or worst fear of not getting enough to collect the next funding round. But then I took collective decisions that were sufficiently progressive to conquer fear. This led to a range of decision-making processes, often adopting the decision-making approach.
Doubt: Doubts occur much of the time because of a lack of knowledge. However, I have discovered this the more challenging way, seeking to obtain more accurate and tangible knowledge to escape doubts. When you have learned to accept and resolve concerns, better decisions must be taken, making me a better businessman.
Regrets: Remorse is nothing but a kind of termination of past decisions. Regrets are okay as it made me chase my hunger for wise choices. I firmly believe that learning alone is not visceral enough for a resolution (of guilt). It is quite doubtful that it will be part of my intuition. If we as entrepreneurs want to learn during our journey, we must reflect and regret to continue to change.
And once I’ve been done, I’ve made good realistic choices about my entrepreneurial existence. This ensures that my decisions are based on
– Market Research
– Decision Matrix
– Cost-Benefit Analysis
– SWOT Analysis
– Pareto Analysis
Conclusion
An entrepreneur who reaches the last mile with confidence is the one who breeds compassion. And then it’s even the customers’ perception. At first, what I skipped was to sprint behind as many customers as possible. But my experience led me to concentrate on creating a high value on multiple customers on each customer. In exchange, this helped me tailor their needs and get the right word of mouth out of the market. A few consumers will be able to cater in the best possible way as a snowball effect, and higher quality consumers will follow.
