Entrepreneurs tend to have a zest for their business, the ideas, and for that dream vision. However, most entrepreneurs lack proper business skills, discipline, strategy, and then they might not even understand how to have a proper business plan. This causes a lot of great ideas and a lot of beautiful dreams to end up amounting to nothing or worse, the entrepreneurs end up losing not just their dream, their vision, but also the idea and the future of their business. They end up incurring losses because they don’t have the necessary skills.
When I was 16, I started working at Taco Bell. The most important thing I learned while working there, was that hugely successful corporations like Taco Bell have a system for everything. Right from the amount of dressing that goes into their tacos to franchisee expansion plans.
Since then I have worked with many multinational corporations, learning many fine details these corporations use to remain successful.
By writing this blog, I want to share my decades of experience and the things I have learned on my journey of becoming a successful entrepreneur.
A lot of times, entrepreneurs are unable to have a proper business strategy in place. Many times that happens to large companies as well. So as entrepreneurs you cannot become comfortable with where you’re at, you’re going to have to constantly learn to dance on a dime because as the world changes you’re going to have to change with it and I want you to take on the journey of entrepreneurship because it is a beautiful journey full of adventure, but I also want you to be realistic
I wanted to cover the basics of entrepreneurship today, but before I get started I want you to know that statistically, the job of an entrepreneur is very risky. The odds are going to be stacked against you especially in the first few years. I tell you this up front because I am an entrepreneur myself. I have had several businesses and the reason that I changed my businesses were:
- I had something better I could do
- I have changed cities and often countries
- I have received an offer to hand my business over to someone else
I couldn’t have possibly done any of my business ventures if I did not have a proper plan. To be a successful entrepreneur you need to have a strong foundation while a proper business plan, accounting, budgeting, and so on and so forth are some of the most crucial elements of a successful business.
As entrepreneurs, we often neglect the so-called ‘boring stuff’ like accounting, not realizing that unless you have a ton of money, or you have an army of people who can take care of all of this for you, you need to be a one-person show.
You will feel overwhelmed, but you need not feel so if you can strategize your business decisions.
There are many different types of entrepreneurs. You need to choose, experiment and decide which style works the best for you.
- Social entrepreneurs
- They don’t want to generate profits off enterprises. Rather, they want to fulfill a social dream of theirs
- Innovators
- These people are creating a new market or better existing ones and generating profits off it
- Hustlers
- They themselves haven’t created a product, but have hustled the way to make it more accessible to consumers
- Imitators
- These people copy successful ideas that haven’t been introduced in a market
- Buyers
- They buy startups and add them to their portfolios, scaling it up even further
Most entrepreneurs are a combination of the above-mentioned traits.
Below, I’ve written some of the most important entrepreneurial skills and essentials one needs to start their entrepreneurial journey.
- An Idea
- Out of the thousands of ideas, you will have to make sure to choose the one that you feel has the most potential
- A business plan
- Having a business plan is what separates a hobby from a business
- Short term goals
- Short term goals are important as they help you meet your day-to-day expenses
- Long term goals
- Your vision and long term goals will help you sustain yourself when you face disappointment
- Leadership skill
- The most important pillar of entrepreneurship
- A support system
- A strong support system will help you expand your horizons and be your cheering squad through your journey
- Financial support
- To meet your basic needs, financial support is a must. Without adequate finances, starting a business is nearly impossible
- A mentor
- Networking skills
- Networking helps market your brand and increase your overall reach
- Planning and Managerial skills
- Team Work and Team Building
- Once you scale up, you will need to have a team that understands the company’s goals and vision
- Public Speaking skills
- Sales
Your entrepreneurial journey will be filled with mistakes, but you need to learn from them quickly and adapt to change. These are some of the most commonly made mistakes you need to avoid.
- Not planning
- Having a roadmap is extremely important
- Without having a proper business plan you can NEVER start a proper business
“Failing to plan is the same as planning to fail.” ~ Tina Shah
- Micromanaging
- Micromanaging damages productivity and
- Over-centralising authority
- Being around the wrong people
- Not having a successful mentor
- Weak financial planning
- Unclear roles
- Emotional distress
- Not learning enough before launching a business
You need to also learn about some of the most important factors that can affect your business:
Business plan:
Many of you must be wondering why I keep emphasizing the importance of having a business plan. A business plan is not only needed to approach investors and venture capitalists, but it also gives you clarity on your business model and analyzes potential problems.
Discipline: Your discipline and the hours you put in have a huge impact on your success.
Competition: When you start to become successful many imitators will try and copy your business model
Costing and Pricing:
Your raw material cost, labor cost, marketing, and PR cost are all important factors that affect your business
Accounting and Financing: Without a proper accounting system and having your finances in order, succeeding is difficult
Production Cycle:
Understanding the average time it takes to innovate, forecast, find your consumer demographics, manufacture, and finally sell can help you organize your product releases
Teams and Employees:
Having a strong team is the only way you can scale your business. Knowing when to hire and when to lay off, whom to lay off is crucial for success
These are the basics entrepreneurs should know before starting. With that, I conclude today’s blog.
Wishing each one of you the very best!
