You may want to become an entrepreneur or you may want to realize your business idea – Failed Entrepreneur
But before you go ahead with your great idea, or before you get complacent that your day-to-day work will become easier, you need to know this:
It is not easy. You need to be prepared for the ups and downs, the struggles, and the lessons you need to learn.
There are a few small details you need to know before you take the plunge.
If you are an aspiring entrepreneur, you should definitely value these tips.
1. Take action
You may get lost in the grand vision of what your company will bring to the world.
But remember that Rome was not built in a day.
First, set a goal for yourself and take action. Just don’t stop. Try something new every day.
Try it, see the results, and take action again.
2. Don’t keep your startup idea to yourself
Even if your startup idea is your best-kept secret, keeping it to yourself will not do you any good in the long run.
What is much more important than the idea is how you bring it to life, and how you implement it.
It doesn’t really matter what your idea is, and even for investors, it may not be important. Believe me, no one else will do it in a day but you.
3. Don’t be afraid to fail
At least half of those who want to start their own business and get it off the ground fails.
Like many entrepreneurs, you may fail at the first attempt. You may lose the company you start and you may get into some debt.
Fortunately, you will not be one of the losers because you have had a very serious experience.
4. Network, network, network
Try to develop your network because what you need most on the way will be people.
Be sincere with the people you will meet, and be yourself. Remember that networking is never one-sided.
It is always reciprocal, think of it as an exchange, but don’t be self-interested.
5. Start with a problem, not an idea
Once you become an entrepreneur, your idea of idea will change over time.
Ask any entrepreneur and they will tell you that they started with an idea. But this is not the truth.
They usually come up with an idea while discussing a problem with their friends. So you need to start with a problem rather than an idea.
If you want to build a successful business, focus on a problem that people or businesses have and work hard to solve it. Let this be your starting point.
6. Patience, patience, patience
You have more ideas in your head than you want, the challenge is to make them come to fruition at the right time.
You should not doubt yourself and you should never stop trusting yourself.
But sometimes you have to be a little more flexible, letting go of some of the certainties you have created in your head.
Don’t be upset if your ideas don’t succeed the first time, success may be waiting around the corner.
Don’t be afraid to pivot when you think it’s necessary.
7. Study similar examples globally
Your idea may be unique to you, it may belong to your culture, society and geography.
However, even if it is not exactly the same, always look at how similar examples work in different geographies globally, their revenue models, and the areas where they succeed and fail. A small idea from here can add a lot to you.
8. Build a good team
Remember that a good team is always behind successful initiatives. Try to build a team that complements your shortcomings.
These people are likely to be among the co-founders. Make sure that they will not let you down and make a heart-to-heart.
9. Stay in control
Managing a startup is like flying an aeroplane. Sometimes, you have to change your flight plan according to the situations you face.
But you have to keep the aeroplane in the air at all times.
Create your own strategy, but remember that sooner or later, something unexpected may come your way and scatter you. Stay in the air anyway.
10. Don’t give up
The main reason why new entrepreneurs fail is that they give up too soon.
You too can become a successful entrepreneur by not giving up despite all the difficulties. Just like Steve Jobs, Elon Musk
Conclusion
Since my teenage years, I have tried many online websites, mobile apps and entrepreneurial endeavours.
The lessons above, which I have learned along my journey, illustrate one or more of the reasons why I and many other new entrepreneurs have failed.
Success stories, as well as failure stories, will teach you a lot.
I wish you all success and luck in your entrepreneurial journey.