This question arouse curiosity in many Entrepreneurs. We will go into depth of understanding as the answer has something to do with you. Entrepreneurship is about the ability to take risk to start a business that will finally yield profits. The one who takes this kind of risk is called an Entrepreneur. The word “Risk” is associated with Entrepreneurship as there is no 100 percent certainty that the business you have started will yield profit, sustain or scale up. Business aren’t predictable but they can be well planned to bring the desired results.
Now before returning to the question What … we will first try answering Why do you want to become an Entrepreneur ?
Entrepreneurship is about you, it is something definite germinating within you. It is the iDEA taking shape within your imagination that has tremendous potential. It can be a Innovation, Change or the Solution you wish to offer for the betterment of lives on this planet or a Problem identified that needs to be solved. When you and your iDEA have the ability to attract talent, money, resource, growth and finally generate profits you are on the right path towards wearing the HAT of Entrepreneurship.
You do not become an Entrepreneur out of frustration of doing that 9 to 5 job.
You do not become an Entrepreneur just because your colleague has ventured into business and making lots of money.
You do not become an Entrepreneur, just because Facebook has bought WhatsApp for $ 19 billion.
You become an Entrepreneur when you dream and you are passionate about something. It is about your learning, knowledge and what best you can offer to bring change to the lives you are concerned about.
Identify these 7 Keys within you, to become a successful Entrepreneur
The First Key is the iDEA. It is your ability to dream around that iDEA. It can be product, service or something new you wish to innovate. You are passionate and convinced that it will bring positive change to the society at large.
The Second Key is the Risk. It is your risk taking ability that will bring you into business. When you are at seed stage it is hard to convince anybody other than you about your own iDEA. Under those uncertain conditions and situations your risk taking Talent will motivate you to certainty.
The Third Key is Sell. The ability to sell your iDEA to at least one person who is equally convinced like you. The Selling skill will bring the desired fuel to bring your iDEA to reality. It will help you raise that initial funds to power your project. Your selling skill will help you build team and resource much needed to bring your iDEA to perfection.
The Fourth Key is Perseverance. Now that you have the right resource, team & desired funds you will notice it is not that easy to bring your iDEA to reality. Its continuous process of trial and error, struggle, frustration, small success, short wins and failures. Perseverance is the need of hour at this stage till you get the desired result.
The Fifth Key is Failure. Fail fast so that success happens soon. The ability to fail and accept your shortcomings is the most important key for your growth. Do not get attached to your failure else you will have to live with it. Shun the failure, accept your shortcoming, know your mistakes and bounce back. Many Entrepreneurs are stuck at this stage and they loose the direction to growth and result.
The Sixth Key is Result. You have trusted your iDEA, your near and dear ones have trusted your iDEA, your investors, your team are with you now, you are provided the right conditions for actualisation of the iDEA so don’t fail others. You are committed to deliver and bring that desired result. The Result that was planned on the paper. The Result is deliverables of your iDEA, it can be profits, subscriptions, members or large collection of beneficiaries who are convinced to use your product, service or innovation. The Result will enlighten you to success.
The Seventh Key is Success. There is no direct key for success, the collection of all the above keys if used correctly will open your door to success. You have to live with the iDEA of success. The dream of success will motivate you to venture into Entrepreneurship. The End result of Entrepreneurship is success and it is only you who will decide the quantum of your success.