When one decides to get into Entreprenuership there are so many unknowns that entreprenuer is exposed to and has to deal with. What was planned and what one actually experiences is totally different. This post gives a quick snapshot of the things that are really important during the early stages of entreprenuership.
1. Support from Family – Having unconditional support and backing from the family helps one wade through the initial very tough days until you get the hang of it. It is important to have this balance while you go through restless days & nights and stressful moments.
2. Financial Backup – There is so much competition so it may take a while to get some grounding and attain a basic level of business stability. This make take anywhere from 1 to 3 years. During this period one should be prepared not to expect any salary or profit at all. I would say plan for 5 years atleast by then you would know which direction you would eventually head.
3. Like- Minded Partners or Co-workers – As an Enterprenuer your bandwidth gets stretched beyond imagination. The last thing you need is having partners or co-founders who don’t share the same thinking or a team which is not aligned with the direction. One should spend time here while choosing both. Once this is set in place some portion of the bandwidth can be offloaded while you do the thinking and business planning.
4. Frugal Thinking – As the finances get really tight both at work and personal life, Frugality is the only thing to follow. Keep the cost base extremely low, spend only for good people, business promotion and basic frugal spending. Prepare to Forego most of the luxuries that you enjoyed in your previous role. Nothing of that sort will be initially possible.
5. Stay Healthy & Motivated – As an Entreprenuer it is very very important the personal struggles that you are going through does not show up in office or at home. It impacts both the places big time. You have to find ways to keep yourself motivated, energized and more importantly staying healthy. The internal mind stress is very dangerous and kills you silently from the inside.
6. Networking & Keep Connected – You will start to realize that most Business deals are done by recommendation & references. We have to find new ways to network, meet new people & maintain connection with your old pals. New opportunities will come through new connections.
7. Self – Learning – Once we are out of a job and setting our own path it is important to keep ourselves updated with the latest in the business area. You could gain knowledge thro attending some conferences but mostly it is all self learning. We need to find avenues to learn and keep ourselves on par with the industry.
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