Starting out as an entrepreneur is not just about being your own boss; it is about wearing multiple hats, going beyond your defined duties, pulling up your sleeves and getting the job done.
Skills to build
Before you take the plunge, it is crucial to understand what it takes to be one. Though many skills are acquired once you start out on your own, here are a few basic skills that can help you get a good start:
Networking: Building a network of industry contacts, mentors, and prospective customers, online and offline, is crucial. Attending networking events while in college can help get referrals, guidance and insights on your industry.
Research: Market research, whether it is understanding your customer’s pain point, insights into your competitors, or about the industry as a whole adds tremendous value your business.
Communication: Work on your communication skills, even if it makes you uncomfortable initially. Join public speaking groups, be proactive in presentations, take online courses on public speaking, and find opportunities for speaking engagements.
Managing money: Organise your money, start budgeting, keep a close track of expenses, and learn the nitty-gritty of financial planning in business.
Resilience and problem solving: It is important to stay calm and focus on finding solutions to even the most difficult problems. Additionally, you should be able to take everything in your stride even when the outcomes are unfavourable. If you are able to bounce back from stressful situations and keep going till you reach your goal, you have it in you to become a successful entrepreneur.
Ask yourself
Will your product/service generate revenue? If you can’t make money with your idea, it is just a concept, not a business. Before you invest time, money and resources, ensure your customers are willing to pay for it.
Does your product solve a significant problem? Ask yourself if your product is a vitamin or a painkiller. A vitamin is good to have, whereas a painkiller is a must-have. Be practical in your approach, consult people on the problem you are solving, and then take a careful call on whether it is worth pursuing.
Is the timing right? Don’t jump into entrepreneurship because you want to. Make sure you have the right experience and adequate preparation to start your own business.
Do you have a strong reason to become an entrepreneur? Ask yourself why you want to become an entrepreneur. Are you passionate enough about your idea? It’s crucial to be passionate rather than too enamoured so that it inspires you to keep working.
The writer is CEO and Co-Founder, SpaceBasic.
