Being an entrepreneur is a serious business. We have heard countless stories of the success full entrepreneurs and thousands of books, websites and consultancy are out their in the world to provide their services and consultancies to a young entrepreneur. In one of his very famous book Fooled by randomness Nasseem Nicholas Taleb has made a serious argument that we have heard about success of many entrepreneurs but what we have not heard is millions have failed. There are practically no software or consultant which can tell any entrepreneur that you will be successful and vice versa.
We think that the success of any project which is started by an entrepreneur depends completely on the person itself. In the present world with all the communication and investment which is available it has more become more glamorous but in reality it not that easy. What are the question an entrepreneur should answer which will increase the probability of his success and provide him the required stability which is needed.
I want to be an entrepreneur or not?- This is the first question which is needed to be answer by any before treading in to the world of entrepreneurship. The answer of this question always seems very easy that is yes but why yes? This question will really help any person to look in to their situation pragmatically. What are the prospect which favors him and are against of him. It is the first level of clarity which is required and very important. When this clarity is achieved, it plays a great role in long term.
Being an entrepreneur is like giving birth to a child and nurturing it. It is an analogy. We all know the success but one doesn’t know the hard work and sacrifice which is done to achieve it. As Steve Jobs has always said that making a company which will survive and grow is not an easy task.
Which business I should start?- Second level clarity is what is the business I want to do. Starting a business is a trap. It is very easy to leveled yourself as person who is doing business but starting a business with a basic level product or service is not easy. Never start any business because you want to just start a business because in near future you will close the business. Try to find out that which business you want to start. Steve jobs in one his great lecture in Stanford said that search for what you want to do in your life and search for it till you have not find it. It is very important to find out what you want to do? Once you have pin pointed you are ready to go ahead but without answering this question if you started few years down the line you will find yourself again start something. Never jump on the bandwagon of your friends who are starting a business. If you want to take your time, take it and then define it.
The major reason for Dot Com bubble blast was ninety nine percent people stated the business in dot com era without any clarity. Only few survived when bubble blasted.
Who is my customer?:Defining your customer will help you to focus on the client whom you will sell your service. It will help in filtering the unwanted customers you don’t want. Never go for any client which come across you. Whole market can’t be the target of a start-up entrepreneur because he didn’t have the ability to serve them. Defining and filtering customer will always help. Even the top most company in the world didn’t have the capability to serve the whole market. Define your customer and target your customer only.
How My business will earn revenue?: Life line of every business is revenue. What are the avenues an entrepreneur should find to bring money inside the business. From the first day of you starting your business money will start flowing out of business. In India there is a community know as Marwari and it is said that business flow in their blood. They are real smart business people who knows one basic principle and that is how much money they spend and how much profit they are earning on the many spend. Many people from this community has set business empire but it is considered very rare that their business will fail. They follow their basic principle regarding money flow without any compromise.
It is rare that your business will start earning money from the first day. More important is how rigorously you are able to manage the balance between inflow and outflow of money will set the tone for for future.
When I will touch my break even point?: This is a very important question for all entrepreneurs who are starting their business with a financial investment. If there is a solid plan is laid to achieve the goal in set time it will be pretty good for the business. There are business or services like this website only is started with a very low investment. Even sites like Facebook and linked-in started with practically no investment. While the case of any infrastructure business where a particular amount will be invested to start the setup and daily working capital is required
It is not an easy road and it is not that tough also. It is for those who has the desire to take the path traveled by less.