Entrepreneurship is fun as you are doing new things almost every day, well in reality you are clearing shits (solving problems) almost every day too.
Entrepreneurship is fun as you are doing new things almost every day, well in reality you are clearing shits (solving problems) almost every day too.
In truth, it's all about constant learning, tweaking and improvements so I hope to share all the learnings I gather mostly from my own experience plus some observations inspired by others.
Everyone has a different method or approach of doing things so hopefully some of these are helpful, not only for aspiring entrepreneurs, running businesses but also for those who are currently employed.
#1. Not everyone can save the world
Let's face it, how many Elon Musk, Steve Jobs, Jack Ma or Tony Fernandes will you witness? Truth be told, visionary entrepreneurs might be a one-in-a-million kind of probability. There are just so many startups who hoo-hah on paper without any practicality in their business.
If you are trying to be an entrepreneur for the first time, why not start something small first with your existing strength (knowledge, skills, network, infrastructure)? If you make it this will be a good platform for you to do bigger things, otherwise you can forget about your big dreams. Be practical.
#2. Don't let other people copy your ideas, seriously?
Not everything can be uber-ized, big ideas might sound cool on paper but it's nice to chat with a couple of your friends (best if they are already doing business) to proof-check your idea. Don't worry about people "stealing your idea" especially when you haven't started anything yet.
Having said that, there is no shame in copying, localizing, or tweaking existing business that works. Heck, how many businesses out there are "original ideas"? Is Apple, Alibaba, AirAsia business considered as the pioneer in the market?
#3. Entrepreneurship is not a get-rich-quick scheme
There is a misconception that starting business is a path to riches, have you factored in the high ratio of startup failures? In reality, many of those running businesses are living just relatively better off, the chances of becoming a tycoon might only realize if they sell the business equity.
The fact is not everyone is meant to be an entrepreneur, being employed could be a better option if your intention is to make more money. Don't believe? Many corporate managers are having higher take-home salary than business owners out there, and arguably with less stressful life.
#4. Screw the "looks good" factor
Related to all the points above, we have seen many startups who have come and gone, enjoying a brief moment of glamour appearing on media. If you wish to be famous perhaps it's worth trying being an influencer or celebrity, just don't forget that the path to stardom requires extraordinary effort.
The fundamental question before starting any business is to ask yourself How do you make money?, How to make revenue from the start?, How to be profitable in 3 months? etc. If there is no profit over a considerable time span, one shouldn't consider himself or herself as an entrepreneur or businessman.
#5. Get your hands really dirty
Money aside, it's all about the mindset and attitude towards your business. Get up very early in the morning as those are the golden hours for important tasks, then hands-on to the in-and-outs of your operation, at least during the early stage of the business.
#6. Keep improving the quality of your people
Besides your founding team, it's understandable that you wouldn't be attracting great talents to work for you when you are just starting out. Most likely your early batch of employees will not be the best but the more hirings (and mistakes) you make, the better you know what kind of talents you are looking for.
During the early days of your business, you might lean towards hiring operational people but over time, you might realize that hiring smarter people, or talents with specific skills would help to take your business to another level. Turn the "always hiring mode" on, smell talents around you, let incompetent people go.
#7. Get your hands off, will ya?
This might be contradicting with point #5 but related to point #6 above. Yes, for the first one or two years of it's good to lead and execute your business operations. The question is, should you be doing this forever?
If you spend all the time operating the business so who's going to do the "strategy" and thinking job? Once the business stablizes it's time to sit back and think how to bring your business to the next level, or simply what else can be done, be it to increase your revenue and profit, or do something new and different.
#8. Mix with people from different industries
It is normal that people tend to feel more comfortable within the tribe. For example, if you are in e-commerce industry do you only mix with peers who sell online? Why not open yourself to connect with people from different industry, even those who have nothing to do with the Internet?
When I say connect it's not just #kthxbye or meet in the events, try to really know them by establishing a common interest group etc. Not only it helps to open up your perspectives but there might be potential cross-over business synergy too.
#9. Why not start more business?
Entrepreneurs usually enjoy the process of starting and growing the business, and some say it's an addiction. If you have enjoyed success before why not start more business? It can be something that complements your existing business or different altogether (refer point #8 above).
The only challenge in this case is time management, which can be solved by point #7 above or hiring corporate manager to run the show for you. It is always exciting to try different type of business, be it by yourself or with partners. Just bear in mind that some business you might want to run it for long, and some can be built to sell.
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