Taking the plunge and becoming an entrepreneur is akin to making a giant leap into the abyss. You might be the most orderly, anal-retentive organizer or logistician and may have a clear picture in your head about how you are going to achieve independence and satisfaction. Do you know how to make God laugh? Tell him you have a plan and in this case tell him that you are going to be a successful entrepreneur! The unfortunate truth, as those who have been down the road before you will testify if you ask them seriously, is that you are in for some adventure. Your plan is nothing more than a constant work in progress and you will certainly end up putting more time, effort, emotional and physical work into your own business than you would working for anyone else.
Whatever idea you have for a business, think really long and hard. Are you just pandering to your own needs and likes, trying to create a business around your hobby because you are interested in it, or are you truly creating a solution to a problem for potential clients? Unless you’re able to solve the problem and have some kind of unique approach as well, the sad truth is you are probably going to get swallowed up among the competition. You really, really need a USP.
In today’s environment you need to be very creative and understand that you will likely have to give more than you get, especially in the early days. People are always wary about doing business with someone or some business that they do not know and are looking for social proof. When you get customers, treat them like pure gold and make sure that you get positive testimonials and feedback. Be prepared to go way beyond the line when providing value.
Unless you have the luxury of a lot of time and a pot of money behind you, the sad truth of being an entrepreneur is that you’re going to have to be head cook and bottle washer, becoming adept at everything. During the early days you will not have the luxury of being able to outsource and must be very careful when it comes to time management. There are certainly not enough hours in an entrepreneur’s day, so be prepared to work at a minimum 60 hours a week. Don’t be surprised if your business demands your attention seven days a week. You will quickly find that time is worth more than money, which can be very frustrating when you’re devoting much more of that time to operations rather than development.
Your business model must be realistic and once you get going you should be able to document its potential according to the amount of time that you are spending, the value per hour of work that you are currently achieving and the potential based on a very realistic and reasonable projection. You need to be brutally honest with yourself and don’t underestimate the issues and problems that take up valuable time and eat into your productivity ratios.
Keep your feet firmly anchored on the ground, because you will go through tremendous ups and downs as your business unfolds. You know what they say – if it were easy, everyone would be doing it!
What challenges did you face becoming an Entrepreneur?
Adam Toren
