REALITIES THE ENTREPRENEUR MUST KNOW NOW

Everyone has the potential of becoming an entrepreneur. However, a lot are thrown away by the challenges that go with becoming one. The need therefore, to be urged on and be motivated to take bold steps that will make you achieve your dream of becoming an entrepreneur is inevitable. The motivation pushes you to go beyond your comfort zone so that you can take the risk. It also empowers you to believe in yourself and your ideas. Yes you can make it, you will succeed, if you believe you will excel. In fact a lot of entrepreneurs are motivated by motivational speakers and they take steps in owning their own businesses, branding and rebranding themselves, or even developing ideas. That is one of the reasons why many businesses are registered on daily bases. However, registering and starting the business might not be as challenging as staying in it. The simple fact is that no motivational speaker will walk with you as the challenges come. You will have to face them on your own and the earlier you become aware of, and face the realities, the better.

Understanding these realities listed below will empower you to stay on when the challenges start coming and when the realities start showing up.

1. You will need to be dedicated and committed to your dream. You cannot succeed in any venture you have not dedicated your life to and not committed to its principles. Entrepreneurship is life and not an event and so must be lived. if you start any process as an entrepreneur dedicate your time, money and other resources to it until it starts fruiting. Because it is a continuous process you can’t afford to ‘touch it and run’. You need to therefore have the end in mind and that will keep you going till you achieve your dream.

2. Expect the ripple effect: know that your initial idea is only a seed. One business idea will lead to several other ideas. There is therefore no need to stick to just one traditional idea and make a god out of it. When the ideas start generating consider some of them so that you can better the initial one. When you do that you are responding to current need. For example the idea to sell books may lead to becoming a publisher, setting up a gymnasium may lead to the sale of sports wares. Sometimes, there may even be the need to change your initial idea entirely, based on the situations on the ground.

3. You must learn consistently: Learning is part of our day to day life. The day you stop learning you stop growing. You can learn through reading and through experience. As an entrepreneur you need to read about the venture you want to enter and as well learn from people who are already in the business. The more you learn the more you give yourself the opportunity to get exposed and grow, the opportunity to get to know which business idea will best fit your interest and which one will be profitable. Learning will clear the uncertainties that will arise. It will also boost up the confidence you have in your idea. It will also reduce the risk of repeating mistakes that have already been done by others.

4. Monetizing will take time: Anytime entrepreneurship is mentioned, the first thing that comes to mind is, owning your own business and making a lot of money. For this reason when people start business they get discouraged in the first few months or years, when they are not able to make the money they expect. Of course you need to make money, but the truth is that the money does not start coming immediately you start. It will take time. Relationships and trust need to be built before your clients or customers start throwing their money at your door steps.

5. Look beyond yourself. The moment you think in isolation you have already thrown yourself out of business. Once you start, be on the look-out for prospective partners. You will need friends and partners to support you in finances, to encourage you and to add on to your idea. These should be people who think along the same business idea you have. Those who believe in you and are ready to follow your leadership