Entering the world of entrepreneurship
History’s great entrepreneurs didn’t wait to be told what was next, they defined it.
Starting your own business can be one of the most challenging experiences out there, with long hours and financial risk being part of the package, it can also be the most rewarding and satisfying.
You don’t need to have finished your MBA — or any studies for that matter — to get started on executing a good idea. Whether you’d like to capitalise on a necessity, act on a gap in the market or just pursue a project that inspires you, there’s no better time to get started on your idea than right now.
If you want to be part of the next wave of entrepreneurs, consider these elementary factors while you get started:
While your business strategy should never be set in stone and unyielding, you’ll still need a clear plan of what you want out of your idea to make it more than a hobby. It is important to create a map of where you want to go, and what success will look like in the first three, six months and 12 months.
You’ll need to measure your results from the get-go, being willing to fine-tune your plan and change with the market when necessary. Before you go hard on executing your idea, you should have a good idea of your competitors, audience or target market, unique selling point and the milestones that will mark growth and progress.
Expand your network
Starting a business means that you’re likely to take on the jobs of an entire department, at least in the beginning. This doesn’t mean you have to go it alone. Develop connections through LinkedIn, Facebook and other social networks, as well as through clients, friends and family. A good support network can offer expertise, support and be a good place to share your experiences and learn from others.
Consider your capital
As with most enterprises, success comes down to how well and how long you can sustain your efforts. While some entrepreneurs start with a side hustle and work full-time until the business takes off, it is more likely that you’ll need to devote more of your time to the success of your enterprise to see more substantial results. This often means a lean period before you start to make enough money to perpetuate the company, let alone pay yourself a wage. You should have enough capital to pay your rent or mortgage, utilities, any loans, food, clothing for at least six months.