The formula for Success for Beginners in Entrepreneurship
After spending 7 years in serial Entrepreneurship I understood that the basic of Enterprise is actually simple and for the beginners, it should start easily in reality too, but that’s not the case; it is made complicated instead.
When we want to run an enterprise even as a beginner we want it to begin with perfection thus involving complexity paying high costs and if suppose we do not have money to create such perceived perfection we conclude not to run an enterprise as it requires a lot of money to begin with and thus never begin as an Entrepreneur. This is the biggest myth!
On the contrary, the secret is to keep the process as simple as possible at the beginning, just as in the case of learning sports. Sports teaches us the simple fact that we start learning with simple steps that develops our confidence to make us sync with that game thus preparing us in gradual progress.
Same fundamental applies in Entrepreneurship, Think that “Entrepreneurship is Sport”, and start with simple steps and don’t live with the perception that entrepreneurship is a complicated process and mastering it is like rocket science.
You’ll need to work on simple steps and try to make them, even more, simpler just as we do in games and gradually you’ll learn step by step by applying basic instincts and common sense as there is no set rules but set Logic! that syncs you in entrepreneurial activity.
Formula 1: “Don’t complicate things, rather make it as simple as possible”
Once you have a clear understanding of this simple fact you get triggered for the kick-start beginning that will take off for Second Mantra for enterprise success;
Any enterprise runs with selling products or services and the best thing to identify one for your enterprise is to observe needs and problems in day 2-day life.
This will give you the opportunity to come across several problems that will strike you with lots of ideas, but you need to focus on the idea that suits best to your passion and caliber the most, just as in case of sports that we play what we play as there was magnetism in that sport, which pulled us making it our driving passion. This magnetism is the force that helps us to select us the product for our enterprise!
Formula 2: “Observe Problems in Day 2 Daylife and focus on that one Problem that gives you the Idea for fulfillment”
But Don’t forget that Formula 2 succeeds Formula 1. As you proceed with this idea for solving the identified problem you need to do reality check that it really solves the problem thus leading us to third Mantra form Enterprise Success.
While identifying the problem we have to be very clear and practical that the problem exists in reality and not just in imagination for which we need to do a reality check with a real solution. So the idea you came up with, for solving a problem is to be pitched in the beachhead market, the market where the solution is required instantaneously.
You get the feedback that supports in reality check solving the problem in reality. This mantra gives shape to your idea as a product with an understanding of its problem-solving capacity.
Formula 3: “Problems in reality with the solution in reality: Idea transforming to real product
With idea-ready as a product the real game begins; it’s like the first match you played and of course, it’s not played in the international stadium but probably in ‘Gully’ where for the first time you get the opportunity to present and test your skills.
Similarly, you have to start selling to a small targeted market segment which becomes starting point where you have started deploying, where you get to know that the market is viable or not and is your product getting accepted or not creating a more efficient product for the larger market segment by narrowing resources and magnifying opportunities.
Formula 4: “Start with the small targeted market segment”
Once the product is accepted in the market you need to define the core that will give you more paying customers that becomes our fifth mantra for Enterprise success.
Formula 5: “Define core to acquire paying customers”
For beginners as small Business owner or Startup, these five formula’s gives you the kick start that makes Entrepreneurial Journey achievable. As you gain expertise and revenue from the enterprise you need to work on the Business model, Policy Model and other aspects of entrepreneurship for financial freedom and economic independence.
Lastly, I would like to add, constructing an Enterprise is like constructing a building where you first need to construct plinth, pillars, roof, walls and then finalize plaster, paint, tiling, etc. If you want to be an entrepreneur you need to first work on the formula’s as defined above and rest is the evolving process.
In the next article, we will define Entrepreneurship and types of entrepreneurship and how to choose one and be one.