6 Key Factors for Budding Entrepreneurs

An entrepreneur should be quick-witted to know the right skills of selling his idea/product

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A true entrepreneur is a doer and not a dreamer,” and it’s a bumpy ride to reach the desired goal. It has its fair share of loneliness, risk taking, difficult decision making, failures and lots more. One aspect that surely becomes your guiding light throughout the journey is your self-confidence. Looking back at my 8-year journey, I can see the building of my self-confidence along a hard learning path and it still continues to grow with each passing day.

Anyone can pursue entrepreneurship, however, not everyone can be a successful at it and that’s the bitter truth. I would encourage young people to opt for entrepreneurship only if you have some of the traits mentioned below:

1. Rational Decision Making: Remember that you will run your own race, you will be the referee, and you will be your own competitor. During your race, you will have to take decisions about what works and what doesn’t. Many a times, you will have to be rational, have the prudence and decide whether what works now may or may not work for future; many a times you will just have to follow your gut.

2. Risk Taker: No entrepreneur should fear outcomes. One must have the courage to take risks, get beaten down 10 times and still have the ability to stand up again one more time. Always remember, everything you want is on the other side of fear.

3. Firm Control over Mind: Our mind is accustomed to certain things, situations and emotions and any new change in the routine causes a hindrance. An entrepreneur should be able to adjust well to dynamic situations and not let situations take a toll on the mind. One should be able to handle a given situation in the best possible way while also being farsighted at the same time; never lose sight of the big picture.

4. Great Speaker & Efficient Salesman: It is necessary for a business man to be a good speaker so that you can convey your ideas to people motivate them and be an inspiration for many. An entrepreneur should be quick-witted to know the right skills of selling his idea/product. No matter how brilliant the idea is, if he cannot put it across well, it becomes a waste.

5. Love What You Do: An entrepreneur should have genuine love and commitment for his/her work, ideas, thoughts and most importantly towards the people who have believed in him/her and are a part of the ambitious dream now. Understanding them, building strong relations with them and encouraging them to perform better are the keys to successful entrepreneurship.

6. Organizational Entities: In a business, an entrepreneur has to take care of three entities namely employees, customers and finances. The order of preference may vary from person to person and if I speak of my personal choice, my primary focus are my employees. If they are happy, they will in turn keep my customers happy and if my customers are happy then they will use my products/services eventually helping me achieve my financial goals. So, for me the correct order is employees, customers and finance!

These factors are mandatory steps, which will help an entrepreneur to mark his/her place in the world. Each one is walking their own path, and therefore the challenges faced by each of them can vary drastically.

Always keep one thing in mind, if you want to make a mark in life, you can’t sit and wait for it happen. You have to be the one who makes it happen!