January 9, 2020

Want To Be An Entrepreneur? Evaluate Yourself Before You Take The Plunge

General Money   || Personal Finance   || Stock Markets  ||  Real Estate ||

You may have known about the fancy feeling which people surround themselves with the subject of Entrepreneurship & most believe it’s a destination of everybody’s choice. So let’s analyse the subject of ‘Being An Entrepreneur’ by getting into mindsets of people who believe they can be Entrepreneur.

 

These are usual mindsets of people that nurture entrepreneurial dreams to take the plunge.

  1. Roadblocks in Corporate Lives, which develops a sense of curiosity about independent culture of entrepreneurship.
  2. Passionate over business ideas that significantly occupies your mind & drives you restless. It can indeed make you feel inadequate, if you don’t pursue your dream.
  3. Business sense that prevails in the family, with background into family business.

 

The glory of entrepreneurship in today’s world has been held very high with the advent of newer communicative medium’s. Even amongst so much information outburst – its still an elusive dream for most people to become a successful entrepreneur.  I am sure each one of us relate to these mindsets of people, as these are the people all of us meet & greet in our day to day lives. Let’s get into each of the mindsets above & analyse how best they can capitalise on their experiences with life to unlock their entrepreneurial dreams into a successful business opportunity.

  1. Constant roadblocks in Corporate Lives, which develops a sense of curiosity about independent culture of entrepreneurship.

     – Life in a corporate world of business always comes with a lot of merits & de-merits, its definitely a test of character for an individual on how best he can exercise his choice to choose. Assuming leadership role in a corporate world under a controlled environment doesn’t expose an individual’s mindset to ascertain if he/she is really business ready. We have all heard about how we need to incubate idea’s & let it evolve. In reality 80% of business ideas conceived by people banking on corporate role experience die in incubators as they are too little exposed to unstructured ways of market. One of the most common pitfalls is the ‘mindsets’ that could have been accustomed to organised thinking & this is what stops them from collaborating with unorganised nature of market.

Tips for building a successful mindset while in corporate jobs before tasting entrepreneurship:

  1. Condition your mind to accept unstructured thoughts, slowly start to build on your patience level to first process & then analyse them. Remember saying either a ‘Yes’ or ’No’ too easily – both can deceive your mind to convenient thinking & by doing this – you are building a comfort zone around you. So exercise a measured sense of ‘Yes’ or ‘No’ & this is how you can be receptive to ‘change’ as a factor around you. And Yes, you must stick to a certain standards of discipline that defines your personality & this will take you that extra mile.
  2. Tickle your mind to practice alternative ways of thinking – i.e always to have a Plan A & Plan B. This will help you dis associate yourself from banking on any one particular idea, if it doesn’t work & move on to evaluate other better ideas that may rather work. Remember – planning is just 20% of the job, 80% is execution – so build an efficient mindset to know where to spend time on.
  3. Socialising is not just one of the skill set but a primary skill set that can drive your businesses success. Work on building a ‘Aura’ around you for your naturally graceful personality rather than being dependent on your ‘professional roles’ to drive respect from people around you.
  4. Be inclusive in your thinking, when you are amongst people. Acknowledgement to ideas is an important factor, which gets you into a habit to build encouraging environment around you.
  5. Criticism/Rejections – Don’t get wary of them, if they may come your way. Build an emotional quotient to learn to accept & move on, rather than being so disturbed that can collapse your natural thought flow.
  6. Objective thinking is special gift, use it when the situation demands it. Nobody has ever succeeded with being objective about everything, it will in turn block you from setting distant visionary business goals. Have a measured thinking, that will help you to be receptive to thoughts about ‘what you do not know’.
  7. Lastly, resign from your corporate/organised job when you are ‘high’ on your thinking & not when your job frustrates you and then you get attracted to – independent nature of entrepreneurship. Remember its easier to re-coup during certainty – that is when your your emotions are controlled & on expected lines, else your uncertainty of thoughts will soon reflect on your business ideas & will be a key determinant for a good start to business.

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                          Passionate Over A Business Idea?

 

–    Article by Suman Adithya Rao (SEBI Certified Research Analyst, Management Graduate in Entrepreneurship & Small Business Management)
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