Taking the plunge and becoming an entrepreneur is akin to making a giant leap into the abyss. You might be the most orderly, anal-retentive organizer or logistician and may have a clear picture in your head about how you are going to achieve independence and satisfaction. Do you know how to make God laugh? All you need to do is say that you have “a plan,” which converts to your quest to be an entrepreneur! You undoubtedly have a lot of adventure ahead of you as many of your predecessors will testify. Just remember that there is no such thing as a final plan and you will have to keep amending it, even as you find some emotional and psychological strength and have to put up with developing a business during all your waking hours.
Whatever idea you have for a business, think really long and hard. If you think that you can just expand your hobby and make some money from it, without really thinking if you are creating a solution to a real problem, you might be in trouble. Unless you’re able to solve the problem and have some kind of unique approach as well, the sad truth is you are probably going to get swallowed up among the competition. What is your unique selling proposition?
In today’s environment you need to be very creative and understand that you will likely have to give more than you get, especially in the early days. People are always wary about doing business with someone or some business that they do not know and are looking for social proof. When you get customers, treat them like pure gold and make sure that you get positive testimonials and feedback. Always over deliver when it comes to giving value.
When you start out you are going to have to take on every conceivable role within your business, unless you have a considerable amount of money to back you up. Outsourcing will only be a dreamland, and you will find that your time is really stretched thinly. A 60 hour work week will be nothing for you and you will be looking to find additional hours in every day. Are you ready to work seven days a week? Due to time constraints, you will soon find that each hour is worth more than money and you have to be careful that you do not spend too much time on operational issues, while devoting too little to onward development.
So long as you have come up with a realistic business model, stay on course and you will be able to document the allocated time, the return that you are currently getting and a common-sense projection for the future. You need to be brutally honest with yourself and don’t underestimate the issues and problems that take up valuable time and eat into your productivity ratios.
Keep your feet firmly anchored on the ground, because you will go through tremendous ups and downs as your business unfolds. Don’t lose faith however, as everyone would be doing it, if it were easy!
Adam Toren, Co-Founder of Young Entrepreneur, specializes in maximizing the profitability of failing businesses with his own unique ‘bottom line’ method. Adam, along with his brother, have established, bought and then sold on an assortment of companies in recent years. At present, they own and operate a very successful publishing company and variety of online businesses.
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