You need guts and you need courage to showcase an idea, YOUR idea to the world. However, once you are past the fear – your conviction will determine how successfully you are able to enact that idea and project results. Entrepreneurial Success at the end is all about handling your nerves, Working hard and never giving up!
While working closely with the top CEOs and Entrepreneurs in the country as a strategic department head there’s a thing or two I have picked up on how to be a successful entrepreneur. Now as an entrepreneur myself – I look back and think a lot of times how he/she would have dealt with the situation I am confronted with. I also then think why it would, or would not work for me. And then I do it with a strong conviction that I am going to be successful. That’s just how a mind of an entrepreneur must and should work.
The Simple Mantra for an entrepreneurial Va-Va-Voom?
Think Big. Do your research. Plan. Believe. Execute. Thats my consistent advice for everyone seeking Entrepreneurial Success.
I call it my TRPBE formula. A lot of these don’t come as surprises actually when I write them down now, however initially I had no idea I had to deal with it. Here are some quick questions to help you see if you’re on the right track of success.
The best thing you can do you for yourself and your idea is to think big and beautiful. As Amar Bhide in his article for HBR correctly said “A new company’s strategy must embody the founder’s vision of where the company is going, not where it is”.
- What is the eventual big picture you want to achieve?
- Why do you want to do it?
- Write the factors influencing this idea, internal & external both
Do your Research.
Amar Bhide mentions in his article, “To set meaningful goals, entrepreneurs must reconcile what they want with what they are willing to risk.” Not enough research is a sure shot way to failing yourself. You have to have self-confidence but never try to reinvent the wheel. There are so many people who are willing to now share their experiences and help others with their goals. So take help, read, write and educate yourself.
- Who else has the same big picture – if no then: Who has the closest business model (international and domestic)
- What market research is available for you to read
- Map and see if the list of internal and external factors you had shortlisted are accurate or not. If not then update this list
- How are people deal with these internal and external influencers
Plan after you have read, researched and understood the on ground realities of sky-diving into your Startup Idea. As John C. Maxwell said, “A leader is one who knows the way, goes the way and shows the way.”
- What are your long term goals?
- What are your immediate goals?
- How are you paying for this?
- When are you breaking even?
- What are the immediate requirements for your business and how will you fulfill them?
- Who are your main stakeholders and influencers? What roles are they playing in your plans/goals?
Everything in this success formula will fail if you just don’t believe in yourself. The internet is filled with blogs, e-books, articles – each and everyone of them emphasizing the importance of self-belief. Why? Because no one can help you if you wont help yourself!
As Stephen Key rightly put his happiness and his success as an entrepreneur by stating a wonderfully simple fact, “The truth is I believed in myself, when no one else did” in his article “Why Entrepreneurs must Believe in themselves”.
- Do you believe in this plan?
- Do you love this idea?
- Where does this idea’s fulfillment fall in your list of priorities?
- Do you love yourself?
- Will you be able to self-promote?
Guy Kawasaki, founder of AllTop believes that “Ideas are easy. Implementation is hard.” And that probably is what everyone else who has ever been successful at turning their dream into reality says. “The way to get started is to quit talking and begin doing.” – Walt Disney, co-founder of the Walt Disney Company.
- Have I crosschecked everything I planned with the research I gathered?
- Everyone who has a role in the plan, is he/she ready and aware?
- What are the budgetary requirements and parameters?
- Do I have a fall back plan?
- Do I have a good feedback mechanism?
As Henry Ford, founder of Ford Motor Company, once said “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.”
Need help with launching your entrepreneurial business or do you need help with running it? Entrepreneurial Success is not easy but not impossible either. Get in touch with our consultancy team!