Monday, 16 May 2016
Journey from Wannapreneur à Solopreneurs à Entrepreneurs
As an entrepreneur, you will face different challenges and different needs at different phases of the business. Every entrepreneur goes through the journey of all these stages. Before moving forward let’s understand them.
A wannapreneur is an entrepreneur – an entrepreneur-in-waiting or in-training. They have not yet taken the plunge, though they may be dancing all around it. This person wants to start something but doesn’t know what.
Maybe you already know what you’re passionate about but you must take the next step and just
do it! Maybe you already are doing it but you are stuck and you don’t know how to turn your passion into a business. Maybe you do know how to turn your passion into a business but you need coaching to help you grow!
An entrepreneur who works alone, "solo," running their business single-handedly. They have full responsibility for the running of their business.
He is working in isolation without the support of others to start their own businesses but never do because of fear, lack of knowledge or giving up the security of a 9 to 5. Then there are many people that I do talk to that have a great idea and they go out there and dare to be different, however they are not able to get over that hump from taking their new business from a side hustle to a profitable and sustainable business model.
Entrepreneurship - is the process of designing, launching, and running a new business, i.e. a start-up company offering a product, process or service. It has been defined as the "...capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit."
the traditional risk taker that sees the path they are forging as less risky than working for somebody else doing something that isn’t interesting, isn’t rewarding, or may conflict with their values. They often see what’s next and can’t imagine not pursuing it.
Build Up Journey
Entrepreneurship journey is a tough one and for a successful entrepreneur they go through all these stages once or multiple times in the journey. Especially when we are starting out these are the gradual processes. The initial stage is Wannapreneur or Wantapreneur, these are the people who has ideas but they keep making up their mind to execute them. If don’t make up their mind and can’t execute on their plan they remain wannapreneurs.
Once they take up the risk and start their own business, initially till the time they do not have any team they remain solopreneurs. At this stage people are jack of all. They do from marketing to presentation to packaging everything on their own. They are not able to take it forward till the time they start generating the systematic revenue or reach at a break even. Where they can afford for a team. It’s an interesting journey for the Solopreneurs. As they learn a lot. But once they start feeling to go beyond and expand, they need a team. This is the time they have to leave the solopreneurs stage and move to Entrepreneurship stage. It is not an easy stage as solopreneurs are too much attached to their idea. They do not want to share that space with others.
Entrepreneurship is a stage where you have a well-defined team and plan to execute for your business. You try to expand and make the business sustainable with generating more and more revenue. You start building your team which is an important and crucial task. If you can build a great team, there are much chance to succeed. Building a team is not easy as we need to analyse what we are looking for. We need to look at our own strength and then find out what is missing. On a broader level at minimum we need 3 members in the team. First is visionary – Who understand and has a vision for your business.
Marketing guy – This one will go out and market the product to generate the revenue.
Technology guy – This will build the technology or IT infrastructure for the company. So that we have less manual work and people can focus on actual tasks rather doing repetitive work.
The journey from one stage to another is not easy and at every stage it’s a tough decision to move forward. There are challenges and risk at every stage. So you need to be tough mentally and physically. You need to keep moving forward by putting your best and enjoy the journey.
Tuesday, 1 December 2015
Follow your passion is outdated, Do whatever interests you.
Multiple Interest Good or Bad?
Since childhood we have been asked, what you want to be when you grow up? We were always forced to pursue one profession / interest. But what if I get bored with a particular profession or subject after some time and get interested in other. Is something wrong with me? Of course, now I realize that isn’t the case. A lot of people struggle with their vast interests and passions wondering which ones to follow through and which ones to let go. I want to tell you that you are not alone. This happens to lot of people and it’s perfectly natural.
I know I may incite a lot of disagreement for saying this: but I believe that it’s completely okay to have multiple passions and to pursue all of them.
The notion that you have to commit to a single trade for life makes sense if you want to live like a robot doing the same thing again and again. But then you’re just filling the role of a machine.
Can you be an expert at multiple things? Or, do you need to do the same thing every day in order to master it?
These questions have been on my mind for a long time, and this idea is constantly discussed. My parents taught me that I needed to choose one profession and do that throughout my life. This was the mind-set that they had grown up with, and they wanted me to be financially stable. They thought that consistency was the key to financial stability.
But as I grew up, I found myself interested in multiple fields. I started cycling and was passionate about that. Then I started a retail store and thought that this is I want to do throughout my life. After some time I got fascinated about roof top farming and started growing vegetables at my roof. Now I am passionate about Lawn Tennis. I am taking all this knowledge which I learned from different interests and using it as I move forward. I am not putting pressure on myself and enjoying whatever I like and got fascinated too.
Many interests = faster growth = becoming smarter
The benefit of having lots of different interests is that you train your brain to learn many new patterns. The patterns you learn in one field can then be applied to totally different fields to solve problems creatively.
Often the people who do the most innovative work are the outsiders who arrive with fresh patterns that the existing experts haven’t been exposed to. This is great because these outsiders can stimulate lots of growth.
You’ll be surprised at how many opportunities there are to use insights you learn in one field to solve problems in a seemingly unrelated field. The long-term benefit of cultivating many different interests is that you build a powerful toolkit of problem-solving patterns. This gives you more flexibility when facing certain challenges. Like Lawn tennis taught me to be positive in life. As you cannot win the game each day, so you need to introspect and come next day with better strategy and belief that you can win. This helped me in real life also to be more positive and even if the things are not going right, keep trying.
Multiple interests are like a stored potential. Like a dormant seed -- it's waiting to bloom!
Vicious Job cycle :
The entire educational system is based on the premise that you must pick a field and specialize. Expertise, they tell you, is the key to success. If you want to stand out in this vicious job market, you had better be the very best in your specialty.
I would agree with this at some extent, what’s often overlooked — is the value of being “good” in many fields. Yet when it comes to do things out of box or to venture out in unknown fields, being slightly competent at many things will often get you further than specializing.
Follow your heart and trust that the dots will connect
You never know where those odd skills you picked up from a passing interest might come in handy. After all, Apple wouldn’t have the beautiful typography it’s become known for, had Steve Jobs not stuck into one completely random and “impractical” calligraphy class when he was eighteen.
So next time when you got interested in something, do not stop yourself and explore that.
Many interests = faster growth = becoming smarter
Thursday, 3 September 2015
Entrepreneurship – What after Idea
Once you found an idea. Many people get stuck what to do next. While idea is a very important step for a start-up but once the idea is muted it’s important to move forward.
Many times we are afraid to take it forward and there are 3 kinds of fears which stop us to take action:
- Fear of starting : The fear of starting can hinder any startup founder from turning a vision into a reality. Entrepreneurs might feel confused and unsure about the first step to take to begin their journey. This uncertainty can lead to a lack of action and thus limited growth.
- Fear of failing: Another large fear often faced by entrepreneurs is the fear of failure.At every point in an entrepreneur’s life, he or she faces the potential for failure. A major shift in results comes when the entrepreneur no longer runs from the fear of failure but embraces it. When the individual realizes that failure in one form or another is an inevitable part of the learning process, he or she will adopt a new perspective.
Instead of running from failure, the entrepreneur will now embrace failure and apply the lessons learned so as to advance.
- Fear of evolving : Often entrepreneurs grow their company to a certain point and feel comfortable with the position attained. When faced with the idea of expansion, they may shy away, fearful of what might occur if they invest more into their company's growth.
A state of evolution and expansion is one that a entrepreneur lives in at every moment. When faced with the fear of expansion, an individual should take actions to conquer that fear.
Once we conquer the fear we need to learn and understand how to move forward. Entrepreneurship is not always a forward moving game. A soccer game is a great example of learning. Fans of the sport know the most successful teams are not those whose players run forward with the ball every time.
Instead, successful players advance the ball, but upon encountering an obstacle, retreat, seek a lateral position and continue the attack. Success is dependent upon movement and keeping possession of the ball. Sometimes you need to take a step back or sideways to keep moving forward.
Always remember "Action is better than inaction."
The following four tips can help entrepreneurs keep taking action and moving toward success
1. Set goals
Entrepreneurs who know what they want and have set a course are more likely to accomplish their objectives. Goals act as the homing device for an entrepreneurs' actions.
- Pay for experience and seek mentor
This is truly important. As an entrepreneur we want to think about overnight success but the reality is there are no overnight successes. In order for us to be successful we have to make an investment in ourselves. I cannot emphasize enough that paying for experience, whether it’s training, gaining required skills, or a coach is truly essential.
The best way to achieve success is to work with someone who has already been down the same road. Plenty can go wrong in business but the right mentor can help an entrepreneur navigate the pitfalls and keep moving forward, improving the odds for success.
3. Let yourself fail
The important part of this journey is the fact that we all must remember that failing is allowed. Not only is it allowed. It’s needed to grow what we are trying to accomplish. "Fail often. Fail fast. Fail forward." When we fail while trying to take action on what we want to do, we are incrementally moving ourselves forward. Can you imagine if Edison didn’t try those other 9,999 light-bulbs, where would we be today? Entrepreneurs seldom get it right the first time. But having the ability to keep moving by making adjustments improves the odds of success. We really must make sure that we don’t look at failure as a negative. Failure is a course of action that leads us to continued success.
Indeed there is truth to the saying "Nothing ventured, nothing gained."
4. Don't settle
Some entrepreneurs may strike gold the first time out. Others require more time, energy and perhaps the alignment of some planets.Don't become discouraged. Keep moving. Evaluate your business plan and make necessary adjustments based on feedback and results.
Successful entrepreneurs know that success is not always a linear upward progression and understand that obstacles arise. Those who are ultimately successful do not become paralyzed by challenges but instead find a way around them. They don't sit still and keep moving. That’s the only mantra to succeed.
Tuesday, 28 October 2014
“Nobody can give you wiser advice than yourself.” ~Cicero
The word decide comes from the Latin decidere, which means “to cut off from.” To make a decision, you must cut away other potential directions. If you remain open to lots of different directions at the same time, you get confusion and fuzziness. When you commit yourself to one specific direction, clarity is the natural result.
Why we need clarity of thought
I’m sure you’ve read that clarity and focus are important qualities for success. Decide what you want, and then pursue it with passion and energy.Clarity of thought guides you to make right decision quickly, give perspective to think in right direction. Great leaders are people who naturally have mental clarity, and mental clarity comes from not having a lot on your mind.
As a human being to have clarity is to have power. With clarity, we can narrow our choices down very easily with all of its pros and cons. However, there are those who lack clarity and for them, double-mindedness plaques them with doubt, indecisiveness and feeling stuck.
If you want more clarity, then it’s time to treat the generation of clarity as a serious undertaking that’s entirely 100% your responsibility. It’s not going to happen unless you make it happen.
· Too many options and/or choices.
· Not enough knowledge.
· Other people’s opinions.
· Lack of goals and a vision.
· Not knowing why you want it.
But what if you’re feeling uncertain and don’t have a lot of clarity about your future direction? What if you can’t decide what you’d like to do next?
1. Attain a good quality and quantity of sleep: A sound 7 hr sleep will make you fresh in the morning. Sleep is essential for clarity, providing rest and restoration for mind and body. Sleep is no doubt a critical ingredient in a healthy lifestyle. If I sleep poorly, I feel like an irritable, unproductive, unmotivated, unhappy, and sick.
2. Get regular exercise: Try light aerobic exercise, such as brisk walking, swimming or casual cycling to increase the circulation of oxygen and glucose. Any sports in the morning are good as it will take out all of your tension and frustration and clear ur mind.
- Narrow your choices
If you don’t have any choices to begin with – it is not that you’re stuck but you’re not trying hard enough to find options. Grab a pen and paper, write down all your thoughts and available options, once you have enough options to choose from, narrow them down based on pros and cons. Choose what is best for you and go through the process of elimination. Find what you like and that makes you happy and alive.
“To make a decision is to remove all other alternative choices.” – William Shaker
4. Surround yourself with Successful People and listen to them“People who lack the clarity, courage, or determination to follow their own dreams will often find ways to discourage yours. Live your truth and don't EVER stop!”
I will respectfully listen to anyone else’s opinion and will even be engaged in a friendly discussion regarding an opinion that someone else has made regarding my life or business but thats where it stops. You must ask yourself — “is this person ten times more successful than I am?” If so, then his or her opinion is valuable. Make it a rule to only listen to people who’re a lot more successful than you’re.
5. "Everything is figureoutable." - Marie Forleo
Every problem has a solution. Books are coaches, nature provide remedies, Google is our assistant and YouTube is an on-demand visual demonstration. There are also 7 billion wise people on the planet, who we can connect with by going out, picking up the phone or reaching out to on social media. When people or the internet can't help, prayer and meditation give direction and inspire actions.
6. Stick with one primary goal at a time.
If you have a lot of goals, it’s easy to fall into the trap of jumping around between different goals and making little progress on any of them. If you want to actually achieve a goal, focus on one key goal single-mindedly until it’s achieved. Then move on to another goal. This is what top achievers do. Having too many competing goals will simply scatter your energies.
7. Explore and experiment.
Sometimes it’s tough to set a clear goal because you don’t know what you’re getting into. In that case you can experiment in order to gain clarity about the goal space you’re exploring.
Doing what you’re already doing won’t give you more clarity. Thinking about what to do next and writing down some goals can certainly help, but that isn’t always enough. You’ll enjoy more clarity when you’re in motion than when you’re standing still. A pilot has better visibility from the air than from the ground.
If you do not go after what you want you will never have it.
If you do not ask the answer will always be no.
If you do not step forward you will always be in the same place.
Same goes for clarity, you need to go for it, it will not come to you. Don’t wait for clarity to come to you. You’re responsible for creating your own clarity from within. If you lack clarity, then get busy creating it. If you can achieve clarity by doing written exercises from the comfort of your home, great. If not, then leave your comfort zone behind, go outside, and explore what’s out there!
LET ME ASK YOU
What was your biggest takeaway today? Which tip are you most excited to use? Please, leave a comment and let me know! And if you know anyone who could benefit from this, please share it. You'll be helping them out and me too.
Friday, 18 July 2014
Best way of Learning: Experience vs Education
I always keep arguing with myself, the schooling which I have done is that worth of spending time rather than learning from experience? We all have done school education and we all know how much we use that education in our day to day life. I was reading an article and it best describe that, If you want your child to know that he/she must avoid fire or must keep himself/herself away from fire then best way is let him/her experience once how it feels if it get burn. Next time I am more than 100% sure you don’t need to tell them anything.
We all understand that more experience we have better off we will be. With experience we learn with our whole person. Book learning is mainly head-learning, Experimental learning is intellectual.
How it helps against education
Experience is the best and only real way to gain self-confidence and self-esteem which are essential in life and relationships. Example, I can read a book on bicycle repairing, but until I actually repair one, do I know how? Best way is to get in and experience the things for yourself. My lessons may not be any different than what I would have gotten in school... but they are certainly more personal and meaningful, because I've had to work them out on my own. I will certainly follow these lessons much more seriously because I've been through them personally. That's a lot more powerful than reading about someone else's experiences.
Lesson is that you can't know what will happen if you did not experience it, and it can help you learn your lesson.
“Experience is the best teacher” means that people learn most effectively by doing things, rather than reading about something or hearing a teacher lecture.
Examples: ”A medical student can read many books, but to be a good doctor, experience is the best teacher.”
“People like Steve Jobs and Michael Dell never finished college, but they are proof that experience is the best teacher when it comes to running a company.” Education is also important but education is only important when it is given in right context. Like if we need to know how to prepare food and then we read and apply that knowledge it will be most learning experience. Learning from reading and schooling are indeed ways to learn, but doing what you learned is the key to success.
Why it’s so difficult to adopt the strategy to try more experience:
I think what holds a lot of people back to gain new experiences is the fear of change. The smallest changes can make a difference. For example, try taking a different route home today. You never know what you may find and learn along the way. Besides, I'm afraid that it might be interesting and funny when we're attempting to do things that may have nothing to do with our core "interests". Later when we relive those newly gained experiences, it's quite possible that they shed interesting light on our core "interests" and career. Inspiration might then just come to our mind.
Experience is always not positive:
Experience can be both good and bad. Don't think it's the best teacher, but a good teacher yes. Due to the number of health problems caused by alcoholism and cigarettes and proven as such in many (or all) of the cases, younger people still take them. So, experience tells us to avoid such things, but the young still take them, as an experience? In such a case, can experience be the best teacher? Leave it to your imagination.
Experience is the Best way to remember a mistake. You remember your losses, not your wins. But....a loss can also be to devastating to overcome, and sometimes not an experience that you need in your life. Life is a mix, the Idea is to be smarter, not go from mistake to mistake, and claim well I am learning. Sometimes you need to ask and hold with caution also.
Friday, 9 May 2014
The people who want to become an Entrepreneur or want to move out to do something of their own, a question keeps haunting them: Should I leave my job or what is the best time to leave job and move to full time for fulfilling my dreams. I myself keep looking for the answers and so I studied to analyse the aspect. What I found is very encouraging and informative which I want to share with all of you.
So, for all the readers there is no standard answer or set rules. It all depends on what you want and when you are ready and confident enough to take that plunge.
Starting a new business is an exciting venture, full of challenge, opportunity, and excitement. There are plenty of benefits to working for yourself. The flexibility, the autonomy, the ability to build something: All are great lures for those who like the challenge of an entrepreneurial business.
However, the same factors that attract people to self-employment can also become a burden. Autonomy can mean having no one to bounce ideas off. Flexibility means you can take time off during the week, but you may also find yourself working through the weekend. And when you need to spend as much time marketing your business as you do working with existing clients, you might wonder if the grass is greener on the other side of the cubicle.
- When it’s time - You Decide it’s Time
In some ways, starting a business is kind of like having a kid or getting married —it never feels like the right time to do it. There will always be more things you want to figure out before making it happen, more things you want to fall into place.
But guess what? The idea of everything falling into place is a myth (or at least a rare occurrence). You have to create the conditions that make you feel comfortable with taking that next step.
So, think about what it is that needs to be in place for you to be able to bust that move.
It's always an incredibly tough decision to dive into something unknown, especially when it’s headfirst! Not many of us, despite dreaming about the thrill of forging our own paths, are thrilled about the possibility of a volatile cash flow or paying for our own health insurance. But if you know in your gut that you want to get your business off the ground, than it’s time to push through the challenges ahead and make it happen.
- Full time vs Part Time
The key is to know when to make that leap. Many professionals wait for years, looking for that one clear sign that it’s time. Chances are, the decision will be made after a long, careful deliberation.
Ø Decide whether it’s right for you or not :: So you’re thinking about making the leap from your boring old day job to the exciting world of entrepreneurship? That’s great, but before you start buying into the idea that all entrepreneurs do is build companies, cash out and spend their remaining days sipping umbrella drinks on the beach, let’s get a few things straight…
First of all, it should go without saying that entrepreneurship is hard work. Really, the number of startup concepts that fail should clue you in to the fact that business ownership isn’t all IPOs and stock options. However, what most aspiring entrepreneurs miss when they envision making the leap is just how difficult it can be to leave the “9-to-5” mindset behind.
Ø Build your finances :: Before you venture in the field of entrepreneurship, make sure you have enough cash to sustain the business. You need to run the business till the time it is sustainable and it can take time. So make sure you have cash to start and sustain the business.
Ø Entrepreneurs don’t work standard hours :: As an entrepreneur, you don’t work from 9:00am to 5:00pm – you work even more.
Entrepreneurs consistently work longer hours than traditional employees. And while the passion you have for your business and flexibility of your new work style certainly make entrepreneurship an appealing choice, don’t think that quitting your job is suddenly going to free up hours of spare time to be devoted to leisure pursuits.
Ø Entrepreneurs are alone:: In a corporate job you have different department to help you. But as an Entrepreneurs you are alone, you have to make all decisions and you are the one who is responsible for them. You have to know everything related to business and execute them.
As an entrepreneur, you’re tech support, you’re accounting and you’re marketing – on top of the regular responsibilities associated with building and promoting your product. Yes, you can outsource some of these tasks, but as most small business owners know, the cost of doing so can be prohibitively high.
Ø Entrepreneurs have to be success-oriented :: As an entrepreneur, there’s no sick time and there are no low productivity days spent goofing off while on the clock. You’re scheduled to work each and every single day. At the end of the day, entrepreneurs must be success-oriented – that is, they must be willing to make the choices and compromises needed to be successful. As an entrepreneur, though, your entire focus must be on achieving profitability as quickly as possible, and that often means making tough choices that prioritize your business over other aspects of your life.
Ø Entrepreneurs must be ready to face failure :: Actual failure and the risk of failure both take their tolls on entrepreneurs. Not only do most entrepreneurs take on significant financial risk to pursue their business ideas, failures affect once-hopeful business people on a personal level. Watching a seemingly-lucrative idea circle the drain and die – and then picking up and moving on to the next idea – takes a certain kind of strength that most people just don’t have.
Ø Entrepreneurs need exceptional stress management skills :: What should be apparent by now is that entrepreneurs face substantially more stress than nearly any 9-to-5 worker. But even if you do work in one of the traditional professions deemed most stressful, you still have the reassurance that you’ll receive a steady paycheck for your troubles. Most entrepreneurs won’t see this type of reward until at least a few years in.
Really, everything about entrepreneurship is inherently stressful. Therefore, if you’re thinking of making the leap into the field, you’ve got to have a system in place for managing excess stress. While you’ve got to work hard and deal with risk, you also can’t let this stress translate into illness or burnout.
Ø Entrepreneurs are responsible for their own benefits :: In a corporate world you get health insurance, Life insurance and other benefits. As an Entrepreneur you are responsible for all these benefits on your own. So this expenditure also needs to be accounted and planned.
- In the end it’s your gutt feeling that u r ready.
If you are thinking of taking the leap from a cube to a startup, don't wait. The truth is that when you work for yourself, the drive to succeed is exponentially higher than when you are working for someone else. Being an entrepreneur pushes you beyond your own expectations.
So go on—take the leap (albeit in a smart, calculated way). Remove all the extras in life, determine the minimum amount required to live, secure that runway and then work as hard as you can to become sustainable quickly. When you are finally out on your own, you can and will find a way to make things work.
Success is a choice, and your staunch commitment to your vision is the number one thing that will ensure you get there. Sometimes it takes longer and includes more bumps in the road than expected—but it is possible, as long as you're committed and constantly learning and adjusting.
Wednesday, 26 February 2014
Many of us aren't too keen on the idea of exercise. It might be that we’re too busy or we simply can’t face the thought of it. But most people are not getting the amount of activity they need to stay healthy. Only 1 in 20 people are actually doing the right kind of activity they need each week. And sitting down for hours – maybe at work, watching TV or playing computer games - can also increase the risk of poor health. Sports and Fitness can be a great way of reducing your stress levels and lifting your mood if you’re feeling down.
Regular physical activity helps keep you healthy and happy! Below are the few tips which will help you to keep going.
1. Don’t make it a choice.
Don’t make that a choice rather make that a routine. You have to think of it as something you do, much like eating breakfast or brushing your teeth. How does one mentally make that decision to do that? You don’t. If you get home from your 8 hours of work, sit down on your couch and ask yourself whether you should or should not go to train, I bet you probably won’t get off your butt for a significant portion of time. You can’t think about it. You just go.. It just becomes another regular thing you do in the day.
2. Train with people who are better than you.
This is a really good motivator because it gets your competitive instinct going. It forces you to step your game up so that you don’t lose face. People who are always complaining of their injury or make excuses are also demotivates.
3. Change your surroundings.
This advice applies especially for runners or cycling. If you jog or ride the same trail or path over and over and over, of course you are going to get bored out of your mind that you could probably do it on autopilot. Changing your surrounds usually implies a change of people around you as well. Different people may be able to offer different advice and perspective on your training.
4. Train under pressure.
If you train without a clear and specific goal in mind, it’s really easy to lose your enthusiasm after a long period of time. By signing up for a race or a competition, you force yourself to commit to a certain level of performance, but this time, you put yourself out there. Putting your reputation on the line is one heck of a motivator.
5. Work-Out with A Partner:
There is nothing like having some peer pressure to help keep you going. Find someone who is fun to be with and has their own fitness goals. Together you can enjoy some quality time and help motivate each other. Someone whom is fitter than you will generally be more motivational as you will try and keep up with them.
6. Don't Push Too Hard & Stay Hydrated:
Unless you are training for some athletic activity that requires otherwise, don't work yourself harder than necessary. If it hurts or is even uncomfortable then stop and do something different. Proper exercise does not require pain. Keep a water bottle handy, and take regular intakes of fluid, a dehydrated body, cannot function properly.
You need to be regular and keep completing the task every day. Sometimes your body does not feel fresh, so just take it easy and complete the task. It’s important to keep going rather than skip it. That way you will not lose the momentum.