Thursday, 3 September 2015

Entrepreneurship Journey - What after Idea !!

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:
  1. 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.
  2. 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.
  1. 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.
  1. 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. 

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