Monday, 16 May 2016

Journey from Wannapreneur  Solopreneurs  Entrepreneurs

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.
Wannapreneur  A wannapreneur is an aspiring 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.
All entrepreneurs were once wannapreneurs, but most wannapreneurs will not become entrepreneurs.

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."
Entrepreneur are 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.

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