The beginning of the Entrepreneurial journey starts with the mindset. Faced with many challenges and obstacles along the way, entrepreneurs have to be strong, resilient, creative and quick thinking amongst many other traits. Having a right mindset will make the journey a lot easier.
Entrepreneurs should also have proper knowledge on how to start and run businesses, along with the ability to solve problems. Armed with the right tools, entrepreneurs will find it much easier to tackle the issues that will come their way.
Lastly, they must start a business with the right intentions. You must ask, what problem are you solving and what unfulfilled need are you satisfying? It is crucial to understand that every business caters to the needs of people. All are stakeholders of your venture – yourself, your team members, shareholders, suppliers and more importantly your customers. When creating a product or service, you should focus on making these people’s lives better. You will get their support if they feel you can help make things better and when they see higher value of what you are offering compared to others. Once you can achieve this, the money will come in and all the stakeholders will become your brand ambassadors. It is integral to keep this in mind, when starting a business, otherwise why should people buy what you offer, they have many other choices. Here are my thoughts on this week’s lectures:
Tuesday – What is an Entrepreneur?
Understanding yourself is a very important part of the journey. If you don’t start with this, you may find it more difficult to move when faced with obstacles. It helps to know when you need to put the best foot forward and to work on what you are weak in.
A good start is to look at others who have succeeded and understand their entrepreneurial mindset. By being able to identify certain characteristics and traits of entrepreneurs, we can gauge for ourselves which of these characteristics we have, and how to use them properly.
The best way to start is to do a SWOT analysis of yourself. After identifying our strengths and weaknesses, we will be able to capitalize on our strengths and opportunities better, and work harder on improving our weaknesses and threats.
Wednesday – From Idea to Business
A million ideas can fly past through your head. It takes some effort and knowhow to choose an appropriate one and to turn it into a business. Even then you need to organize your thoughts to transform the idea you have into a model which can be used as a basis to form a business.
We need to be able to identify the factors that would turn an idea into a successful business. Lots of questions to be asked (what, when, why, how, where) and lots of different angles to look at.
There is a need to condition your mindset to think differently and to ask all types of questions. The more doubts you get answered, the clearer the picture becomes.
Thursday – A Business is Still a Business
My experience in the dotcom era and in today’s start up market brought many young entrepreneurs my way. Many bright people in the mix, but not all with the right intentions.
A business is not just about raising funds; venture capital is not the end goal. It is just a means to an end, a tool to help you along the way. The main focus of business is about providing a product/service that will create value to others or your target customers. To have a successful business, you should come in with the right intentions.
I hope this first week will show how important the right mindset and tools are for good entrepreneurial growth. Do take the time to attempt the assignments given on Coursekit. It will give you more insights into your journey.