9 Points To Remember Before Becoming an Entrepreneur

As Chaitra Navratri just ended, below are my 9 points to remember if you are willing to shape your business tomorrow:

1. What sector/industry/sub-industry are you interested in and Why?

The reason should be crystal clear. Otherwise, it's a clear signal of deep water. Look, I started my journey as an Electronics Engineer but right now, I am doing IT Sales. Complete opposite to my formal education.

Now, I am aiming to become something in Sales.

2. Are you building a Product or Service?

Product and Service seem familiar just because you are selling both at the same time and both might have fixed MRP and expiry date while a service is one-time or subscription-based.

Basically, you are selling a product for once, twice or thrice to a customer that they might not be using over a period of time to use other players' offerings.

While, services are more flexible like Amazon Prime or Netflix that they can cancel anytime whenever they wish.

3. Market Research

Write all doubts related to your offerings and find the present equivalent solution(s). Also look for the WHY about why your ideal Customers would be buying yours only.

Basically, USPs aka Unique Selling Points of your offerings

Because they know that they already know what to buy and from whom to buy. They have already made their mind too and when you come into the picture, you just seem like an affair.

There is enough study that you can influence your customers through different channels and ultimately, it's your job to find your working methods that no one is going to teach you.

4. Continuous Study of Consumer Behaviour Patterns

You need to study further to understand your customers.

Easier said than done to be in customer's shoes. You might need to overlook sometimes for a minor change and that would take 2 days or months too.

This is not your fault but in the end, your customers would be leaving bad reviews to your brand and it does create ripple effects.

Check out about Google changing its algorithms so frequently that we all get fast, reliable and relevant results on our devices everytime.

Don't forget that learning about your customers' behaviour does affect your business horizon.

5. Clear Target w.r.t. Time

Everyone gets fringed when they see someone better than themselves and that's the time you start comparing yourself with them.

And you start making false assumptions for your business & life that affect your loved ones too.

So, set a clear target of what you are going to achieve in x months or y years. Convert your big target into tiny particles so that each would take less time and efforts and you will now be taking a long breathe after completing your first tiny target.

Take it as a project for your semester and complete it ASAP.

6. Avoid False Motivation

It's a FALSE statement that someone never watched a motivational speech on YouTube or Facebook.

During your entrepreneurial journey, you get stuck due to countless reasons and it's an unfortunate event for all who want to achieve something better for their life and to contribute better things to society.

And you get addicted to this motivation drug where everyone seems inspiring to you in all situations. LinkedIn is full of those craps where people seem to wear all colors of hats every single day and I too belong to them. These motivational events might encourage you to work harder but if you are not prepared to complete your tiny targets within the timeline, there is no worth of even working on that.

I am not saying that you have to be the best in your segment. I am just saying that you need to think better in order to achieve better things for your business.

7. Leave Everything for sometime

If you think you have been addicted to hyper motivation and at the same time, you are not achieving the desired outcomes, my advice would be to leave your work immediately and go to your family.

I don't say to leave it permanently. See, I also wanted to build an EdTech product back in 2014-2017 and I got a bumper failure.

Actually, twice. I planned to restart my journey again in 2022 but COVID dissolved everything in 2020 and now, am planning for 2025-28.

We all need a direction in our life. You don't need a director too. By learning from your mistakes, you can become your guide and deliver what you expect from yourself. Sometimes, we need to change the track in order to become existent.

8. Build your Business on your pace

Don't be in hurry. It looks like you are behind money.

By the way, it's not bad when you work for money but you already know the stories of many who got blinded by money and went lost somewhere in the universe.

And I don't think you want the same fate for your name. Take an example of Elon Musk. When he was busy buying Twitter, we all were discussing about the amount he had to pay to its directors to make it a private entity.

Behind the screen, work harder to not get any escalations from your customers and look happier while serving them. They will always complain about you and your offerings on your email, website and social media channels and you just have to swallow them and resolve their each complaints like morning chants.

9. Connect with Leaders in your domain

Network with the people you require to develop yourself and create a culture of your business in order to make it your identity.

It's easier to start a company but harder to convert it into an organization where people from all scores collaborate to provide world class services to your customers.

I try to read others' posts and write comments so that I'd get their attention and they would be checking my profile.

At the same time, I am interacting with them virtually. They don't know the real me but they know about my intellectual side. I know it's still incomplete to match your frequency but who is in hurry there. If someone is keeping an eye open there, it means they are planning to serve or already serving something to their network and you are not just another hunter there.

Many make the same mistakes again and again. So, comes the failure. Keep growing while learning from others and make them familiar to what you (plan to) provide and why.

When I started commenting on others' posts, I just thought of presenting my knowledge to them so that they would appreciate me.

With time, I met many wonderful individuals who are doing fabulously with their life and seeing them grow through their posts and updates make me smile and I am becoming a better upgrade to myself.

Right now, I know 100+ real people on LinkedIn with whom I interact regularly via their posts, comments and DMs. And we accept each other as we are. We sometimes disagree too but this is not going to convert into fight as we don't have that much time to make arguments. I avoid those posts that could make a mess out of nothing and just try to present my heroism, sometimes.

And yes, don't forget to keep your mask off.

As COVID is partially gone, no one likes to be seen with masks and we don't trust someone who wears mask at all time. You are not perfect and no one is. No one is expecting you to be that too but our surroundings demand many things from us and perfection is one of them.

So, you decide what you want to be in front of others and how. Your journey will definitely be different while carrying different perspectives that you will be clarifying in someone's post too because you are unique and interesting.

And you have a voice too!!

Special Tip: Make yourself or your offerings a #Brand

I am not going to say that you will be a brand after following above 9 points but yes, I do believe that you are going to be known as someone who is trustworthy in your domain. And I don't consider monetary benefits also as I have enough of them today plus it is extra for you.

P.S., While writing this long article, I am ensuring that people see the real me. At the same time, they find my true mentality about how I see sales today and how sales would be in near future. And yes, the reason to write this long post is videos. I am planning to record video sessions on sales soon and unfortunately, I am not prepared today!!

Hope you enjoy this newsletter.

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