Recently I sold off all my online assets / sites & I did made a good profit out of it. I was asked by few of my friends how to become an entrepreneur, how to start earning money online & how to make quick bucks. This blog post is dedicated to Entrepreneurship.
I am not at all an expert & views / ideas presented here entirely personal & based on my experience & from what I learnt all these days. I could be totally wrong !
Who is an Entrepreneur ?
An entrepreneur is someone who creates his or her own business. An elementary study of economics teaches us about the four factors of production, material, labour, capital and the entrepreneur. The entrepreneur brings all the three other factors together for production to take place. He is the visioner and risk taker.
- Actually I was not interested in monies, but got a good opportunity & made use of it
- I did not read any books related to entrepreneurship in beginning. I thought why read books when I have good ideas to work on. I was wrong, reading books related to entrepreneurship gave me really good suggestions / ideas to work on. So read as much as possible.
- I started with minimal amount of money, so I that won’t be in loss if things didn’t go as planned. But things turned great
- There are 4 types of entrepreneurs [according my engg. syllabus ]
- Innovative Entrepreneur : These people invent & bring something new product / market.
- Imitative Entrepreneur : These people copy / adopt from already successful business.
- Fabian Entrepreneur : These people follow traditional business model & they bring change only when they have no option other than closing their business.
- Drone Entrepreneur : Rather chose to sink than bring change.
- Risk factor plays a vital role if you gonna be an Innovative Entrepreneur for obvious reasons.
- I belong to type of Imitative. I took an already successful business.
- Only question I asked myself was “What I am providing something different than others are not, so that customers will be interested in me / my business ?“
- Yes ! You will be the Boss & King to your entire empire
- You don’t like being told from people less capable than you ? Do you like challenging yourself ? Do you rather prefer failure at own thing than succeeding at someone else’s ? If yes to all, then you have all the key ingredients required to become an entrepreneur.
- You can implement your own ideas & strategies.
- You can work home.
- MONEY !
- You can pay all your expenses / manage bills, start living independent.
- And it’s cool
How to start ?
Quote from Inception.
Make sure you have an idea, a solid idea which you believe in it. It doesn’t always have to be new [Innovative], but make sure it is something different if you are adopting from another business model. If it is same as others, then what’s the point ?
Getting so many ideas about different areas ? OR confused which one to choose ? You should always go with the one which interests you most & business you’d love to do it for rest of your life. Something that interests you lot, something you’d always love to do.
“Oh, I am not getting any ideas”, don’t give up so soon. Think harder & you will able to discover several ways. There’s business in everything. You just have to clever enough to identify it & turn it into a successful business model.
Have an kickass idea, what next ?
- Market analysis & business plans : Once you got an idea & decided to go with it, first thing you should do is Market Analysis. Observe what your would be competitors are offering. What are their strengths & weaknesses & how can you beat them. See if you have a good no. of potential customers. You should also start thinking about how to develop & describe your product to your clients. How you can attract customers ? From where you can sell ? Think as a customer, what all the things you expect / look into when you are a customer & want to do business with a company. If you come across a new start up, would you be willing to take risk & do business with them ? Things that makes you say yes ? Ask yourself, that do you have such things which makes customers to start doing business with you even though you are a start up ? Plan your long term goals. Where you want to see your company after 5 years etc.
- Seed Capital : The initial capital used to start a business is called Seed Capital. It often comes from the company founders’ personal assets or from friends and family. Such a venture is generally at a pre-revenue stage and seed capital is needed for research & development, to cover initial operating expenses until a product or service can start generating revenue, and to attract the attention of venture capitalists. Source – Investopedia.
- Hardwork & Determination : Once you started, all you need to do is hardwork with strong determination. Make sure you have made up your mind & ready to work your ass off. When you work as a employee in a company, you don’t have to worry about anything, when you run your own company, you have to worry about everything ! You need to manage & administer every tiny part of your organisation. There is no shortcut for success / quick bucks. Do not waste your time reading worthless articles that claim to teach you “How to make 750,000 GBP/month”. Sites like blogs / forums take lot of time to give good revenue. Be patient. And most importantly, do not be discouraged if your business is failing. Learn from mistakes. Ask yourself, “Where did I go wrong ?”
Things I learned :
- Believe in yourself & your ideas.
- Think always about it. Always think how you can bring something new, how you can satisfy* your customers.
- In beginning, you will get both, potential customers & trolls, explain them patiently why should they do business with you even though you are beginner & there are already big players.
- You need to spend lots of time working & less sleep. I used to sleep only 4-5 hours a day & worked my ass off.
- Make sure you have good future plans & strategies.
- Don’t care about friends / relatives who discourage you “Tumh kya kar sakte ho” types People who laugh at you are the ones who never had guts to do something successful on their own. You will also come across people who just follow the flow, “Yaar, why take risk simply ? better to join XYZ Software Technologies & secure our future”. And always respect constructive criticism.
- Do extensive research on it before starting up, observe what your would be competitors offering. See if you can offer same at less price. [but not so less that you’d be in loss]
- Don’t care much about money / profit etc in beginning. Build a good reputation first.
Always remember :
Entrepreneurship is not the destination, its the journey.
This single post does not cover every aspect of entrepreneurship, but I am sure it will give you a clear picture & enough to get started on your own.
I will try to write how to start an online business & start earning, how to keep your customers & keep them happy, why the first impression matters very much in a business etc in next part of this post. I will be investing all my profits in stocks, so, also expect a blog post about getting started in stock market, the beginner’s guide.
*don’t get naughty on this
PS : I know I suck at graphics & I am very poor at photoshop. I am more of a MS Paint guy.