In entrepreneurship, “what if” is the cornerstone of our industry. Entrepreneurship is built on promise and possibility — the willingness to imagine the unimaginable and take the risks to make it real. We all engage in the “what if” game.
A lot of individuals seem to associate entrepreneurship with risk. You will hear friends as well as family mention the turnover ratio in business, or possibly share stories of individuals they know who lost all their money in a failed start-up. There are surely many people who choose to not create a small business or build off their idea as they’re afraid of failure.
The risk involved with establishing a start-up and small business is obvious to many. However, if there is so much risk that is involved, who do entrepreneurs try to do what they do? And is it even worth it?
The absolute best way to tackle this is by comparing a failed start-up with a successful one. When analysing a failed start up, we are able to see patterns that formed: poor planning, failure to analyse the market and a lack of structure are all common traits of failed organisations.
Successful start-ups tend to have quite a lot in common:
- A clear goal,
- Knowledge of the business and competitors, as well as
- A strong business ethic.
Common Characteristics Of Successful Start-ups
In both of the scenarios, there is inevitable risk involved. However, there is a massive difference between the two organisations. The failed company took a larger risk by entering the market without a proper strategy in place. The successful company still had to deal with risk, however the entrepreneur behind the business took calculated risks, which are intelligent risks.
An Entrepreneur Is Stubborn
However, are you making it even more challenging than it needs to be? In the league of becoming better, we often over complicate things. Well, the time for complication is done complicated and it’s time to be straightforward, time to take a shortcut and get to the finish line with less hard work.
The journey of each and every entrepreneur is poles apart with different challenges, different achievements as well as different patterns to confrontation those difficulties. However, with the strangest journey, you can also still find some of the common things sharing which can make the journey a little simpler.
Don’t Be Stubborn About Your Status And Role
You are an entrepreneur. It’s your business and you are the boss. You are in the top position but don’t let that position become stuck in your head:
- Don’t be obstinate and rigid.
- Don’t build a negative attitude of your position.
It’s your business. You are able to do the smallest task possible and there’s no shame in that. You are able to do the clerks work, executive’s work, and leader’s work. Be the person your business needs. This is one of the bittersweet little secrets of being a successful entrepreneur. Be the one who you want others to be.
If you want to learn how do become an entrepreneur in the media industry, then you need to do our Entrepreneurship for the Media Course. Follow this link to find out more.
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