Is it difficult becoming a successful entrepreneur?

- - Advice

There is no success mantra to become a successful entrepreneur, as the path to becoming a successful entrepreneur can vary depending on your skills and experience. However, some key things that are necessary for success include:

• Having a clear vision for what you want to achieve.

• Being able to identify and address the challenges that will be faced along the way.

• Having the courage and determination to take risks and invest in your business.

• Having a team of people who are willing to help you achieve your goals.

Nothing in life is easy.

Managing our own money itself (even for a Non start up” or a Do Nothing person”), it is not easy. It can vanish if mismanaged.

Entrepreneurship is ultimately attracting customers money. They wont part with money easily.

Following are few points in, in my opinion”, to become a successful Entrepreneur.

1.Identify a product / service which is missing or needed in the market. Even for an existing product, identify areas where improvements can be made. I know an Ecommerce product which I use regularly where it needs lot of improvements and can be made perfect from my experience as a user.

2. Ensure you understand the product technology well and locate the ideal personnel to work in this area

3. More than his technical knowledge and university marks, I will look for people with Adaptability, resourcefulness, Entrepreneurship and a keenness to grow with the company.

4. Do a proper market research of the product/ service. This need not be by going to an expensive market research company. This can be done by various methods like asking friends, looking for this product yourself etc.

5. Identify enough financial resources for raising money like partnership, Bank loan etc. Remember you will always require more money than you originally thought.

6. Ensure the product information/ marketing information reaches all potential customers in a least expensive way. The costliest options are not always the best.

7. Look at a young mother. From the happy news of “ missing periods “for a few years, till the child can stand on her own, the mothers full attention and focus is on the child.

Your product idea, concept is your “ missing periods”. Consider the business as your own child till it can stand alone.

BE READY TO PUT IN CONTINIOUS EFFORTS AND FORGET/ REDUCE OTHER ACTIVITIES FOR SOMETIME.

Then you will have a very good chance of succeeding.

It’s much easier once you are a successful startup, than before you are:

  • It’s much easier to fundraise
  • It’s much easier to recruit
  • Sales gets at least a little easier, because more folks have heard about you
  • Marketing gets at least a little easier, because your brand becomes established
  • Partnerships get easier, because the top partners want to work with #1 and #2 in each space
  • You know you can’t be killed anymore

It never really gets easier. You just get better.

But it’s much better once you cross the “successful” line as a startup. I’d say the idea/Business has to survive more than two economic cycles, market crashes or recession or like now, overcome pandemic situations.

If not, it is not a real economic machine. 

All the Best to all future Entrepreneurs.

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I’m Nishanth Muraleedharan aka "Nishani" and I know that I have come into this world with a clear purpose and mission: • To help people to have financial freedom & more free time by doing Internet based Businesses. I've been involved with Internet based businesses for over 18+ years now. Some of my inspiration comes from Jeff Bezos, Elon Musk, Mark Zuckerburg, Sergey and Larry Craig