Unravel the Entrepreneur in You

What you love doing the most and what keeps you happy even if you have to give rigorous working hours to it would be the true calling of your heart.

Opinions expressed by Entrepreneur contributors are their own.

You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.

Do you want to be your own boss? Do you wish to work as per your own time schedule? Do you feel deprived despite giving your 100%?

If any of the above resonates with you, it’s the right time to dislodge from the comfort ‘9 to 5’ desk job and venture into what truly is your heart’s calling. No matter how scary the initial dislodging phase might be (as it’s bound to come with a magnitude of insecurities), but as they say, “When the going gets tough, the tough gets going”.

Here are a few crucial points to be kept in mind while planning a switch over:

1.     Present and future financial planning

Just as one embarks on a new journey, adequate care has to be taken keeping in mind the expenses on the present necessities as well as the capital needed for the new venture. If it’s a lifestyle venture, relatively smaller scale of investment would be involved than a digital start up. However if it’s a high-tech business or a factory set-up, the investment would be much higher.

A very interesting exception to the rule is the case study of David Osorio (founder of Cross Fit South Brooklyn gym) who opted to bootstrap his venture and build his business brick by brick by investing his own profit and not choosing the conventional funding by loan strategy.

2.     Breaking startup idea

As William James says,” Give your dreams all you’ve got and you’ll be amazed at the energy that comes out of you”; believe your hidden talents and niche. What you love doing the most and what keeps you happy even if you have to give rigorous working hours to it would be the true calling. You need not necessarily be a degree holder in the stream of your passion.

For example, if you love cooking and eating, food industry is your niche. If you love photography, try your hands on aerial photography or digital printing services.

One sparking idea gave Jeffry Bezos a kick start to take up Amazon.com from a virtual bookstore to the biggest company in Washington.

3.     Risk is the keyword

Peter F. Drucker beautifully quotes,” Whenever you see a successful business, someone once made a courageous decision.”

Risk is the price one pays for the opportunity. Right from abandoning a steady job income, sacrificing personal capital, irregular cash flow, deadlines and meeting targets to sacrificing one’s personal health and time are the initial risks must be well equipped to deal with.

Elon Musk, co-founder of PayPal, moved onto create Tesla Motors and Space-X. With such diversification, risks are imminent. In a January 2005 interview, he summed up this the best,” There’s a silly notion that failure’s not an option at NASA. Failure is an option here. If things are not failing, you’re not innovating enough.”

4.     Business planning and know your target audience

A calculative framework of the goals, strategies and action steps gives the business a real shape. You must meticulously plan the ‘how-to go about it’ stage to prioritize your efforts and hence eventually save time and money.

Estimating what is your target market is important in building the right product, the right marketing efforts as well as channelizing profits. ‘Customer is the king’ is the punchline to be adhered to.

5.     Marketing strategy

Embracing the most effective social media marketing tools (Facebook, YouTube, Twitter, and LinkedIn), hiring a PR, content marketing, affiliate marketing, blog posts, e-mails and newsletters are the varied marketing tools. You must choose the one best suitable to the target audience as well as your pocket.

Conclusion

To summarize, the most apt is the quote by Jeff Bezos,” I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”

Article originally posted by entrepreneur.

This entry was posted in Business and tagged . Bookmark the permalink.
5 Work Laptops With 10+ Hours of Battery Life
Uncategorized

5 Work Laptops With 10+ Hours of Battery Life

For some small business owners, long battery life is the single most important feature a work laptop can have. If you're one of the many entrepreneurs who work long days, often away from a power source, and want a laptop that works as long and hard as you do, this…

Read

How to Make Amazon Prime Work for Your Business
Uncategorized

How to Make Amazon Prime Work for Your Business

Amazon Prime is a membership program designed to offer customers perks for loyalty to the retail giant. Consumers who sign up for a $99 annual fee (or opt for a $12.99 monthly fee) enjoy free two-day shipping, free streaming of video and music, and access to e-books. But businesses also…

Read

She Proved That Nothing Can Get In The Way of Determination
Business

She Proved That Nothing Can Get In The Way of Determination

Shariah Edwards simply graduated from Power Center Academy High School, a contract school in Memphis, Tennessee. Presently, she's looked with an assignment numerous current secondary school graduates must do - - pick which school of those she was acknowledged to she needs to go to. Be that as it may, Shariah's circumstance…

Read

Best Travel Sites for Businesses
Uncategorized

Best Travel Sites for Businesses

Falling victim to an eleventh-hour business trip is unavoidable. You're working on a project, firing on all cylinders with your employees and clients, and then a massive hurdle comes your way: You need to touch base with clients in Seattle, and you need to be there in two and a…

Read

Management Theories Every Small Business Owner Should Know
Uncategorized

Management Theories Every Small Business Owner Should Know

Small business owners and managers can benefit from learning about the theorists whose work has given rise to many of the leadership approaches as well as the best (and worst) practices used to guide and grow organizations of all sizes. By putting these approaches within a larger historical context, business…

Read

9 Best Apps for Jira
Uncategorized

9 Best Apps for Jira

You may know Atlassian's Jira as a bug-tracking and software development package. But it's so much more than that now. For small businesses, Jira can help teams organize and manage a diverse array of projects, processes, and tasks for a spectrum of non-technical business specialties like law, HR, marketing, finance,…

Read

Don’t Wait for the Government: Entrepreneurs Are Keeping America Great
Business

Don’t Wait for the Government: Entrepreneurs Are Keeping America Great

Entrepreneurs are helping their local communities by introducing products and technologies for new markets across the country. Opinions expressed by Entrepreneur contributors are their own. Although popularized by Donald Trump, the “Make America Great Again” slogan goes back to Ronald Reagan’s 1980 presidential campaign. It's associated with politics, but the idea isn’t about…

Read

10 Essential Tips for Effective Inventory Management
Uncategorized

10 Essential Tips for Effective Inventory Management

Inventory management is a crucial piece of a business's profitability, but a lot of SMBs don't practice good management practices when it comes to the items they sell. It makes sense that having too little inventory is a detriment to a business. Customers become frustrated when the items they're looking…

Read

People Who Are Struggling To Pay The Bills are Turning to THIS
Uncategorized

People Who Are Struggling To Pay The Bills are Turning to THIS

Shariah Edwards simply graduated from Power Center Academy High School, a sanction school in Memphis, Tennessee. Presently, she's looked with an undertaking numerous ongoing secondary school graduates must do - - pick which school of those she was acknowledged to she needs to go to. In any case, Shariah's circumstance is remarkable,…

Read

How to Improve Your Attitude in a Matter of Minutes
Business

How to Improve Your Attitude in a Matter of Minutes

Jack Canfield recommends a few tips for giving your mood an instant facelift. Opinions expressed by Entrepreneur contributors are their own. The power of changing your attitude can have a great impact on your life overall. Staying aware of your attitude on a daily basis can dramatically improve how your life will pan…

Read