What it truly takes to become a successful entrepreneur? I have seen many of you wasting an endless amount of time looking around for such cookie-cutter answers. Unfortunately, there is no business-startup fairy who magically bestows success. So, the only way left is to keep walking on the destined path, chances will help you grow!
“A Good Beginning is Half the Battle Won”- Everything begins at a certain point and entrepreneurship is no different. Successful ones feel special because they pride on themselves for simply initiating the journey, unlike many others who just dream of it. Of course, it involves a fair share of risks but that doesn’t mean it won’t increase the chances of hitting something big in future. Besides, look on the brighter side: You get to do what you want and in your way. All you need to do is just give a start, Ideas and opportunities don’t just materialize out of thin air. Each entrepreneur journey is different, one rule doesn’t apply to everyone. The following post-emphasis on the typical growth chart of an entrepreneur.
You can call this a baby, a stepping stone or the most nascent stage of the journey. With lots and lots of soul searching and frustrating binge nights, one can definitely have a clear idea about the business. I mean you just have begun the journey, so lack of funds or faith in expertize of others may compel you to wear many hats at the same time. Don’t be surprised if you find yourself doing client relationships, poster designs, website designs & marketing as a Solopreneur. Here time management becomes the major game-changing factor and can be in favor or against leading you to severe frustration.
One of the biggest mistakes observed is not making out enough cash to sustain the business. So basically the phase is all about how effectively you manage your time as well as make sure that you are enjoying the fruits of your new found venture.
This stage can be pursued only after understanding the market. Chances are there you need to expertise in certain things you are unaware of or bring in a partner who won’t just reduce your pressure but whose ideologies work in line with you. At this point of time, you can even think of adding 2-3 more teammates who would take up the added responsibilities of the business. You will be bringing something in between 100-300K a year.
Choose your partner very carefully as there are fair chances of everything being backfired if the partner doesn’t complement the services you offer. Lastly, the partnership doesn’t mean that your finances won’t be under your control. No! You will be able to handle it on your own like in the first stage.
Now you are at a stage where around 4-10 employees have already started working with you. Operations are done in line and you are geared up with more defined and concrete ideas about what you want. Many of the crucial aspects of businesses are taken care right now, it’s time to focus solely on marketing. Better results doesn’t mean that you need to spend hard-earned revenue just keep certain pointers in mind. For example- while trying to attract new customers don’t ignore the old ones or keep an eye on the marketing campaigns, invest a higher amount of efforts in managing your regular financial transactions, maintaining books, etc.
Time has come when you have become a known entity. People around knows you very well as a successful businessman or a woman. Started with a small team of 8-10 employees, now working with 100 or above is certainly commendable. But the question is, what next?
Now it’s time to do something scary, let other responsible people take care of different aspects of the business. Because it’s not possible to take each small and big decisions now. Hiring the right people or department heads like CEO, COO etc would ensure that these decisions are in line with your goals.
You have 100+ employees working with you who are successfully bringing in $100-$200 million annually. You are basically competing with other big giants across the globe. Just make sure that you don’t allow your growth to stagnate.
“The secret of life, though, is to fall seven times and to get up eight times.”– The Alchemist
Jaymin Vyas works as a Digital Marketing Analyst at TatvaSoft UK. As an out-and-out Google fan, he closely follows all their updates and events. His career progression provides a unique perspective to marketing, having been involved from the ground up with clients, conducting research for them.