Have you wished for an “entrepreneurial lifestyle” for yourself? However, you have always complaint “I don’t have an idea”?
Today I’m going to give you, to the best of my ability, a guide on how you can kick-start (and hopefully succeed) at the game of business.
Original Idea
Firstly, we need to comprehend the fact that business ideas have no value if they are not executed properly.
Of course a good idea helps, but not all significant companies are established on brilliant original ideas. For example, Facebook is a better version of Friendster, Google has better search engine than Lycos and Apple built a better smartphone than Blackberry.
The best ideas are incremental modernisations - not major leaps.
Competition
Competition is a good thing. It suggests there’s a market for those products/services. Besides, you never know if this competition helps grow your business.
Don't fear competition. Sometimes you learn so much and they're actually helping you.
Do something you know best
I personally think investing in something that you and your friends would buy instantly makes more sense. You'll understand your field, you'll read your customers’ behaviour, and you'll be fond of what you do.
Hedge the risk
Many say entrepreneurs are risk takers. Sure, some are. But, the most successful ones are amazingly risk antagonists.
There’s no need to quit your day job to start your business. Start it small. Run it over the weekends for a start. Gradually watch it develop. Once it’s big enough and is able to provide you with a decent paycheque, then you can commit full time.
Play it smart.
Stay frugal
There’s no point being materialistic. Protect your hard earned wealth. Don’t rush into any swanky purchase. There will be a right time. First, create a fat cushion of $$ for the tough times ahead (trust me they will come too).
Continuously invest in training
I’m an ardent fan of football.
There was an interview I recently watched of Jürgen Klopp, the German manager of Liverpool FC. When asked about which players he’d like to buy, his reply was:
“Everyone talks about buying new players. What about the players I have now? These are great players. I need to spend time developing them further. Make them into stars.”
Every business is about the talent you hold and how you develop them. Find great books for them, spend time with them, share your experiences over meals, hang out with them after working hours etc.
Invest in your colleagues and they’ll give their all to sustain profitability of your business.
Don’t forget your family
Sure, building your own empire gives you all the kicks. While flourishing your business can make you happy, nothing can come close to the joy you get from your family. We should never forget that they're our support through the good times and bad times.
Nevertheless, if entrepreneurship is not your cup of tea, you could always contact us to secure your next career move. Email me at digital@blake-dair.com for a chat on how we can help.
I’ll end this topic with one of my favourite song quotes from the Beatles. It was the last line sung on the last song of their last ever album.
“And in the end, the love you take is equal to the love you make”