OK first off I’m not much of an entrepreneur yet, but let me tell you what my professors thought me about how your professional experience will help you become a better entrepreneur. The lifecycle of a business is Starting -> Sustaining -> Growing the lifecycle is much easier said than done because 95% of the startups in India fail and which is because of failure of vision. Your company will grow only if you have a proper business plan, vision, funding and goal. The second step “Sustaining” is where these startups fail due to failure of these aspects.
Having worked out a great business plan and getting more people to invest in your startup is a great first step but most startups go through a metamorphosis at every step of the companies growth. The local market dynamics, global pandemics and economic shifts are some of the factors that derail the laid out business strategies/plan. An entrepreneur with professional experience will dig-in their heels and draw upon their experience to chart a future course of action if their plan fails, it’s like if Plan-A fails Plan-B will work out. This is what called as sustaining in the industry. An entrepreneur with no experience won’t think of this stuff since he has no experience in the market.
Professional experience can always be a great help and comes in handy while putting together the nuts and bolts on building your business plan and while working out a long term industrial approach. Now let me tell you some more reason for how your professional experience will help your career as an entrepreneur.
#1 Problem Identification
Your company must solve a new problem and not deal with the same problem’s as others do. Identifying a critical and unsolved problem in the market and solving it with a solution which is both ecologically and socially good. Once you’ve narrowed on this make sure that all important aspects as listed below revolve around this. This will become the pivot around which your business will revolve.
#2 Background Research
So you’ve identified your problem and figured out a solution for it, Now just park all your Ideas to one side and do some serious background research. Background research is the key which helps you completely understand the market and the more time you spend time with or in a professional place you’ll get a lot of knowledge about how a company works. An aspiring entrepreneur looks at there research as their critical investment and use it to revalidate or reject ideas or solution sometimes they get a lot of opinions about their solution from their profession workspace colleagues. This is akin for laying a foundation for your startup, It’s all about understanding all the key elements of the Industry, Customers, Competition, Suppliers and etc.
#3 Professional Learning
As an entrepreneur, you will have to draw your professional experience and learnings during that period of time on your own venture. The art of dealing with Customers, Officials and etc. The ability to navigate during a problematic situation, the ability to handle failure and how not to do it again. All these can be got only through working in a professional place. This will save you time, effort, money, and allows you to focus only on your goals.
#4 Have a Clear Goal
Always have a goal, if you don’t have any goal it means your in a simulation or may be used by others. To people who have a goal, I’d personally like to say that unless your goals are connected with a larger purpose rather than simply profitable “Dude you are travelling in the wrong path” so have your goals bigger fight to get to them. Freddie Mercury’s mom told him when he was a kid that he’d be a Rockstar one day but he had other ideas and replied to his mon that “I won’t be a Rockstar, I will be a legend” and he did what he said always remember to keep your goals high. Every little step you take to reach your goal will help you in building a long term sustainable business.
An entrepreneur will always try to reduce the risk’s taken at every opportunity because they are people who calculate risk takers and not risk-takers.
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