Being an Entrepreneur

As the number of jobs decline globally due to technological and marketplace disruptions, becoming an entrepreneur may increasingly become an economic necessity. Unless of course you can survive on a Universal Basic Income (UBI) in territories where they are available.

An entrepreneur plans, launches and manages a business. An entrepreneur has to have multiple skills to build a business. These include the ability to solve problems, manage processes and people, meet compliance requirements, manage funds and cashflow and make a profit in the process. Many entrepreneurs may fail in their initial attempts due to a variety of reasons. These can include a lack of market demand, poor quality decision making, insufficient funds, unfavorable market conditions and toxic competition.

I have been a successful entrepreneur over several decades. It has been a dream of mine since my teens to be a successful entrepreneur. I was lucky that I succeeded in my first venture with a string of retail stores dealing with ready to wear clothing. If I had failed in that first venture, I would have given up my entrepreneurship dreams and would have looked for a job. I would have claimed in my defeat that entrepreneurship was 'not in my blood', since I did not have any close family members who were successful entrepreneurs to emulate or look up to. I became an entrepreneur when it had not become fashionable to be one.

With the then dotcom boom in the 90s, more people attempted to become entrepreneurs; driven by the hype, the instant successes of some and venture capital. Today it may become a necessity to pickup some entrepreneurial knowledge and get some initial experience to test one's interest and capabilities with this career choice.

One can start by reviewing online content to get some knowledge. There are numerous free online entrepreneurial courses from well-known universities and websites. You can review the content published by startup accelerators like the Startup School by Y Combinator. TV shows like Shark Tank share realistic and useful entrepreneurial experiences. You can meet entrepreneurs at Meetups to learn from them, discuss your ideas and get your questions answered.

The journey to becoming an entrepreneur can be very challenging. Arm yourself with as much knowledge as you can before you decide to start your venture. Canvass your family and friends to support your business with ideas and funding. Remember that the route to success is seldom straight. Be prepared to make changes when required - after careful consideration and discussion with your team. Major changes in the form of business pivots may be required to change the course of your business. There are many success stories of ventures that succeeded after these pivots.

Be brave. The success that you will savour when your business succeeds can be extremely rewarding!

Image Source: Larry Kim from WordStream