By Theda Muller
Why would a new entrepreneur assume a ‘start-up’ is easy
When you embark on this entrepreneur journey, then it’s a far cry from where you are currently, whether it is:
a. That you just completed your studies;
b. You are thinking about transitioning from corporate to entrepreneurship;
c. You see your friends are doing well in business so you want to give it a try;
d. You want to follow your bloodline of business but you have no experience;
e. To be a business owner gives you a good feeling, so you want to be your own boss
There are many reasons individuals pursue this avenue of self-employment however, it’s not always as rosy as it seems, hence the saying that ‘the grass is never always greener on the other side’, is true most of the time, because it’s not as easy as you think!
So if you assume you are totally equipped to embark on this journey, even if you have sourced what you assume is relevant market information, done your feasibility studies, asked for help with formulating strategies that does not mean that you are fully prepared.
What do I mean by being so insistent?
There are only limited factors that will ensure your future success and they are:
i. You are prepared to take the risk and take action to becoming an entrepreneur;
ii. You are prepared to ‘lose it all’ if it doesn’t work out – that does not mean you must be negative before you even start, it’s just a fact, it could happen so subconsciously, you must be prepared for the inevitable;
iii. You must be prepared to eat ‘humble pie’ on this journey which means that most times:
a. You must be prepared to be ‘a jack of all trades’, together with your new staff. Whatever it takes to get anything done, must be done, even if you find yourself literally knocking on doors for business;
b. You must be ready to stand at the back of the queue when it comes to ‘pay day’, as you don’t have the luxury of taking your salary before your operational costs and other expenses are paid. So if there is zero remaining, then that is what you get, zero.
c. In order to build a solid reputation, you must be prepared to give more than you receive in all facets of your business and life, extend a hand of kindness wherever it’s for you to do so;
iv. Strategy is key, so is continual emergence and saturation to acquire knowledge and experience, which means time is no longer your own, because there are tough sacrifices to be made when you embark on this journey alone.
v. Don’t imagine that whilst you are sitting in your seat at your job right now that the seat will feel the same when you’re a business owner because the success of that business, hinges on your ability to ensure its success. There is no entitlement like when you are an employee; you reap the benefits you sow, nothing else.
vi. Self –discipline is key, without it you will not succeed as there is no time to waste at the start of this journey, every minute counts, because it means business or no business, money or no money.
vii. You must learn to master the art of:
a. Game-changing as current local and global trends evolve almost daily, where it is your job to ensure if something is not as effective as you assumed it would be, then you must apply your new skill of Game-changing, i.e. learning how to create new revenue funnels that can sustain you and your business;
b. Applying innovative and creative skills so that you can fully support and grow your new business.
c. Never losing hope or faith in your ability to succeed;
d. Learning and getting to know where others failed and just how you can avoid those pitfalls.
e. Serving as a Mentor for your staff – Know that the best leaders created new leaders and that is your job, to leverage on their best skills to fully support your business, encourage them as team players, delegate, trust and give credit where it is due as people thrive when you recognize their contributions or achievements.
f. Mastering the art of being alone, stepping back, reviewing situations and making concrete decisions that you can depend on, because in this game you can only depend upon yourself, period.
There are many points I could mention here but I continue to reiterate that as an experienced mentor in key industry segments, I fail to be amazed when someone approaches me, totally excited to connect with me and explode their vision of an exciting new business and then when they inquire about my Mentorship Fees, silence…
How is it possible that these individuals do not identify their own value, that Mentorship is an investment in themselves and that it will remove years of pain from their entrepreneurship journey, especially in the beginning stages. The key question is how it is possible any individual can assume that even whilst acquiring a sterling education, that they are far from prepared for the practicalities and key facets of business today, when they are only equipped with theoretical knowledge and abilities?
How can a Protégé even equate any monetary value to Mentorship unavailable in books in stores? There is zero that can equate to actually taking an informed decision to invest in oneself to saturate your knowledge and experience by sitting at the feet of the most experienced Mentors. If you assume that the ‘Greats of the World’ do not have Mentors, then think again as there is no ‘Magic’ in just acquiring admirable success, some will admit they have Mentors, others not, but the one’s that do are the true Greats who succeeded in the face of many forms of adversity, they admit their failures publically because it is their way of ‘giving back’ and encouraging generations coming up the line.
My final word is learn from a Mentor who has failed abysmally many times over, got up, dusted themselves off, dived into emergence and were persistent in succeeding as those are the Mentors who will serve you the most, not just as their Protégé, but as a close friend and confidant who will be at your side as long as it permits. Money is energy; we crave it because we want freedom, but the money exchanges hands and must be in rotation to serve its purpose the best, so holding onto it when it could have served your mission and vision, does a disservice to you, nobody else
Note: Theda Muller is a UAE-based visionary entrepreneur, CEO & Founder of various UAE companies, business advisor and legacy mentor, US trained and globally experienced. She is also an author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis. She also conducts webinars and workshops on debt recovery.