Do you want to become an Entrepreneur in India and that too like Ratan Tata? The man who was the Chairman or Tata sons and Tata Group, the one who is the most influential business leader of India, who has 100s of companies and donating majority of money in the charity.
I am sure that at any point in time whenever you have typed in your search bar, “How to become an entrepreneur, you must have seen some really strange headlines like “How to become an entrepreneur in a week”, “How to be your own boss in a month” and so on.
Being an entrepreneur is not just a tag like being a doctor, engineer, or lawyer. It’s a distinct role and a way of life that involves taking on the responsibility of creating, managing, and often owning a business venture. While it doesn’t necessarily require formal education or certification like some other professions, entrepreneurship demands a unique set of skills, qualities, and a mindset geared towards innovation, risk-taking, problem-solving, and adaptability.
Entrepreneurs are individuals who identify opportunities, take calculated risks, and work tirelessly to bring their ideas to life, often with the goal of solving problems, creating value, and achieving financial success. While the path to entrepreneurship may not involve a formal title, it represents a significant and distinct career choice that requires dedication, perseverance, and a continuous learning process.
“No, entrepreneurship is far more than just a label or a title. So, let’s set aside all those misguided promises and unrealistic expectations of transforming you into an entrepreneur within a fixed timeframe. In my perspective.”
Entrepreneurship isn’t a label or a final destination; it’s a mindset.
What this statement signifies is that the very moment you conceive the idea of launching a startup, begin drafting your business plan, or embark on a journey to build something remarkable, you embody the essence of an entrepreneur.
The distinction lies in whether you evolve into a successful entrepreneur, initiate as a novice, or face the challenges of being a striving entrepreneur. Nevertheless, as long as you wholeheartedly dedicate yourself to your vision, whether for mere seconds, an hour, or an entire decade, during those moments, you are living the life of an entrepreneur.
Entrepreneurship is often shrouded in myths and misconceptions. In this article, we aim to dispel some of the most pervasive ones.
1) The Misconception About Introverts and Entrepreneurship
It’s a common misbelief that introverts cannot thrive as entrepreneurs. However, this notion is flawed. Mark Zuckerberg and Larry Page serve as prominent examples of this. While both have undergone significant personal growth, they started as introverts. So, being introverted is not a hindrance as long as you possess the inherent ability to adapt and evolve when necessary.
2) Natural-Born Entrepreneurs
The belief that entrepreneurs are inherently born with unique qualities is a misconception. Entrepreneurship is a skill that can be acquired through practice and experience. While having innate entrepreneurial traits can be advantageous, it’s essential to remember that diligent effort consistently outweighs talent. So, prioritize what truly counts – your dedication and hard work.
3) Starting a Business Only in Youth
Contrary to the misconception that entrepreneurship is a young person’s game, statistics reveal a different story. On average, entrepreneurs begin their first startup at the age of 40, and individuals aged 55 and above are more inclined to initiate high-growth startups.
4) The Misconception Surrounding College Education in Entrepreneurship
One of the most prevalent misconceptions among aspiring entrepreneurs arises from the success stories of college dropouts. While I’m not advocating for college degrees per se, I do emphasize the significance of the connections and knowledge you cultivate during your college years. In a study conducted by Manta, which surveyed 1000 small business owners, it was discovered that 69% of entrepreneurs hold a college degree, and 61% firmly believe in the importance of college education.
5) The Idea-Centric Myth in Entrepreneurship
A common misconception among aspiring entrepreneurs, particularly those starting out, is the belief that success hinges entirely on conceiving a groundbreaking and extraordinary idea. However, the truth is that ideas account for just a minuscule 1% of a business’s overall success. The remaining 99% is attributed to the sheer power of execution. In the world of entrepreneurship, no idea is exclusive to a single entrepreneur.
Multiple entrepreneurs often explore the same business concept simultaneously. Yet, only a select few manage to thrive. Why? Because successful entrepreneurs distinguish themselves through their exceptional execution efforts, which set them apart from their less successful counterparts.
6) Entrepreneurs are Prudent Risk Takers, Not Extreme Gamblers
It’s essential to differentiate between extreme risk-taking and calculated risk-taking. Extreme risk resembles a gamble, and entrepreneurs, driven by data and analysis, rarely engage in such ventures. So, why do entrepreneurs often carry the reputation of being risk-takers? The answer is straightforward: they undertake the risk of departing from conventional careers and stepping out of their comfort zones—actions that others might hesitate to take.
If your aspiration is to become an entrepreneur, don’t rush into any risk; instead, thoroughly assess the situation. Examine your financials, consider your family circumstances, identify your strengths and weaknesses, and then make a well-informed decision.
As previously mentioned, 72% of individuals express the desire to embark on a business journey, yet a mere 0.31% of them manage to turn this aspiration into reality. This prompts the question: why is the percentage of actual entrepreneurs so low?
The answer lies in their lack of familiarity with the correct procedures. Many are only acquainted with an erroneous approach to entrepreneurship.
The prevalent belief among the majority is that to attain success as an entrepreneur, you must initially possess a groundbreaking idea. Once armed with this exceptional concept, investors will pour substantial funds into your venture, enabling you to establish an impressive office space. This, in turn, will facilitate the recruitment of top-tier talent, as well as make a strong impression on potential clients, leading to higher conversion rates. With a grand setup in place, you can readily attract renowned mentors who will guide you in scaling your business, ultimately culminating in your success.
The first two steps, namely having the “ultimate idea” and believing that “business requires substantial funding,” are often the stumbling blocks that deter 99% of aspiring entrepreneurs from transitioning their dreams into reality. Consequently, many individuals remain in the category of “wantrepreneurs,” signifying those who possess a strong desire to start a business but never take the actual steps to do so.
Indeed, having a brilliant idea is only a small part of the equation, and you certainly don’t need a vast amount of capital to kickstart your entrepreneurial journey. Allow me to elucidate the correct process of entrepreneurship to dispel any misconceptions and provide clarity on the matter.
Now let’s discuss each step of becoming an entrepreneur briefly:
1) The Ultimate Factor Is You
Rather than placing ultimate emphasis on the idea itself, it’s your own capability that should be considered ultimate. You need to be sufficiently equipped to handle immense pressure, make sound decisions, assemble the right core team, maintain unwavering focus on your vision, dare to conceive the seemingly impossible, exhibit diligence, and persevere relentlessly. With an ultimate commitment, even the once deemed impossible, like making iron or aluminum soar through the sky akin to the Wright Brothers,
2) The Power of a Compelling “Why”
Irrespective of your inherent strength and motivation, the entrepreneurial path will inevitably lead you through challenging times that may test your resolve. In such moments, the sole means of resurgence lies in possessing a potent “why.” Your “why” must possess such unwavering strength that it empowers you to stand resolute against any adversity, even against the world itself, proving doubters wrong, and not just in theory but in action.
If financial success is your motivator, then aspiring to become the wealthiest individual on the planet and acquiring luxurious possessions can serve as your “why.” If you come from humble beginnings, your “why” might revolve around providing your parents with the most opulent life imaginable. Alternatively, if you’re passionate about addressing pressing issues like water scarcity or pollution, then striving to find solutions to these problems can become your compelling “why.” Your motivation is deeply personal and can encompass a wide range of aspirations and causes.
3) The Impact of Accurate Data
Imagine you receive information suggesting that Bitcoin, a cryptocurrency, is poised to become the future of currency, with its value expected to increase 20-fold in the next 2 years. Based on this data, you decide to start a cryptocurrency-related business and invest a substantial portion of your funds. But what if this information turns out to be incorrect? What if, within 2 years, governments worldwide unite and refuse to acknowledge cryptocurrency transactions?
On the flip side, what if the data proves accurate, and Bitcoin indeed doubles in value over that period? This illustrates the transformative power of accurate data; it can swiftly propel you from obscurity to success, or conversely, lead to an unfavorable outcome. It’s precisely why some individuals liken data to the new oil, while cautioning against fake data as being akin to a deceptive substance. Therefore, when embarking on a business venture, it’s crucial to scrutinize both the source of your information and the reliability of that source.
4) The Importance of the Right Team
A common mistake made by many entrepreneurs is the relentless pursuit of perfect team members who possess exceptional talents. However, this quest can sometimes lead to disputes and complications. What you truly need are not individuals from illustrious companies like Microsoft, Apple, or Facebook who consistently demand more resources, higher salaries, and greater equity.
Instead, your team should include individuals who can function effectively even in modest conditions, ensuring projects are completed on schedule. They should be willing to conserve the company’s resources and adapt to leaner salaries during challenging periods. The right team comprises individuals who prioritize the success and sustainability of the venture over personal gain.
5) The Significance of Working Space
Becoming a successful entrepreneur doesn’t hinge on starting from a luxurious office space. Even giants like Apple began in a garage, while Facebook had its origins in a dorm room. It’s essential to understand that while an opulent setup can make a favorable impression on clients, it’s not their top priority. For clients, the foremost considerations are the quality of the product they’re receiving, the price at which they’re acquiring it, and the accompanying services. All other factors, including the working space, are secondary in their assessment.
Three Circles of Knowledge
Consciously or unconsciously, virtually every successful entrepreneur possesses an exceptionally valuable trait – the ability to expand their “knowledge circle.”
These circles can be categorized into three types:
1) Things You Know: This circle encompasses everything within your knowledge base. It includes fundamental information like your own name, your expertise in content marketing, and your proficiency in computer operations. However, this circle is relatively small compared to what you have yet to learn and discover.
2) Things You Know that You Don’t Know: In this circle lie the things you’ve come across, heard about, or even watched but haven’t actively pursued or learned. For example, you might know about the concept of plastic surgery or how mobile phones are made, but you haven’t delved into the details. This circle is notably larger than the first, representing the realm of potential learning and exploration.
3) Things You Don’t Know that You Don’t Know: This expansive circle comprises things that you aren’t even aware exist. For instance, you might have no knowledge of the various species that inhabit the depths of the Pacific Ocean or how their ecosystems function. This circle is vastly extensive and can be considered virtually limitless, as it represents the boundless world of undiscovered knowledge and unexplored territories.
So if you also want to become a successful entrepreneur, then you also have to learn new things every second, you also have to draw knowledge from the 2nd and 3rd circles and have to add into the 1st circle. The day you will stop learning new things, you will start degrading and hence will face the downfall.