You’re gonna LOVE this!
Considering that on a daily basis I receive lots of thought-provoking questions from aspiring and serial entrepreneurs from across the globe, I’ve decided to share my answers to the most interesting and valuable questions, so that you too can benefit from them.
If by any chance you don’t find the answers you’re looking for, either here in Q&A or my blog, I encourage you to ask any question you may have related to startups, entrepreneurship, freelancing or self-development and I promise to answer them.
Meanwhile, enjoy the goodies…
Q&A (Let’s get to it)
Q – What is one piece of advice you would give to young entrepreneurs who aspire to start an online businesses?
A – Get ready mentally and physically to take the beating on a daily basis. No, this isn’t to scare you off or crush your dreams and aspiration, far from it. I just want you to have the right expectations going in.
There’s no glamour and glitter or any of the other nonsense you may watch on TV or read in the press…entrepreneurship sucks! For you to make it as an entrepreneur, be it in an online or brick and mortar business, you’ve got to be a rebel and possess certain winning traits.
Most of all, you’ve got to have the ‘STAYING POWER‘ to weather the storm you’re bound to encounter on your entrepreneurial journey. There’s no easy way to say it, you’ll get knocked down more often than you can handle. You’ll encounter demoralizing setbacks and seemingly insurmountable obstacles which will tire you and make you quit, unless you have unyielding persistence or the staying power.
So, if there was only one piece of advice I could give you before you take the leap of faith, it would be to develop unyielding persistence, for you’re gonna need it, big time!
Q – How hard is it to be a successful entrepreneur?
A – It depends whether you have it in you or you don’t. This is something that only you can answer.
Being an entrepreneur, let along a successful one is extremely difficult. Without any exaggeration, entrepreneurs are a very special breed of people. They are true rebels who are on the mission to change the world…in their own ways of course.
Entrepreneurs don’t accept the world, things and everything that surrounds them as is and have the innate urge to change it…make it better. For better of for worse, they do it.
Think of some of the entrepreneurs of our time e.g. Steve Jobs, Jeff Bezos and Richard Branson, who have made a significant impact in their respective societies at first and later on in the entire world.
As a result of them being here, our world has forever changed…wether by much or little is irrelevant but they’ve made significant changes to it and it’s now different from the way it was before they started.
They’ve dedicated their entire lives to their causes…their beliefs and that which they held dear and close to their heart…something not everyone is capable of or willing to do.
The point I’m making is that not everyone is cut out to be an entrepreneur. Some people have a different calling. I mean, imagine if everyone was an entrepreneur and there were no doctors or scientists who are savings lives and developing cures and technology to better our world…that would be alarming, would it?
Luckily, you need not worry about it, for entrepreneurship is the way of life suited only for the select few…those rebels who hate the status quo and are in constant search of new and insurmountable challenges.
Q – What makes a great startup great?
A – While this may come as a surprise to you but any startup that succeeds does so not because of an idea, sufficient funding, timing or luck but because of the team behind it and their execution.
If you ask any VC or angel investor who would they rather invest in…a startup with a multi-billion dollar idea and mediocre team or a startup with mediocre idea and the team of a serial entrepreneurs aka superstars, the answer will ALWAYS be the latter.
Investors know that ideas are dime a dozen and what really matters is the team and execution. Don’t get me wrong, idea should be workable and scalable otherwise, even the most experienced serial entrepreneurs can do very little if anything with it.
Q – How can I ensure that my business will succeed?
A – You can’t. In life and business alike there are not guarantees. Everything is up for grabs. Some people look at it as a ‘risk’ while others see it as an ‘opportunity’…I KNOW it’s an opportunity and always strive to make the most of it.
If you’re a serial entrepreneur who’s been there before and has founded several business previously, the likelihood of your business success will be greater than if you’re the first time entrepreneur or a startup founder.
While there’s not much you can do to ensure your business success, here are the things you MUST DO to have a shot at a success…
#1 – Make sure your WHY or the reason for starting a business is truly meaningful and very close to your heart…something you’re very passionate about and no, I’m NOT talking about money. Here’s the hint…
#2 – The WHAT of your business has got to be centered on your strengths because you can ONLY succeed with your strengths and NEVER your weaknesses. Be mindful of this to avoid mediocrity and imminent failure. Here’s how…
#3 – The WHO of your business is of paramount importance because if there’s no who, there will be no you…or your business for that matter. Make absolutely sure to know your TARGET AUDIENCE intimately along with their otherwise unmet needs, wants, desires and pain.
#4 – The winning GTM strategy without which, your business wouldn’t really matter much for no one would probably know of it. This is HOW and WHERE of your business. You’ve got to know exactly how and where to promote your business to your target audience in order to convert them to your loyal paying clients.
#5 – Be mentally ready and willing to take the beating, insults and endure excruciating pain and suffering until you get your startup to profitability and steady growth. Here’s the taste of what awaits you…
#6 – Be super flexible and open minded as you’ll have to do a fair bit of tweaking and pivoting until you get your startup on the right track or the so called product market fit (PMF). Whatever you do, don’t ever let your ego get in the way of your success.
#7 – Remember, you can NEVER fail until you QUIT. Don’t be a quitter, keep going until the end.
#8 – Don’t forget to have lots of fun. 🙂