It's a brand new week and I hope it is a great one for you all! This week I have decided to spill the real tea on entrepreneurship, that a lot of us are not warned about before we venture into it. As you all know, I am an avid fan of encouraging entrepreneurial spirit and support anybody looking to embark on new projects. However, launching a business takes a lot more than being talented at your craft and I will go on to elaborate on the equipment you need to kickstart.
The most essential thing you need is the ability to be 'innovative.' Having talent is one thing however, when it comes to monetising that talent, you need to keep up with the consumers. You need to find creative new ways to appeal to people. The most successful entrepreneurs are those who study their consumers and produce what they will invest in. The ability to be innovative also sets you apart from competitors, which will consolidate your brand.
The speed at which you are able to meet up to consumer demand, will be a deciding factor as to whether your talent is worth monetising. For example, if you are a hairdresser charging £60 for braids, which take you 10 hours to complete, you are working for less than the living wage. Although your talent lies in hair, this isn't effective business in comparison to the wig maker charging £120 for a frontal installation, which takes them 2 hours to complete. Realistically think about the cost of your resources, time and efficiency to both yourself and the consumer. Offer services which are profitable for yourself, at consumer friendly rates.
If you don't work...you don't eat right? Well with entrepreneurship, even if you do work...you might not eat. Stop feeding off the glamorisation shown on social media or other people's journey. You need to have the hunger and drive, to go out there and make things happen. Complacency is something you need to get rid of and put in 110% effort in everything you do.
Plan A doesn't always work, and if you are somebody who quickly fumbles under pressure...sort it out. You will often always find yourself going by trial and error. For the errors that occur learn to solutionise, as rapidly as possible. Find out what your market want...do not offer what YOU assume they want. Find out the current gaps or problems in the market and be that "problem solver."
Another component is 'bravery'. Launching a new project is very scary and risks backlash. You need to be so passionate about what you have to offer and be able to withstand backlash from consumers, competitors and investors. Take it as a learning curve and don't give up on your dreams.
This is with regards to promoting yourself and networking. If you don't collect out what is meant to be yours, someone else will. Appreciate the support but be self-reliant with promotion and take initiative. Do not rely on the support of others...you will end up disappointed.
Understand your ethos and deliver as consistently as possible. The whole point of entrepreneurship is distributing your talents, products and services to consumers... so if you launch a business do just that please. Do not start unless you are sure your consistency will be there. Inconsistency triggers disengagement and distrust.
Although I've tailored this to entrepreneurship, I'm sure it's applicable to the majority of individuals in numerous contexts. Feel free to share, and comment below additional advice.