So you’re a vibrant entrepreneur that wants to create a positive impact in society. You’ve come up with a brilliant idea that could change the world, and you want to implement it. Perhaps the idea was triggered by a problem you faced, a challenge you see in the community or an untapped market in society. Now that you have thought of a solution, you want to put it into practice and see how things will pan out.
There are a few things you should know about running your startup, as a first step.
- There’s a high chance you will fail
Many entrepreneurs set out with the hopes of becoming the next Steve Jobs or Mark Zuckerberg. So many people quit their jobs and are optimistic about running a successful startup. However, running a startup is not easy and the majority of them fail. Did you know that 80% of all startups fail, with 10% failing within the first year? It’s important to acknowledge that there is a probability of your startup failing and put measures in place to reduce that probability
2. You can’t get comfortable
The market is constantly changing due to advancements in technology. What works today may not work tomorrow therefore, you need to keep up with the moving trends. A few examples are Kodak, Blockbuster and Yahoo. They were big household names but did not innovate in time and were overtaken by their competitors. You need to always be on your toes and adapt to the changing times, lest you end up becoming irrelevant and obsolete.
3. You will feel inadequate.
Entrepreneurship is not an easy journey, especially when setting the foundation for your business. There is always something that needs to be done, and you may end up feeling stressed, overwhelmed and inadequate. This is normal, but even so, you need to cheer yourself up and not allow the negative emotions to overwhelm you.
4. Your team is everything.
We have all heard quotes like Teamwork makes the dream work, and alone we can do so little, together we can do so much. We have heard from many great entrepreneurs who emphasize the importance of getting the right people for your team- which is a valid point. However, many entrepreneurs do not sit back to reflect on whether they are the right leaders for their teams. You need to evaluate your leadership style and focus on how to grow yourself so that you become the right leader for your super team.
Before you launch your startup, you need to think critically about these things and establish whether you want to proceed or not. Entrepreneurship is not for the faint of heart, but for the audacious who are willing to learn.
By Wairimu Karen