Entrepreneurial Hacks
As always, the youth is very spirited yet unmindful. They make the mistake of getting carried away just when they start to cash in and end up killing their idea. But, we believe it doesn’t necessarily need to go that way, only if they choose to keep in mind the following things:
Earn It, Burn It
While funding is an issue for almost all the entrepreneurs, it is an especially nagging one when it comes to young adults. Don’t make the mistake of going to a venture capitalist and ask for funding right away. Given, it’s good to have money in your pocket right away, but before you go gallivanting in the horizon giving your shares away, you need to assess what your company is worth and what it could be.
And not to mention, the moment you get funded, the entrepreneur in you just becomes another corporate slave that has to do what the shareholders say. Rather, shape your business model in an earn it, burn it manner. Work in pre-orders and advance payments and don’t risk too much!
Hiring seems fun, but…
Giving people a job may have been the dream of yours since you decided to be an entrepreneur, but it may not be as fulfilling as it sounds. The legal bindings, the severance packages, the clauses, and the responsibilities will weigh you down instantly, and who knows, your employees may end up making more than you.
The only scale when the time is right, don’t jump to the ideas of being an entity right away!
You don’t need ALL the skills
As an entrepreneur, we understand you like certain things your way. Especially if it is about the internal matters of the company. But, you need to learn in time that you can’t learn all the skills. If you’re in tech, you won’t be as good in sales, if you’re in business, you’ll lack some knowledge in tech.
What’s important in realizing is, whatever you’re lacking, instead of investing all your times learning, you can just buy the skills. Ever hear of the 80–20 rule? Don’t waste 80% of your efforts to extract only 20%.
Look Beyond What You See
You used a metaphor in Timon? Well, you may just have to. See, everywhere you go, all the transports, the shops, the places, everything is entrepreneurship. The guy selling tomatoes is an entrepreneur. He most likely has invested more than you too! So what sets you apart?
Be visionary. Build your core values, have long term goals, work towards sustainability. Learn to pivot your model as the market demands.
Being an entrepreneur is fun, it’s fulfilling and rewarding. I want you to stay that way. With these hacks, now you know you will. Good day!
Shafayat Hossain
Freelance Writer & Poet.
Contact me at rdshafayat@yahoo.com
