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The Path to Entrepreneurship

The Path to Entrepreneurship

“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”

–     Vince Lombardi

The path to being an entrepreneur can be filled with all sorts of difficulties. Ranging from potholes to landmines, just one small mistake can lead to the end of one’s journey. It’s a tough road; make no mistake about it, and especially in a country like Nigeria, then it’s a crab in the bucket kind of journey; if I do say so myself.

Let’s be frank. The risks one would be taking, first of all, are extremely nerve-racking, due to the uncertain nature of the entrepreneurial process. But most importantly, depending on the type of enterprise one chooses to embark on, then even with a business plan (obviously), the risks one would be taking are still very much stacked against one – due to a significant number of businesses closing because of poor management.

Think about it. One has to work extremely hard just to acquire funding, try to avoid bad business decisions at all times, and perhaps, even try to predict economic crises on one’s own (yeah right!).

But, there’s always a but!

If one was to get the entrepreneurial route right, and I mean right, no matter how many times one tries, then the economic rewards are extremely humongous, and truly satisfying.

So, here are a few steps to consider when trying to take that path to becoming an entrepreneur by Minda Zetlin.

Step 1. Do some soul-searching.

Your startup is an embodiment of your whole and a reflection of your beliefs. So before you open your doors, spend some time reflecting on those beliefs, your passions, your intentions for your new venture, and what your ideal company would look like.

Step 2. Pick the right type of business.

You’ll have to devote a huge proportion of your waking hours to your business if you want it to succeed. You’ll also be devoting a huge amount of your brain space to it–there will be times when you can think about little else. So it’s important to make sure the work that you’re doing fits well both with your values and with how you like to spend your time.

Step 3. Figure out how much money you’ll need.

The key here is to ask yourself, “What’s the worst that could happen?”

To see more of the steps, please click on this link http://on.inc.com/2kmxvzZ

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