Entrepreneur, sounds fun right? But is it actually fun to dive in the sea? Yes, it’s a sea – a
vast ocean in itself where one is responsible not only for their actions, but for everything and
everyone.
Being an Entrepreneur is a responsibility where you are not only accountable to yourself or a
senior but accountable to every person and situation around you – employees, customers,
vendors, government etc. Here, you need to be aware of what’s going on in the industry as a
whole. Every decision either made by you or by any person in your organization in authority
will affect all related to your organization.
Other than that, the income can often take time to start. An Entrepreneur is like the caption of the ship. Leading it to safety and security while also entertaining everyone along the way.
Here entertainment is the analogy to service we provide.
Juggling costs is just one of the many skills an entrepreneur needs to have! They need to have patience. Although the revenues may start into 3 or 6 months, and profits after 12-15 months in some cases, the paradox is that the expenses will start from day one.
Here comes the capacity to hold. Capital in the form of owned or loaned funds have to be
available through this 12-15 month cycle.
Jobs tend to be more pocketed, more compartmentalised. Usually the Job description is clear and limited. The pay against it also is clear. So the transaction is simplified. In business, the owner/entrepreneur often is dealing with uncertain variables.
Being your own Boss is not only a myth but also perhaps one of the last reasons that you
should become an entrepreneur! Once an entrepreneur you might have more bosses than you know! Unless you are already a great juggler of sorts.
If you want to be your own Boss, these are things you could work on:
1. Time management [Divide your time in Three categories of importance. A, B and C.
Pick up the A tasks on priority and see if the others can be delegated.]
2. Take a break [take scheduled breaks every week and a longer one every quarter.
Things will happen, there will be problems to solve all the time. Taking time out can
be the best form of rejuvenation.]
3. Start your Day early. [Even if you are not a morning person, starting the day early
can be a great habit to create. It gives you the extra 3 hours or so, to do everything
you plan to, before the world starts demanding your attention for the mundane things.]
4. Risk management [Learn to manage risk effectively. Start where you are and take
one step everyday. The leap doesn’t always have to be a plunge. Sometimes the leap
starts with small consistent steps.]
5. Money Management [learning to manage money effectively will always be the more
important skill than learning how to make more money. Both are important, but the
latter is taught all over the place. The former is not. Learn that skill.
6. Prioritize [Time and again, look up your priorities and set them up for what is
relevant. Priorities can change with time. Make sure you are not chasing something
that is not relevant for you anymore.]
7. Fund Options [Owned or earned funds will always put less pressure on the business
and you. Steer away from loaned funds in the beginning. Play the game of valuation
only if you are also building value at the same time.]
8. Upskill [There is no age to learn new things. The learning curve is the most important
graph in all your business charts. Remember that.]
9. Be Agile [agility is key for businesses to grow and re-invent themselves whenever it
is required. This one quality will assist you staying ahead of the game even when the
environment around you is fast changing.]
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