The F strategy of an Entrepreneur
Entrepreneur journey is tough it is not as easy as working 9-5 under a boss(just kidding), there are lot many hurdles coming during the path of the journey. I remember a picture that reminds me of the journey
Fear – The first and foremost F required to be an entrepreneur is to over come FEAR. Above picture says it all. The entrepreneur should have the guts to overcome the fear jump of the cliff build the plane during the journey.
Fire – He should possess inbuilt fire to do any thing that he is unaware of during the process.
Fighting capabilities – He has to fight against all the odds and during the journey.
Financial planning – I never thought financial planning plays a crucial role, but i had changed my mind after reading Rich Dad Poor Dad book. Financial planning is mandatory for an entrepreneur who runs the startup with out money(Bootstrapped) and who runs the startup with the funding(angel investors). There were startups which had shut down their shops within 18 months of starting the business and the value lesson they learnt was financial planning.
Financial planning is not only important for entrepreneurs its equally important for employee and even head of the family.
Foresight – I would like put the famous Steve jobs quote into picture ““You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. … He should be able to predict the future .
Feedback – Feedback plays an important role, the person should iterate the app/web app according to user requirements. The more the feedback and iterations the more users into your app/web app and the more money into your pockets.
Family & Fitness – Entrepreneur needs to give prior importance to family and fitness. I had seen few people working continuously for 3-4 days which may lead adverse effects in future.