A self funded entrepreneur arrives at a point which demands change, what’s yours?
Being an entrepreneur is the choicest and toughest decision a person takes. While at Inovies, we celebrate failures as richly as we boast success. Believe me, it either builds you to a new strong person or trashes you to try different / harder.
According to sundar pichai, CEO of google, the entrepreneurship is "about more than buildings apps to make money.” It's about transforming industries, creating millions of jobs, curing diseases and fighting global warming. It’s overwhelming to build these, stop not once you begin.
On our journey, we tend to highlight these points every entrepreneur should refrain down the lane of their business.
Putting lower margins
When you are a new entrant, you probably think you can put very less margin now and reap the benefits later. Well. We have been there, done that.
Believe, it will throw us on a never-ending discount loop and we fall on the trap. Customers are never loyal when it’s a matter of money.
Set a realistic margin while giving quotes depending on your operating costs and strive harder to deliver each deliverable you have defined.
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” –Steve Jobs, Co-Founder of Apple
Think you can do all by yourself.
It’s imperative to feel that no one can bank on the opportunities better than you. Because you are the founder of the company and you know the product inside out and hence you feel you can task things better than anyone else.
Not likely so, putting your head in everything not only kills your time but also add messy efforts for little things in your business.
Hiring someone with an equal caliber gives you a right boost. Two hands are better than one.
Taking No Criticism
Having been acquainted with many entrepreneurs, and talking to them on daily basis, it’s safe to conclude that the entrepreneurs believe on their idea so dearly that they could not take criticism on it, irrespective of how constructive it may sound.
Being an entrepreneur is not a 9 to 6 job, it’s a journey, a never-ending journey with full of responsibilities and possibilities to bag.
Learn to take Criticism, take good in each criticism, failure, backfire you experience. It gives not only experiences for life, but also fetch applauds if you can spot the brown and turn it to white.
Taking too long for Fund Raising
The simple equation in business is flow of money, the more the better. Self-funding has been the option for many startups and young entrepreneurs. No doubt you remain the sole decision maker in self-funding. It’s good that you do not believe in the institution of borrowing money.
But wait, it comes with its own advantages.
Consider taking Venture Capital. You can invest your efforts better when you have funds sufficient to your daily operating costs .It eases your shoulder and helps you concentrate on things you are best at.
Research Suggests that you may miss out the suggestions of experienced venture capitalists if you opt to self-fund. You can always learn with experiences, when you are subjected to only insular way of thinking, the scope of growth is less, minimal to be specific.
Not trying to hone Entrepreneur Skills
The world of business changes its colors like chameleon. It will spare champs like you if you are not adaptable.
You are an entrepreneur because you think you are better than others on something. Yet it should be remembered that you can’t be better in everything.
Point your flaws and work to hone those skills. Be it speaking skills, presentation, business skills or entrepreneur skills. You need to learn each day to sustain in the crazy business world.
Entrepreneurship is an art of its kind. You would not give up how strong the storms are in your way. Because you have some responsibility, some challenge to answer, some passion to cater for.
A self funded entrepreneur arrives a point, where an immediate action is inevitable. That one decision will ease out and saves lot of future frustration.
We arrived at a decision to go easy and accept the projects which fits in the cream.
Few projects - healthy clients - successful submissions.
Taking all that comes our way has been turning things messy and directionless. This decision helped us which way to cater our marketing services and what projects are a fit for our sustainable growth.
Success is walking from failure to failure with no loss of enthusiasm