My CEO Life

I recently received the following email from a reader about becoming an entrepreneur.

I want to become an entrepreneur but I have no prior business experience. I have been researching possible business products and ideas. What is the best advice could you give to people like me with burning desire to become an entrepreneur but have no prior business experience? What are the things I can do to accelerate my learning curve?

Having been an entrepreneur for a while, here are my ideas about what it takes to become one.

First and foremost you need to have an idea. The idea needs to be based on some sound business practices and have a chance of being successful. The idea needs to be fairly well thought through but not analysed to death. If you do this, you are definitely not entrepreneurial.

Once you have an idea which has a chance, you need to get on and do it. Entrepreneurs don’t wait to be asked to run a business, they just make it happen. They take their idea, work out what they need to do to make it happen, and then get on with it.

By default, entrepreneurs take risks. They often run where angels fear to tread. They take their ideas and throw themselves into them. They go to potential customers and start talking about their ideas, even before they are born. They realise that they may fail but plough on never the less.

One thing that clearly differentiates entrepreneurs from run of the mill business managers is their passion. They passionately believe in their product or service and can’t understand when people don’t see the same potential as they do.

Entrepreneurs come from all walks of life. Some have been in business before while others have no formal business training. They all share the same common belief in their products and services.

Anyone can be an entrepreneur. They just have to start following their dream.

However for every one successful entrepreneur, there are hundreds who fail. The difference between those that are successful and those that are not, is a number of things. Successful entrepreneurs keep modifying and changing their products until they get it right. They listen openly and honestly to criticism and take it on board. They have a head for business and understand the realities of running a business – both the cost and revenue sides. They realise what their strengths and weaknesses are and put people around them to compensate where they need help. They are well funded or are able to raise funding. And finally, they have a heap of luck.

Therefore, the best way to accelerate your learning is to jump right in with your idea. Don’t be afraid to fail – it is all part of learning. Anyway, you never know, you just may be successful.

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