This article is written by Mohammad Eslim, a Contributor Author at Startup Istanbul.
Tim Draper is an American investor and venture capitalist who was born in 1958, Tim is the founder of Draper University and Draper associates. Draper was an early investor in a couple of great startups like Skype, Tesla, Hotmail, Theranos.
Some people are prepared to take a courageous leap, setting up a business taking on financial risk in
Entrepreneurs have many characteristics in common. They are individuals that are creative, for every business starts with an idea. Entrepreneurs tend to think outside of the box and look for opportunities and new solutions.
Being passionate about what they do is an important trait as well. They are extremely dedicated to the businesses they create. Without passion, there is no reason for your work and no drive to do it. Thus, for you to be successful, you should be confident in both yourself and your business. Be proactive and take control.
Due to their passion, entrepreneurs are self-motivated and positive. They put up with long working hours facing challenges but still look at the bright side. They never dwell on the past or the negative. Instead, they focus on moving forward and moving up. Challenges, for them, are seen as opportunities that make them reach higher and higher.
Decisive, flexible, resourceful and adventurous are needed characteristics. In the business environment you, as an entrepreneur, must take the risk and stick your neck out trying something different and new. Because taking the risks creates success.
If you are an entrepreneur and on your first step towards creating your own business, then you have to set and build a stand. These are 5 main points that should be considered before launching the business blindingly:
1- Establish your goals
You have to answer some questions first:
What do you want to establish with your business?
What does success mean to you?
Knowing your goals is key to setting expectations and establishing revenue targets. In a lifestyle business, the goals are more modest, such as equaling or bettering your income from your current job.
2- Think through your business
You will do a constant analyzing of the market and various planning through strategies. You should be able to answer these questions:
What is your product or service?
Who are the potential customers?
How will you attract these customers?
If you already know what you want, your risk of failing to launch will be low, so plan good.
3- Have an early client base
If you’re starting a business full-time, your salary equals your client’s willingness to pay.
Knowing who your potential clients are is good; and already having customers is even better.
4- Have a support system
Doing business alone cannot be enough. Therefore, before starting your plunge, you should contact your family and friends. Show them your idea, views and plans then in return, take their suggestions and support. Later on, you will find yourself working long hours and facing stressful times. so, make sure you have them backing you up.
5- Take the stakes
An entrepreneur is a boss, not a follower. As a result, entrepreneurs should adopt the all-or-nothing mentality. starting a successful business depends on breaking free of the corporate’s norms.
An all-or-nothing mentality will help ensure that an entrepreneurial leap will lead to extraordinary results — for yourself, for your company and for your career.
In conclusion, an entrepreneur is a person who has ideas to solve problems and is ready to lead and take risks right to success. So be your own motivation and take that first step into your future!