5 Challenges To Conquer For Becoming Successful Entrepreneur

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    How to become entrepreneur

    Rapid technological advancements are making the youth more aware of their future.Even at student stage, our youth is ready with its dreams to be an entrepreneur.

    Start-up is the new-age career.

    But jumping into the ocean, without learning to swim, will be suicidal.

    The learning curve on the journey to be an entrepreneur is challenging as well as rewarding provided a student is aware of the obstacles he/she will face and how to overcome those.

    So imbibe the following before you take a plunge.

    1. Relinquishing Other Career Options

    Before you can convince your family & friends on why you are opting out of a so-called safer 9-5 job, you need to convince yourself…with logic. Don’t go for it because you see person X excel in it.

    Do the SWOT–STRENGTH WEAKNESSES OPPORTUNITIES & THREATS– analysis of your career path.

    Only a logical planning, a devotion of steady & regular time, basic investment and resources to keep the venture afloat…will help in achieving your dream. Remember, every dream project commands sacrifices, be it your personal time or money.

    1. Financial Capital  

    Being a young student, you might have no finances for your dream venture. Don’t worry, here are some safe, time-tested options:

    Donations via crowdfunding

    1. Bank Loans
    2. Fundraisers
    3. Grants – If you have an idea that clicks with your University, it might fund you! Or guide you how to get it from the state/central government
    4. Sponsorship – comes from fund companies that are in plenty these days
    1. Team Leadership 

    John Quincy Adam once said: “If your actions inspire others to dream more, learn more, do more & become more, you are a leader.”

    Once the goal is set, next step is selecting a team with the right aptitude, attitude, stamina as well as direction. The catch-point: Select the one who adds value to the entrepreneurial venture.

    Since you are still a student, utilize the opportunity to reach out to seniors for guidance. Brainstorming will not only help you learn to be a visionary and decision maker but also how to stay calm and collected when your venture faces tough competition.

    The might of a ship is always tested in stormy waters!

    1. Business Planning

    A good business plan is one part strategy and 9 parts execution. As a student, read a lot of case studies from the past, especially the ventures that have failed. It is always better to learn from others’ mistakes than your own.

    The main purpose of setting a business plan:

    1. A) Identify the potential challenges as well as pitfalls
    2. B) a before-hand strategy to maneuver them around in your favor
    3. C) Stay away from unnecessary stress

    But remember, no plan is fool-proof, erring is human. Bravely dealing with entrepreneurial volatility is one of the toughest aspects of becoming an entrepreneur. So really think well before you take a plunge.

    1. Dream-Chasers are Always Lonely

    Rarely a successful entrepreneur will talk about the loneliness associated with an entrepreneurial dream.

    Constructing and pushing your venture will consume a lot of time and in the journey, you might find family/friends and even team-mates drifting away.

    It is here that you have to wager your priorities if you dream to achieve your milestone.

    Also, you are a Boss so always act like one. So be kind, considerate but maintain a distance to sustain the hierarchy that drives the venture.

    Thus, take a few lonely lunches in your stride.

    Establishing yourself as a Student Entrepreneur is not a cake walk.But if you are ready to sacrifice the needful with an open mind, determination, meticulous planning and ingenuity…then success will surely embrace you.

    The author of this article is Mr.Rishabh Mehta Founder & CEO, What After College

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