Becoming an Entrepreneur. Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. This is part three in our Entrepreneur Month. Today, we will be talking about becoming an entrepreneur.
This will be a hard topic to cover mainly because of this question, “How do you teach entrepreneurship?”. There is a paradox when it comes to entrepreneurship. Jan Spruijt brought eleven of the most known paradoxes of entrepreneurship studied from other famous professors. If you want to learn more about it, I will leave it in the sources below. One main paradox is the paradox of finding unknown problems and believing in your unknown solution to the unknown problem.
So how can entrepreneurship be taught? Like what I said in the first part, entrepreneurship is different for everybody. Today, we will just confront this differently. I will bring up different ideas and it will be up to you to decide what to follow.
Fear of An Entrepreneur
One Fear of An Entrepreneur: Risk
In the last article, I talked about going from wantrepreneur to entrepreneur. The main thing is to just do it. Fight your fears of the unknown and face it head-on.
Being said that, experienced entrepreneurs know there is a calculated risk. Even while this in itself is another paradox, “The Paradox of Taking Risks”, every entrepreneur will need to learn how to evaluate risk and make educated guesses. This is why most people are afraid to start in the first place.
If you are afraid to start, here is what you can do. There are people who would save up to start their business. I am not going to tell you to not save up because having some kind of a cushion can really help. Also, I will not tell you how much you need to save because the amount is different for each industry and most people cannot even agree on an exact amount. I would say instead that you should allocate some of the money you make from your job into your business. You will need some kind of financial support for your business and usually, the “cushion” you have built will not be enough.
The ability to have support can ease you a bit when you need to make a risky decision. As an entrepreneur, you will always be experimenting. You will need to find what works and what does not work. All of that costs money, so create budgets for your experiments and see what works and does not work.
Skills of An Entrepreneur
Skills of An Entrepreneur
Here is another paradox of being an entrepreneur. We know that we are unique from every other person and other entrepreneurs. However, entrepreneurs generally have the same set of personal skills. This is known as the Paradox of Generalization.
Whether you decide what you want to follow it is best to have these skills.
Internal Skill of An Entrepreneur
This is something we should all have, entrepreneur or not. Now being courageous does not mean fearlessness. To have courage is to go through the situations even when you are too afraid to do so. You can also call this bravery. If you have courage, you acknowledge your fears, but you still go on anyways.
Do you remember The Wizard of Oz? There was a character there remembered as, the courage of the cowardly lion. Now that I have said that, you might be thinking of “Courage of The Cowardly Dog”. But anyway, we are all like the lion. Even if we are afraid, we still fight on.
It will be hard if you are going through life without vision. Vision is made to be our guide and future goal to reach in our lives. Every great entrepreneur had the vision to follow. Having a vision can drive you to do things in order for you to reach them.
However, there are two things you need to remember when you have a vision. One is that you need to not only see the vision but take action as well. There is a verse in the bible that says, “Faith without action is meaningless.”. The same idea goes for your vision as well. Second is that you should focus on your short term goals in order to reach your long term goals. You sabotage yourself from reaching tomorrow because you were not focused on today.
As an entrepreneur, you are solving a problem with your solution. Like what I mentioned earlier, the problem you are solving might have been an unknown problem and you are responding with your unknown solution. So your solution may need to adapt and change to certain situations.
Everything you will do as an entrepreneur will be experimentation. You will have to think of creative ways to do the same things everyone else is doing. That comes to your branding, marketing, closing, support, and much more. How will you stand out from the rest? Do not be afraid if you think you are not creative. You will keep on learning along as you go through your journey.
A great entrepreneur is able to spot opportunities and take action from it. In general, when one starts their journey in entrepreneurship, they did it because they saw an opportunity in the form of a problem. Most people tend to find opportunities when there are many problems. There is a chance that we will see many entrepreneurs coming out after this pandemic.
However, we should still look for opportunities while we are already on the journey. Realize that once you are building something in the form of your business, you are also creating more opportunities. The ability to see and react from them is very important. If you react too fast, then things might not work right. If you react to slow, then you might miss the opportunity. Yet no one knows where there is a right time, so you will need to make an educated guess on picking the opportunity.
This is something that should always be there as our reminder. When you become an entrepreneur, life begins to change. You see a possible growth in your business, but more importantly, you see growth in yourself. This will be more obvious if you blew up overnight and your life changes rapidly.
Will you remember yourself if this happened to you? You would be surprised how many people change once they become rich or famous. It is because of this they forget who they really are and will eventually lose themselves. Holding your integrity means to hold onto your morals, ethics, and beliefs. It is the foundation of your very being. If you want to learn more about integrity, you can read it here.
Skill Sets to Learn
Skill Sets to Learn As An Entrepreneur
There are many skills to learn as an entrepreneur. When you start off, you will be doing most things on your own before you can outsource them to other people. It is because of this why so many people get overwhelmed in becoming an entrepreneur. We are actually planning on making an article on high-income skills that can help anyone, so subscribe to our newsletter to be notified of when that article will be released. For now, we will discuss major skills you should know right now when becoming an entrepreneur.
What is the point of having a product or service when nobody knows it even exists? This is where marketing comes in. There are two types of marketing you need to study. One is traditional marketing, which comes in the forms of flyers or billboards, even tv commercials. Then there is digital marketing, which comes in the form of social media, email, or SEO.
It is best to implement both, but I suggest studying one first. To me, it is probably best to learn digital marketing because a majority of people are always on the internet nowadays. However, do not forget the best kind of marketing, word of mouth. If your brand is amazing, then people will want to share it. That was how Zara became popular. Word of mouth is very powerful, so make sure your brand is reputable.
Closing is the art form of a salesperson. It would be hard if you perfect marketing, but you cannot even land the finishing blow. When it is marketing, the question is, “How can you show yourself to other people?”. Now when it comes to closing, the question there is, “How can you convince other people to buy from you?”.
Learning how to market and close can be exciting and nerve-racking. These skills only get better when you practice it through experience. This is especially true when it comes to closing. So I would suggest having a job as a salesperson because then you will have a hands-on experience when it comes to closing a deal. Also, study the best salespeople to guide you along the way, like Jordan Belfort. Sure he did not start off as a good person, and we know that because he shared it in “The Wolf of Wall Street”, but you still have to respect him as a great salesman.
Something to Remember
Something to Remember
What we have discussed today is merely scratching the surface. Everyone approaches entrepreneurship differently. Some would start without having a financial cushion. Most may not have the internal skills we have mentioned today. A lot of people never knew how to market or close. What we gave above are only ideas taken from other entrepreneurs who were on this journey for a while now. At the end of the day, it is up to you how you want to approach entrepreneurship because the journey is different for everyone.
Thank you for spending time with us today. Like what we said earlier, this is only scratching the surface of entrepreneurship. But because we talk about entrepreneurship here in this community, we will always dig deeper even after this month is over. So if you want to see more of the best personal development and entrepreneurship content, subscribe to our newsletter to receive the latest updates on new articles being released. If you have not seen the first part of this series, then you can read it here where we give an introduction to entrepreneurship. This is The BE Mindset Group and always remember to be alive, be free, be happy, be you.