In reviewing the stories of the 10 Entrepreneurs we have featured so far, we at CreativityTurf noticed that all 10 entrepreneurs all decided to do things different from the status quo which is actually the hallmark of an entrepreneur; we have then decided to identify 5 salient lessons for entrepreneurs.
The Economic Condition in the Country Does Not Dictate My Success
You might read this, and might say we are sounding unrealistic or out of touch, but having this mentality is absolutely important. It’s common knowledge that in a recession, there is usually scarcity of funds. But one thing is certain a good business idea, with the right people to drive it will succeed. At times like these, ideas rule the world and Martin Lewis is an example, he managed to cash in on austerity by selling a financial information website which gives financial-savings advice on a wide range of matters for £87 Million (How simple can that be). John Griffin of Addison Lee says he has seen is business grow 20% in this period of recession. To be a successful business owner/entrepreneur you have to be a person of strong character and with mental strength. With that it will be important for you to build the mentality of The Economic Condition in the Country Does Not Dictate Your Success.
Doubters of Your Business Idea Will Always Exist
As entrepreneurs you should always have this in mind, that there will always be doubters of your business Idea. You might come across negative comments, like “this is impossible”, “how are you going to achieve this?”, “this is unprofitable”, and “this is not a business idea”. Sara Blakely the youngest self-made billionaire according to Forbes said many manufacturers rejected her idea, but Sara showed tenacity she didn’t give up. Also according to Errol Damelin the initial potential investors thought Wonga.com will be unprofitable, thankfully he didn’t listen to them and now the business is flourishing and Errol is smiling to the bank. Sara advises that: a great idea is at its most vulnerable the moment you conceive it. When you come across that profound good idea, do not seek validation for it, just go within yourself but also importantly, seek out the people that can help you get the idea made. Also have in mind that criticism might come sometimes but you have to develop a thick skin.
Simplicity Is Great
You might think that idea you have is just too simple, but to be honest, I always say, simple is great. Who would have thought a product to eliminate panty lines and make women look thinner and firmer in their clothes could turn to a billion dollar business? Or that a company BuddyMedia that offers brands social media solutions will be sold for $689 million. Or Blake Mycoskie commitment to match every pair of TOMS shoe purchased with a new pair given to a child in need will generate millions of sale. Or even giving quick and small short-term loans will be a flourishing business.
Age Is Not a Barrier to Success
Some might think, they are too old to pursue a particular dream or an idea. Levi Root of the Reggae Reggae Sauce fame started the business when he was 49, and 5 years down the line at 54, he is a millionaire. He has inspired many people; telling them not to be limited by their origin, or how they were brought up, but to follow through that idea in them. You too should do the same. Also Nick D’Aloisio is the founder of Summly. He is popularly known as the youngest person in the world to receive a round of venture capital in technology. He was just 15 years of age when the round was closed. Age is just a number do not let it be a barrier to your success.
Follow Through On Your Ideas
Challenges most times lead us to great ideas and many people fail to follow through on these ideas. Many people in the world have their light bulb moments, but what will differentiate you from them is your ability to follow through on your ideas. Imagine if Larry Page and Sergey Brin had not followed through on the idea of Google, or Steve Jobs had not followed through on the idea of Apple. You need to follow through on your ideas, start by planning; Sara put her entire $5,000 savings into SPANX and spent the two years planning the launch of her product while still working her day job. Set simple and achievable targets.
Finally, Is Fear Holding You Back? If you have got an idea, stick with it. Prepare for the ups and downs, but all in all stick with it, and make sure to get energised by the idea and get it done. See the end goal, and believe in what you do. You might not have it all smooth, but what will keep you going through the tough times at the beginning is if you can see the end goal and believe in the idea.
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