By: Thikka Reya
Stages of Entrepreneurial Journey
Entrepreneurs are made not born. How entrepreneur evolves, phases of entrepreneur, stages of entrepreneur
Do you know what puts a successful entrepreneur apart from others? Entrepreneurs give that extra push required to reach their destiny. They work hard when it actually matters the most. Whereas, others would give up hope at that crucial moment.
Think of running for a marathon. The closer you get to destination, the harder it becomes. It becomes so hard, that you need to go beyond your physical abilities. It hurts you, but you need to push yourself hard to stay on the game and finally reach the destination.
As we know marathon is 26 miles and most would give up after running for 20miles or so. Because after 20 miles, every step you make becomes harder and harder. All the effort you put so far is something that everybody does. But, it is now the real moment. This is where it matters the most. This is where your motivation levels and determination is tested. This is where you make yourself different from losers. Only few will go beyond their abilities and push themselves hard and reach destination (I am not talking about professional athletes here. But take out the essence from this example)
The following are the stages that every entrepreneur go through in their journey and as we progress in these stages, it takes extra motivation and determination to reach your goal.
This is the initial stage, where you involve in lot of imagination. You may imagine yourself getting rich. Or maybe you imagine yourself as being a great social worker. Or you may think of getting a luxury car, a Luxury home, List goes on.
Almost everyone day dream. But only entrepreneur minded people would go to second stage.
Too many ideas
Now you would start getting ideas, way too many business ideas. You would start to find problems everywhere and where ever you go. You may have difficulty sleeping as your ideas sound too good and you are sure to be successful with those ideas, if implemented.
Now you can’t help yourself but do something with those ideas.
You will start to do some research (majorly over the internet) and you see some of your ideas already being implemented by someone. You may also see some ads over the TV or Newspaper or Internet of new startups starting their business with the ideas similar to yours.
In this stage, you will start to enter in to the real world and you would get to know some hard realities. You would realize that it’s not going to be as smooth as you thought it would be.
You will start realizing the urge in launching your business. You may short list your ideas or you would restructure your ideas based on your research.
(3) Time priority
In this stage, you will know the value of time and how to manage it. You get too many things to do, and day by day you get better in managing them. You may prioritize things and be more practical with your approach. An “entrepreneur” will set some short term and long term goals and they get in to habit of accomplishing them regardless of the result.
Here you realize that you cannot give attention to multiple ideas (Along with family and personal hobbies) and you short list them further and further and you will start to do something with those ideas. You would most probably choose an idea that you are knowledgeable on.
(4) Prototype & Testing
In this state you will create a prototype (product samples) of your idea by making some investment from your own pocket. You may not be interested in investing too much on your idea as the risk is high. You may start to test your ideas by creating samples and doing some marketing.
You will test your product and based on that you would validate your ideas. You will be honest with yourself and be judgmental on your own ideas. You will fight towards your ego and you would take in to account only the ideas that are actually showing some response.
(5) Product launches and the urge to do fast
Welcome to entrepreneurship. The beginning of the marathon race.
By now, you must only be having a handful of ideas that you’d put your heart and soul on and work towards their success. You are very committed to face any kind of challenges that somebody would throw at you. You will start planning on how to launch your business and get started.
You will realize that the expenses are getting more than you expected and that your own pocket cannot support the raising demands. You will realize that the growth needs to be fast and you cannot wait for revenues to turn in good shape. So, you will start searching for investors, you go for presenting your idea to potential investors and get invested.
Note: Some ideas are so smart that they are self sufficient and doesn’t need investors.
(6) First Failure Hit (The panic moment)
You will face good amount of challenges and the pressure keeps building. You may see failure in your idea and not reaching the expected goals. You may get a sense of giving up but you won’t.
(7) Learn from failures, make changes, re launch
You will keep the home alive. You will learn from your failure. You would start considering the customer feedback seriously and work on it. You will try to find out the flaws in your business and you’d try to fix them on priority at minimal cost. You will launch the improved product again in to the market.
You may see neither profits nor loss. Your business is stable and starting to take good shape.
(8) Better product
From all the learning you had so far, you would get fare amount of idea on the target market, your competitors, and flaws in the business, etc. As a measure to control the quality, you will incorporate some process in your company. You feel more confident about your product and will start to taste the “success”
(9) Good product
All your anticipation go wrong and you learn from your mistakes. Make changes. Re-launch the product and ultimately you get a product in the market that is better accepted by the society.
(10) Much better product
You repeat the above step and now you get a much better product.
(11) Great product (Successful business)
Finally, you reached your destiny and you’d smile at the thoughts you had at stage one.
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