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Which one thing you would choose to work on again and again if you want Sense of Satisfaction, Freedom and Sense of Contribution to make this world a better place?
If you ask me, I would say: The best answer is: Become Successful Entrepreneur.
In old days, Entrepreneurship was about starting a business. However that definition is incomplete in this new world.
Today, entrepreneurship is all about helping people solve their problems, taking them from where they are to where they want to be and getting paid for doing that (yes, getting paid is important too).
It’s true for both online businesses and offline businesses.
We can see the increasing trend in today’s professionals to choose entrepreneurship as a new career than just keep working on a job for the life time.
There are numerous challenges faced by these budding entrepreneurs.
Here are the Top 10 of them:
(1) Worry about their Financial Safety
(2) Lack of Knowledge about exact Next Steps
(3) Lack of real life Business Idea
(4) Lack of Required Self-Confidence
(5) Lack of Success Coach / Mentor
(6) Fear of Failure
(7) Non Supportive People around them
(8) Lack of Clarity
(9) Lack of Big Dreams
(10) Fear to Leave Comfort Zone
I’ve personally experienced most of these challenges before I became a Successful Author, International Speaker and Branding Expert.
Here are my 10 keys for your success in Entrepreneurship venture:
(1) Make Financial Safety Plan
(2) Get Strategic Knowledge about exact Next Steps
(3) Identify Business Idea that works
(4) Build Self-Confidence
(5) Get Success Coach / Mentor to help you
(6) Learn Strategies for Success
(7) Build Supportive Team
(8) Get Clarity of Future
(9) Set Big Dreams & Passion
(10) Make Effective Blue print to Succeed
You don’t need everything at the beginning however you will need to look after most of the things during your Entrepreneurial journey.
However, the journey of Entrepreneurship can seem lonely because you will be burning mid night oil to look after various pieces of the unknown puzzle and it will seem like giving up in between.
Imagine you are going for a mountain climbing adventure. It’s all excitement and passion at the beginning. However when the terrain gets harder and harder (which is true in majority of the cases) you may feel like stuck somewhere in between. You can’t even go forward due to obstacles and you can’t even return due to fear of failure or what other people will say about you.
To help you successfully handle all these emotions and assist you to explore the window of opportunities, a good success coach can be very useful.
You may ask, why coaching is essential for today's new breed of entrepreneurs? Well, here are the 6 major benefits of coaching for budding entrepreneurs.
1) Managing your Self-Motivation: Whenever I work with someone, I strive to dig out the WHY behind their actions. The stronger the WHY, bigger the self-motivation.
If you have stronger reasons to proceed, you will be tough in handling obstacles. Col. Saunders (Founder of KFC) was financially poor when he started and his desire to succeed financially became his motive to succeed in his field.
Imagine your entrepreneurial journey as a rocket. You need fire at the base to propel you forward.
2) Strategic Guidance: Whenever you’ll start your entrepreneurial journey you may not be aware of all the Key success factors in building the products, marketing, selling, negotiating your deals, finding the investors, recruiting high performance teams, handling economic fluctuations etc. With the help of right coach you will succeed in your new venture and minimise your losses.
3) Managing Change: While working on your business dream, you might be working on your full time job to back up your economic side. You might be sleeping less, ignoring your health and spending less time with your family. With the help of a coach, you can identify the potential roadblocks and come up with the contingency plan to deal with them. It will help you succeed in keeping work-life balance so that you cannot give up on your business dream.
4) Managing your Failures: The biggest mistake I see, budding entrepreneurs are making, is to expect smooth ride. How much I wish, to happen it for you, but in real world life will throw at you many challenges which you may not even dreamed of.
After my MBA, when I started working, I got laid off. It was a recession time in the UK. I couldn’t even get a new job. However my desire to finish stronger was so intense that I fought back the obstacles. Took a job as door keeper at an Arts centre where my job was to see the ticket and let the audience in. It was hard time but that taught me many life sessions which otherwise I couldn’t have learnt elsewhere. You must be able to manage your failures and finish stronger.
5) Managing your Efficiency: With the help of right coach you can identify real value adding activities and separate them from non-value adding activities. You can do more things which matters more and spend less time on the things of less importance. You should be able to delegate, eliminate, and automate your activities.
6) Managing your Money: You cannot ignore the importance of money management in business. It’s not a one off thing. You have to be laser focussed every year. Hundred year old companies such as Lehman Brothers have gone bankrupt by ignoring this.
Don’t let this happen to you. Learn to manage your cash flow. Learn to manage money.
From past 7 years Success Coach Nilesh has been helping entrepreneurs to make their dream become a reality. In the very first year of his consulting business, he was the finalist for Best New comer to Consulting and Most Outstanding Achievements towards continuous professional development in the UK. He currently lives in London, UK and also support clients worldwide via Training, Coaching and Consulting Sessions.