A Few Tips Before You Get on the Entrepreneurship Bandwagon

At the age of 16,Richard Branson, the business magnate, started his entrepreneurship journey by launching the ‘Student’ magazine. The idea was to create an alternative for his school publication, that according to him, was time-worn.

Prometheus72/Shutterstock: Sir Richard Branson, the founder of Virgin Group, in Istanbul, Turkey, 2007

Branson wanted to step into the field of journalism by taking up an editorial role but soon realized that the magazine needed more from him. He became an entrepreneur to keep it going and subsequently went on to start the ‘Virgin’ empire, launching hundreds of companies under his wings.

It is tricky to find a career path that falls in the intersection of what you love to do and what you are good at. A 2019 Gallup study suggests that an overwhelming 85% of the world’s workforce is unhappy with their job.

baranq/Shutterstock: A representation of unhappy workforce

More often than not, business ideas are born when people are not in love with their current working conditions. While Branson amassed a fortune worth billions, he often reiterates that the aim has always been to create new businesses that excite him. He has a track record of venturing into industries and shaking them up for good!

If this kind of passion resonates with you, then you should become an entrepreneur right away. But before laying the foundation for your million-dollar idea, it is imperative to answer the following questions.

1. Are you good at it?
2. Do you love doing it?
3. Does it give you a sense of satisfaction?

A significant roadblock faced by people is that they are passionate about more than one thing and want to explore all their interests. You can narrow down your prospective ideas broadly in three phases.

fizkes/Shutterstock: Find the answers

Phase 1: Reflect

What is it that drives you? Is there anything that keeps you up all night? These are important questions that will shape your future, so make a comprehensive list of issues that you profoundly care about.

Phase 2: Remember

As we grow older, our instinctive traits start to wane, which are usuallymeant for solving problems. We get bogged down with academics, work, and other responsibilities, blocking our creative vents. Reminisce the good old days and figure out the things you enjoyed.

Phase 3: Revisit

Now that you have a full list of ideas, you can leave it aside for a few days. When you revisit them, start churning out the ones that you think are the best. It is even better if there’s just a single concept that you can strongly relate to.

This last one of the most crucial steps to undertake before starting your work on a new business plan. Now that you have some food for thought, get your hands dirty, and enjoy your journey to the fullest!