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• 08-12-2023

Wannapreneur to Entrepreneur !!

I have been at both places myself before taking ‘that one step’ and now as a Business Consultant for 10 years, worked with many Wannapreneurs and witnessed 60% of them taking ‘that one step‘….

Do you know, Only Eleven percent of the adult population in India is engaged in “early-stage entrepreneurial activities”, and only five percent of the country’s people go on to establish their own business, a survey has found as I read last week. Ever wondered where does the rest 95% go? While it is a dream for many to live that fascinating yet challenging entrepreneurial life, only some put a step forward and go through the hustle and bustle while others prefer it is a daydream. Simply put, that’s the only differentiator between a Wannapreneur and an Entrepreneur. Of course, it’s not an easy job to start on the journey of an entrepreneur, you really have to leave your current job for the same. 

One of the most common traits of Entrepreneurs that I have connected with over the years is that they believe in “Action”, without the “I do” factor within, you are just another person out of crores in the country with aspirations in the heart but no plan in the mind. Logically, there are some major factors associated with why wannapreneurs just want and don’t enter into the business. Read through if you are one of them and need a push to head start and reach that “final destination” eventually. Yes, the entrepreneurial journey will indeed be as scary and mind-boggling as the movie. But guess what? It’s worth it. Talking of why and how you can overcome the shillyshallier mindset:

The First reason I believe that stops or have you boxed within your comfort zone is that you are too used to getting salaried. That text message every first of the month makes you believe that your life is settled and it’s all sailing smooth. Well, practically you then are getting paid for working on someone else’s dream. Why not work on your own? 

The Action : Chuck the sense of comfort out and develop a systematic way of thinking, refine it every day and, follow your first set of principles and fight every other hurdle that comes your way. Start with thinking of all the possible plans and their outcomes and build a team of like-minded people. Research about the market inside out, know your target audience and create an action plan that you’d work on for the next month.

Think of it as, how worse can it get? Only that you might FAIL (Fall and initiate learning more). Failures teach us more !!

The Second reason is how you do have an idea, an excellent strategy, and a masterpiece on your table that can possibly bring a revolution in the industry, but the EXECUTION plan is nowhere to be seen in and around the workplace. As I suggested in one of my articles before it’s like watching and going through numerous recipes of baking a cake, putting your time, effort, and money to know its and bits of the same, but you are never going to bake one. Smart or stupid? You ask yourself. 

The Action: Build an idea, don’t just dream. You can wonder about your success all day with your eyes closed, but you’ll actually succeed when your eyes finally open up. Because of us working in such a dynamic market landscape, it’s better to create a short-term plan and stick to it at least in the near future. Don’t waste time building a long-term plan as the circumstances keep on changing and your business must be prepared for it. 

The Third reason is MONEY, monetary issues hit many because of which nearly 50% of the businesses fail in the first five years. It is undoubtedly one of the factors that one must be concerned about, but at the same time, it shouldn’t be one of those critical problems that stop you from jumping into the sea of success. 

The Action: What I usually suggest to many is to keep an estimated amount of your (expense + inevitable circumstances) every month of the year, in a separate bank and give a standing instruction to the responsible person to send it to your salary account every first of the month. That’s how you’ll never need to take money out of your profits or business anytime and the functioning will be easier and reliable. I’ve talked about many other possible actions that you must take to overcome this particular issue. 

Check out my interview here and know more about what pieces of golden advice I have for you here. https://www.youtube.com/watch?v=3uuHB6QG1yI

If you are one of the Wannapreneur – ‘take that one step’ – Get into Action – Be a Doer – Be an Entrepreneur !!