Gone are the insecurities and fears. A Chinese proverb says that “the biggest failure is never to have tried.”
Perhaps one of the purposes of many future entrepreneurs for this 2017 is to forget the comfort offered by a stable job (although it does not represent a professional challenge) to dare to undertake .
Gone are insecurities and fears. A Chinese proverb says that “the biggest failure is never to have tried.” But how dare? The following four steps can be a start.
1. Have an innovative business idea
It can be an innovative concept that offers something different from what already exists, whether it improves the user experience or that revolutionizes an industry.
Graham Bell, who was a British inventor in the field of telecommunications who contributed to the development of aviation, once said: “Never walk on the path traced, it will only lead you to where the others were.” Taking inspiration in some successful business models can be positive, although you always have to establish a differentiator in the market and with it a competitive advantage that brings something new to the market.
2. Eliminate the fear of failure
Many people do not undertake for fear of failure, especially people who are in a corporate and have financial security, says Juan Manuel Alvarado, managing partner of Founder into Funders, a venture capital fund.
To overcome this step, it is necessary to have confidence in the project. Mentalize that the road will not be easy, that there will be failures, but that with work and knowledge of the business can be overcome.
And in case of failure, “we must pivot (modify the business model) and analyze what went wrong to do things differently and grow,” says Alvarado. “The entrepreneur has revenge every day,” he stresses.
3. Get seed capital
Commonly available capital is not enough, so the option is to opt for financing. In the beginning, the most recurrent is the so-called friends, family, and fools , in which resources are obtained from a nearby circle to start the business. As the company grows, it is possible to access another type of funding such as investment funds, angel investment (in exchange for a shareholding) or crowdfounding (collective financing), which is lately in vogue.
In this step, being clear about the advantages of the project will be essential to get investors beyond the people close to them.
4. Prepare constantly
How to exploit that idea that has been spinning in your head? One way to do this is to prepare yourself on topics that concern the industry you are in, attending conferences, seminars or reading.
Having mentors also helps give direction to that passion you feel for your endeavor. A mentor can be a colleague, someone with a lot of experience in starting a business, or even someone from a very different profession or industry, as this will give you a perspective from another angle that could be enriching.