To be an entrepreneur, one has to have the conviction and belief in the idea that one is pursuing. Unless you have that conviction, you are unlikely to take the first step required to convert that idea from a ‘thought in your head’ to a ‘venture in the real world’.
Once you have a thought or an idea about something that can become a good business venture, you have to think hard about the potential of that concept, assess the merits and challenges, and once you feel convinced enough, you have to be ready to take that leap of faith to go and implement that idea in the marketplace.
Many aspiring entrepreneurs tend to test and research, and retest and re-research their idea or concept and depend only on the research findings to pursue or drop that idea. Often, research cannot give you the answer to whether an idea will work or not. Sometimes, entrepreneurs have to take that leap of faith and that gut-feel based decision to start up.
Entrepreneurs however, should NOT be blind risk takers. Successful entrepreneurs understand the risks and take necessary steps to overcome those risks and challenges. Planning well is what helps them deal with the risks and challenges better. Others who give up often do not think hard enough about addressing those challenges. They get scared of the challenges because they do not think of solutions.
Entrepreneurship often requires entrepreneurs to pursue their vision in the face skepticism and negative feedback on their ideas and plans from many individuals. Often these individuals who are skeptical of the plans are well meaning and may give an honest feedback based on their own assessment of the risk-reward dynamics of that idea.
But mostly, entrepreneurs are able to spot opportunities where others see problems.
Entrepreneurs see opportunities before others see them. Entrepreneurs catch the wave on the up…. Entrepreneurial thinking and aptitude is about seeing the ‘signals’ where others see ‘noise’.
The ability to take that leap of faith AFTER assessing the potential and understanding the risks allows entrepreneurs to be confident and optimistic about the opportunity and potential of an idea. Optimism and confidence create positivity and enthusiasm, which infects others around them. It helps entrepreneurs build teams, get early adopters, and often, helps them get investments from investors. (It is not without reason that entrepreneurs who are successful are good presenters and can tell their story with conviction and passion).
Most businesses that ultimately succeed are the ones where the entrepreneurs had the grit, determination, patience and perseverance to succeed. In the most trying times it is these virtues that’ll help you go past the tough phases.
All businesses go through ups and downs, and almost all businesses and teams will have a number of challenging times. And that’s why passion is critical. Unless you have passion, the temptation to give up at the first signs of challenge is quite high.
Go ahead. Think hard about the opportunity around that idea and what you need to do to make it work. Seek guidance from those who have more experience in operationalizing a business. Plan well. Execute efficiently. Be confident.
You will never fail. Either you will win or you will learn. And this learning will help you prepare even better for the next journey of your life. Go ahead. Take that leap of faith in your idea. Irrespective of whether you succeed or fail, you will enjoy the journey. You will emerge wiser, and certainly better-prepared for opportunities that life would have for you ahead.
Wish you all the very best in your entrepreneurial journey.