Feb 17, 2021 09:00 AM EST
If the COVID-19 pandemic has made you rethink your professional growth and income stability, do not worry, many are in same position as you. The pandemic has made people realized how unpredictable the world is, and the job they thought they securely have, can easily vanish. Some, who have been stuck at home not being able to spend that much for the usual - shopping, travelling, and eating out, are confronted with the fact that they now have savings. Well and good, of course.
If you are one of them and suddenly had the bright idea of staring a business right smack in the middle of an ongoing pandemic because you believe entrepreneurship might be a more stable option after all, do not think you have gone crazy. It's perfectly normal and just might work out! If you are a woman suddenly confronted with the desire to start a business even at the comfort of your home, do it!
If you do not know how to start because this is the first time you thought it was possible to start a business, do not fret. Below are 4 tips to consider to boost your chances of entrepreneurial success:
It's a known fact that most entrepreneurs right now remain to be males. This is because they are probably used to thinking and thinking some more before doing anything. Women are known to be more rash in their decision-making, which has its own benefits, but if you want a successful business, you got to arm yourself for a it.
By preparing, we do not mean sitting on your idea and being afraid to take a leap of faith. Instead, we mean researching more about your business idea and reading everything about it so you are one step ahead.
Determine what can you offer that has value to others. Determine what people are willing to pay for in the middle of a pandemic. Select the business idea that you actually has passion for. Choose what products or services you like to offer, research them, define your target audience, investigate possible big or small competitors, draft a work plan, and set realistic objectives to achieve during the first year.
Never just copy others, especially if you are just inspired by their success. You do not know the length of time they put int o research their ideas or you might not even have the same passion as them! That can spell a disaster down the road.
If you now have a good plan, run with it. The last thing you want is to have a solid idea backed by good research and then just deciding you are not brave enough to do it. Do not let the thought of it being not the right time yet, be an excuse not to start. In reality, there is no "perfect" time for anything.
Women get married, get pregnant, or do something crazy because iit felt right for them, not because it was the perfect time. Starting a business should be the same. Waiting for the "perfect" time might mean waiting forever.
The pandemic might be a special time and feels extraordinary to be taking risks, but it does not necesarily mean it's a bad time.
When we say there is no perfect time though, we do not mean suspend all thoughts. This is why we said preparation is the key and should be the first step.
As a newbie entrepeneur, no matter how much you prepare, you are bound to lose some before winning big. If you realized you made a big mistake, accept that it is part of having a business and move on.
Look for a solution if there is and embrace the failure if there is none. An entrepreneur is wired to be tough, and women are wired to be so much tougher!
Taking in mistakes is just part of having a business, especially a start-up. It does not mean you are not built to be a successful entrepreneur at all.
While the other tips sound like they're from a retired cheerleader full of cliches and rah-rah-rahs, this last tip is the most legit.
Once you become an entrepreneur, you will realize that your relationship with money will definitely change. Having a job meant someone is thinking ahead of you in order for you to have your monthly pay. Having a business however, meant you have to think for yourself and even for others down the road, for a long time.
here will be times when you will make more money than you would have in two months worth of employment, and sometimes you'll be asking why you decided to go broke for no reason when you already had a cushy job.
Make sure that you can go with the flow and never spend more than what you know you can earn. You will be paying taxes and some people down the road, so it is always a better idea to be conservative with your money.
If you take out a loan from the bank to start this small business, remember to set aside the needed cash to pay the loan back.
Once all obligations are settled though and you think you can spend without going bankrupt, then go enjoy!
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.
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