A Beginner's Guide To Planning Your Entrepreneurial Journey

I'm an Entrepreneur, Supply chain expert, Founder and Managing Director at Acuver Consulting.

Fear, trepidation and self-doubt. These are just a few of the feelings that can come to mind when we think about entrepreneurship. And this is especially true for those who are toying with the idea of embarking on their maiden entrepreneurial journey. However, once past these feelings of uneasiness, first-time entrepreneurs will find that starting their own business can be one of the most exhilarating journeys of their life.

This is because entrepreneurs do, or attempt to do, what only a few of us can: build something from scratch. And although it might look like a lot of people today are doing this, thanks to a vibrant startup ecosystem, in truth, very few actually have the courage to look past their fears and take the entrepreneurial leap. So if you’ve managed to take this first and most important step, pat yourself on the back because it is no easy feat. And now, to plan ahead, here are a few steps that can help you embark on your entrepreneurial journey.

A Business Partner

Entrepreneurship can often be a lonely journey. Having a business partner from the start means that first-time entrepreneurs have someone to share their ideas with and split responsibilities. Often, this partner can be more experienced than the founder and even be a serial entrepreneur. In such a case, you can benefit from their wisdom and experience. In essence, a partner can help pool resources and share their knowledge and ideas. Plus, when two people think passionately about the same project, their differing opinions and viewpoints can actually help the company thrive. Hence, for all novice entrepreneurs, the proverb "two heads are better than one'' should be a guiding principle.

Importance Of Execution

Far too often, first-time entrepreneurs get caught up in the idea itself and fail to reach the execution stage or give the execution equal importance. However, any business owner worth their salt will tell you that idea and execution go hand in hand. The reason why execution is so important is that after months of nurturing an idea, execution helps to test whether the idea is viable and can withstand the pressures of business in the real world. Execution is what gives the idea wings to fly, so to speak, and can give real vision and direction to business plans. Hence, I would push new entrepreneurs to focus on execution as much as ideating.

A Strong Team

Time and again, we hear seasoned entrepreneurs saying that “a company is only as good as its people” or that “no man is an island." Well, all these sayings hold true because one of the top ten reasons startups fail is because they don’t have the right team in place. Building a dynamic business is, thus, heavily dependent on building a dynamic team since the execution of any business idea rests in the hands of the people you choose to be part of your entrepreneurial journey. A few tips for entrepreneurs who are building their maiden team:

• Create a hiring plan that outlines your goals and what you expect from your team.

• Seek out people who are self-starters and action-takers.

• Look for people with a combination of IQ and EQ. Emotional intelligence often gets relegated to the back burner as an optional soft skill. However, in today’s modern work environment, having people with the ability to manage their own emotions and those of others is an incredible asset.

• Think about the long term when hiring. What this means is that the initial struggling days of a startup are only temporary. Hence, think of hiring people who will be a good fit in the long term and have strong skills to keep the business viable in the future.

Clear Financial Goals

All too often, passionate young entrepreneurs can get caught up in the idealistic notion of creating a stellar product without prioritizing financial viability. This is a mistake because even though it is true that a good product or service will eventually speak for itself, setting clear-cut financial goals is foundational. This is because passion and a good idea can only go so far without the help of finance. The setting of tangible economic goals can help a business to achieve broader organizational objectives, both in the short term and long term. Thus, you should prioritize the setting of clear financial goals to help build a company that can thrive in the long run.

Optimism In The Face Of Failure

The rather philosophical-sounding advice of staying optimistic through failure has its moorings in the entrepreneurial journeys of hundreds of business owners. Every successful entrepreneur out there today will tell you that failure is a part of the journey. In fact, most entrepreneurs even vouch for the fact that failure is what has made them successful and molded them into the business leaders that they are today. There are a couple of reasons why failure is a great teacher. Number one is because it shows you what didn’t work and how to look at everything in a new light. Number two is because it instills in you a sense of humility—a lesson that can help carry you a long way in business.

The only way to push through failure is to not lose hope in your business idea and to be optimistic about new beginnings. It is easier said than done, of course, but failure’s fame as a great teacher is not without merit. So for all those who are just embarking on their entrepreneurial journey, know that you will encounter failure, but it's what you do with it that matters the most.

Ultimately, there is no perfect guidebook for entrepreneurship, and for those who are just starting out, it can be easy to get overwhelmed with all the competition out there. But at the end of the day, it is important to remember to focus on your own journey and be true to yourself.

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