All we want when we think to be an entrepreneur is to leverage our geniuses to achieve dreams. To be our own boss and pursue your ideas in a way that allows people to connect with it emotionally and something deeper in themselves.
But, trouble starts when we start without knowing what it takes to turn a vision into reality. I have observed that many entrepreneurs get into business without knowing whether they have a solid reason for starting up or not.
Entrepreneurship is all about making your dent in the market full of uncertainty.
You haven’t built your product. So how do you know whether people will react? So there’s a huge range of uncertainties.
You know you need to find customers. You don’t know what they’re going to look like.
You know you need to pitch your idea in front of investors, employees and other stakeholders, but you don’t know how that’s going to be received.
You know that there’s going to be competition, but you don’t necessarily know how your competition is going to react and combat your strategy.
There’s whole categories of unknown risks that you’re facing. So before you face all of these risks and uncertainties, it will help you greatly to know why you want to be an entrepreneur
Use the step-by-step instructional guide to discover what it takes to be an entrepreneur fully prepared to effectively organise the available resources in an innovative way to start and grow a successful business. Knowing what it takes to become an entrepreneur will help you greatly before you take the first step towards building your business.
From recognising whether you genuinely want to be an entrepreneur to enabling you to take the right steps to become a successful one, this collection of the best business strategies will assist you to launch your venture and scale up to make it a successful one.
Let’s start from the beginning.
- Why do you want to be an entrepreneur?
- Is it because you want to make lots of money?
- Do you want to follow the trend?
- Do you want to prove someone wrong?
- Do you dislike your current job?
Instead of getting carried away by your personal, professional or social circumstances, think hard and long about why you want to be an entrepreneur and what it takes to be an entrepreneur. It should only be because you genuinely want to be that. Because you know no other way to be. Only then will you be able to be successful in your endeavour. Only then you must take the plunge. Entrepreneurship has to come naturally to you.
Apply the 5 Whys Technique to Know What it Takes to be an Entrepreneur
The 5 Whys technique, originally developed by Toyota for problem-solving, can be effectively applied by you to uncover the solid motivations and purpose for you becoming an entrepreneur. Here’s a breakdown of the 5 Whys and how you, as an entrepreneur, can use it to find your deeper “why”:
The 5 Whys is a simple, iterative interrogative technique used to explore the root cause of a problem by asking “Why?” five times. Each answer forms the basis of the next question, leading to the root cause or underlying reason.
- Identify the root cause of issues or motivations.
- Gain deeper insight into your ultimate goals as an entrepreneur.
- Align efforts with your core values.
Step-by-Step Process to Find Your Entrepreneurial “Why”
The starting point to explore your motivation is to find why you want to become an entrepreneur. It may sound easy, but as you dive deeper brainstorming the question using the “5 Why” method, you will achieve better clarity.
- Ask the First “Why”
Why do I want to become an entrepreneur?
- Ask the Second “Why”
Why do I want financial independence?
- Ask the Third “Why”
Why do I want control over my time and decisions?
- Ask the Fourth “Why”
Why do I feel restricted by traditional job structures?
- Ask the Fifth “Why”
Why do I want to pursue my own ideas and have more freedom?
Below are my answers on WHY I wanted to be an entrepreneur all along. It may help you decipher and decide your reasons:
First: I was always dealing with technology at the forefront, and in the background, I was keenly following the substantial influence of the media in shaping the world. I could see the advent of technology-driven media convergence. I was certain there would be ample opportunities to explore and become a chief player in the converged media domain.
Second: With the easy availability of smartphones, high-speed internet, and seamless connectivity solutions, the new media paradigm was emerging rapidly. While existing players were busy maximizing their profit, and fulfilling their commitments to investors and other stakeholders, I thought of becoming a challenger to capture the emerging opportunity.
Third: For over 18 years, I built technologies, launched businesses, and successfully executed mega marketing plans. Those learnings, expertise, and experiences, helped me to fly out of the comforting nest and create more, achieve more, and offer more. I was convinced that there could not be anything other than taking the plunge to capture this opportunity.
Fourth: Becoming successful at anything requires an understanding of market realities, knowing well the kind of risk you are going to face, and having a network of people who can connect your opportunity to the market. I was ready with all these three factors favourably tuned up at my side.
Fifth: Most of my past endeavours made me garner significant outcomes starting from scratch, and building things up, bit-by-bit. I wanted to challenge the usual – be a disruptor, create mystery, and be part of creating history rather than follow the norm.
I hope by now you have got the idea. Instead of allowing your emotions to supersede your decision of becoming an entrepreneur, it is better to first solidify your reason as to WHY you want to start your own business.
I invite you to engage in an introspective exercise, deciphering your five WHYs (and WHATs) to find the real reasons as to why you want to be an entrepreneur:
| Why | …do you think you have the grit and guts to change the world through your act? |
| Why | … do you think that it comes naturally to you to do things smartly and creatively? |
| What unconventional attributes do you possess that will get you from where you are to where you want to be? | |
| Why | …do you think you can get things done in a better, cheaper and smarter manner? |
| What purpose will you achieve by becoming an entrepreneur? |
To learn more about the 5-Why technique you can listen to the Ted Talk “Start with why” – understanding the purpose behind what we do can lead to greater success and innovation. click here to watch the video.
By applying the 5 Whys technique, you are able to dig deep to understand your true motivations behind what it takes to be an entrepreneur. This clarity can guide your journey, helping you build a business that not only meets your personal goals but also contributes meaningfully to the world helping you achieve your dreams and vision.
Do you want to discuss it further? Contact us to get in 15 minutes call to discuss how we can help you in your journey to become a successful entrepreneur, build market-ready digital products and grow your business with growth consulting.
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