The entrepreneurial path is not for the faint of heart. Surrendering a guaranteed monthly paycheck to go out on your own is a decision that takes immense courage. That many businesses ventures fail within their first year is a depressing statistic, and one that can negate any ambitions you may have. But if we have learnt anything from self-made billionaires, it’s that persistence is a highly rewarding quality if you can weather through the initial challenges that accompany establishing a new venture.
The Road Less Travelled
The key to entrepreneurial success is not necessarily having enough capital to begin with. Rather it is uniqueness. If you can take up a road less travelled, you can potentially find a market that has not been tapped, and build your own success story with relatively little competition. Of course, this is easier said than done since pretty much everything has been done, right? Not necessarily.
Our imaginative potential is infinite, and if you can invoke a strong business idea, you can create something phenomenal. Regardless of whether it is a product or a service- making it inimitable will help you get all the monopoly that comes with it. It doesn’t have to be something completely unique. You can simply repackage something existing and present it in an entirely different way- like at coolstuffbro.com you can see how people are taking ordinary ideas and transforming them into extraordinary products.
We credit Steve Jobs with revolutionizing the smartphone industry. When the first iPhone was launched over half a decade ago, it stunned the world. Steve had a firm conviction that the world needed something different, and pursued his idea until it materialized into the most successful line of smartphones. His ability to offer something unique –not necessarily new, but different- transformed him into one of the most revered persons in the world.
Where Do You Start?
There is no one set starting point. It all depends on what your particular ideas are, and the possibility of executing them. The inspiration should stem from something you are really passionate about. Bill Gates loved computers, Warren Buffet loved investing and we both know how their stories end. It doesn’t matter how little they had to begin with. They had something they loved, and they poured in all their energies until their passions became their businesses.
Why must you have so much love in the first place? Because when the going gets tough- and it will- and before the money starts coming, you will need the motivation to endure. Liking what you are doing will enable you stay on the path even when materialization is still far off.
Your hobbies and life experiences can be used as inspiration. Keeping an open mind and allowing yourself to learn will go a long way in helping you find or perfect your business idea.
Financing should not be the deciding factor in deciding whether to pursue your venture or not. The problem with unique ventures is that the vision is clearest to you at first. While this might make it more difficult to gather capital initially, it should not eclipse the fact that your idea could change your life, and the world along with it.