Is there a better thing in the world than being your own boss? Not many people can say that there is, but unfortunately, not many people have the chance to make that dream come true. But for many people, entrepreneurship is the ultimate career goal that they will move mountains to make it so.
Source: Hashmicro
But first, let’s give you some statistics on the matter.
Almost 75% of all entrepreneurial careers end with disastrous failure. Those numbers are a real threat to anyone who is out there seeking entrepreneurial careers. More than 60% of all entrepreneurs have endured anxiety because of it, and they are more anxious people than the rest of the world.
But there is good news behind these statistics. Those entrepreneurs who do indeed have managed to succeed enjoy the most rewards. An entrepreneurial career is considered to be a double edge sword. It can lead to exhilarating and interesting opportunities that you’ve never even imagined.
So, if you really are planning on taking an entrepreneurial career, here are some of the tips on how to kickstart it.
Source: Marketing Land
1. Identify a Profitable Kickstart Idea
Most successful kickstarts have started from personal inspirations due to frustrations. For example, the founders of Uber, Travis Kalanick and Garret Camp, founded the company after experiencing various troubles while trying to catch a taxi.
Here is another example. The founders of Venmo, Andrew Kortina, and Iqram Madgon-Ismail, founded the company because they couldn’t pay each other back by checks. The company enjoyed huge success, similar to Uber, and were later acquired by PayPal.
Take the time of the day to brainstorm ideas by relating to personal frustrations on specific matters.
Source: STEL Order
2. Validate The Chances of Success
According to Unsecured Business Lines, evaluating the chances of succeeding is very important to look at before making the next step. Sure, you think you’ve got an excellent idea, but you need to make sure that your chances are solid before investing any more time, energy, and money.
Take the time to talk to your friends and people that are experienced in managing a business (family members don’t count) and ask for an honest opinion of your startup.
To look at things clearer, there is a term called MVP, which stands for a minimum viable product. An MVP is the most basic version of your tools of service that you will be providing your customers.
You need to take the time out of your busy schedule and arrange for meetings, questioning people whether they will use your product or service, or not.
Source: Pressfarm
3. Find a Co-Founder
Most successful people say that looking for a co-founder is considered a great move for your business. Namely, there are three main advantages of wanting a co-founder alongside you.
• It’s Easier to Get Funding
Whether or not the co-founder contributes or not, many venture capitalist investors believe that having a co-founder makes it easier for you to get funding. Most banks and investors are more likely to back multiple founders as opposed to solo founders.
• You Have More Support
Two sets of hands are better than one. Running a company is not an easy task, and it certainly has its fair shares of frustration and stress. It will be better for your emotional well-being to have someone alongside you that can help steer the ship during bad waters. Having someone there to provide support whenever needed will be more beneficial than being all alone.
• A Co-Founder Provides Different Skills
This is very much true for most startups. Namely, a co-founder will provide different skills, knowledge, and even connections that can be the difference maker towards the success of your company. Picking someone who has different sets of skills than yours is an excellent way to boost your odds of success.
Source: Michigan State University
Startups need fundraising in different stages, each with its own set of challenges and opportunities. The first stage is known as seed funding, which usually comes from personal savings, friends and family or angel investors. This money is typically used to help the founders get the business off the ground.
The next stage is called Series A funding, which is when venture capitalists begin to get involved. This money is used to scale the business, hire more staff and expand into new markets. Series B funding is the next stage, which is when the business really starts to take off. This money is used to fuel growth, often through aggressive marketing and expansion into new product lines or geographies.
The final stage is called IPO funding, which is when the company goes public and becomes traded on the stock market. This money is used to pay back early investors and provide a return for current shareholders. Click here to learn more about startup funding stages.
