What Can Prevent You from Becoming an Entrepreneur?
Well, there are a lot of things which can prevent you to achieve success and be becoming an entrepreneur. You and every entrepreneur or everyone doing business or looking to do business should read the book called “Think and Grow Rich” by Napoleon Hill.
This is an absolute gem where Napoleon Hill has explained why people don’t take a risk in their life and they cannot become entrepreneurs.
Entrepreneurship is doing a business, it’s all about taking a risk!
First thing is, you have to take a risk because every time, every moment in life is risky. You are neither sure about your future nor about your present. You cannot predict what will happen after half an hour. So it’s all about risk, but entrepreneurship is all about risk management. There are multiple factors that he has explained.
Fear of failure:
The first important thing is fear of failure. Every time when you are doing something new and going into an unknown territory, you do not know what will happen next.
You know the target and the goal but you do not know the path and how to reach that destination. So your little man will always tell you that you are going to fail. The fear of failure is the most important thing that can prevent you from becoming an entrepreneur. So you have to overcome this. Remember, it’s all about risk. So you should learn about risk management that will get you more gain.
You should definitely read this book called “The Dhandho Investor” by Mohnish Pabrai. It’s about low risk and high returns, so you have to know how to take a calculated risk.
Lack of self-confidence:
The second point is lack of self confidence. You should have confidence in yourself that you can achieve your destination or you can do that. That is why Nike has the slogan ‘just do it’. So if you don’t have confidence on yourself then how can you overcome the fear of failure?
Because there will always be pressure from your society, from your family, from your friends and peers. Everyone around you will question you and if you don’t have confidence in yourself then it is going to prevent you from taking that risk and overcoming the fear of failure.
So that is why lots of people are just doing what they have to do just to avoid risk in their life and they cannot take that race because they are not confident in themselves. They lack self-confidence, so they are not able to take those decisions.
You have to have very good decision-making power even irrespective of right or wrong. You have to take decisions and stick to it. You cannot just shuffle here and there.
When you are starting a business, you are doing it by yourself. After a point of time, you will have employees, you will have partners who will come into your business and help your business grow. People will be looking up to you as a leader of your team, as a leader of your company and if you are not able to take decisions for yourself and for your company, then people will lose faith in you.
They won’t trust you as you are not able to take a decision. So you have to develop a sense of decision-making because when you reach that level, you have to take very hard decisions.
You have to learn how to share your wealth when money starts flowing in. Share the wealth with your employees, with your partners so they will have more faith in you and they will give more input in your company.
That is why you will see all the big companies give shares to the employees along with salary because by giving them a part of the company, they make sure the employees do not leave them. the wealth of the company is being shared amongst everyone, so everyone is equally benefiting from this.
You have to know how to set goals. You should have short-term and long-term goals. Short term goals like what you want to do within next 30 days, next 60 days or so.
That is why we do SWOT analysis to understand where you stand right now with your business and what are your strengths and weaknesses, opportunities and threats. This is a very useful technique to analyze your business.
Similarly long-term plan like where do you see the company grow in may be five years or two years or maybe ten years down the line. The revenue, the market and need you set goals for yourself, for the marketing team, for my sales team etc.
Not everyone is a leader not everyone can become a leader, so if you are a leader you have to know what you want to do and what others have to do. you have to learn the art of delegation.
Finding your value:
As Brian Tracy has said, you have to learn what is your hourly rate. You have to learn how to delegate your work among your team so you don’t have to do everything by yourself.
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