ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

7 Things to Be Aware of Before You Begin Your Entrepreneurship Journey

Updated on July 11, 2019
Charles Emerenwa profile image

Brian is an aspiring writer that seeks to inform and educate the public through informative and educational pieces from various categories.

There are many different reasons that entrepreneurs chose to become entrepreneurs, but one thing that all entrepreneurs and small business owners agree on is that being an entrepreneur is great. Despite the challenges and risks, when done right, the journey of entrepreneurship can be hugely rewarding. There are endless reasons for this, and every entrepreneur will have his or her own personal reasons that make them choose this path. On the other hand, others may find the idea daunting due to the uncertainty of a business venture.

Entrepreneurship Journey
Entrepreneurship Journey

However, to increase the chances of success in the entrepreneurial field, it is important to have the necessary knowledge and the right people to support you. If you are just starting out on your entrepreneurial journey, here are seven basic elements that you need to know before you begin your very own exciting entrepreneurial journey.

1. Determine the Industry

Determine the Industry
Determine the Industry

One of the important decisions to make when forming a new business is being aware of which industry to participate in. With so many industry choices, it can be a challenge to understand which industry is the right choice for you. The only way to know if what seemed like a great idea in your dorm room can become a viable business is to do the research.

Take the time to thoroughly study all the elements that go into establishing your new business. Often time, picking the wrong industry to start a business is a result of putting profit first. The purpose of every business should not be only just about money. It should begin with value creation, delivering value in an efficient way that it will generate profit after cost.

2. Do Not Wait for the Perfect Plan

Do Not Wait for the Perfect Plan
Do Not Wait for the Perfect Plan

Waiting too long to perfect your plans can set a business back. Having a plan is good but waiting for a perfect plan before taking action is a waste of resources and time, it may keep you from doing anything at all. Too much planning is a cathartic distraction. While it is okay to have a plan, do not wait for the perfect plan.

3. Managing Financial Expectations

Managing Financial Expectations
Managing Financial Expectations

Inability to manage financial expectations and premature financial decisions are often the cause of a business downfall. No matter how good a venture is, bad financial decisions can be extremely detrimental. Many start-up companies and small businesses end up in failures largely because of poor financial decisions.

One important thing to note is the necessity of distinguishing funds for personal use and company use. Confusing these two and not having a proper guideline for appropriate fund allocation is a recipe for disaster.

4. Leverage to Succeed

Leverage to Succeed
Leverage to Succeed

It is impossible to make it alone, running a business and expecting to succeed. Entrepreneurs choose to run a venture with partners or through collaboration because of the different skill sets the various parties brings to the table.

Regardless of company size, running any kind of business requires skills and knowledge in a variety of areas. Hence, it is important to talk to people with experience and diverse background to get relevant information and knowledge that is pertinent to the success of your business venture.

5. Select Your Business Partner

Select Your Business Partner
Select Your Business Partner

Choosing the right partnership is important and brings forth many advantages for every business. It allows entrepreneurs to leverage complementary skill sets, create a good working environment and pool startup costs and spread out the risks of the venture among business partners.

The people you choose to include and associate yourself with the business should be chosen carefully as it will be the determinant for the success or downfall of the business venture. Hence, make sure you have a foolproof selection plan and criteria for your leveraging choices.

6. Think Outside the Box

Think Outside the Box
Think Outside the Box

The concept ‘think outside the box' in this context means challenging the norm and try to figure out an alternative demand or even better, create the demand for the market. Businesses ought to create value and a way to do so is to address the needs and wants of the market. Being able to think creatively and freely to create a unique demand for a new product will give an edge to a new venture. It is also called 'getting out of your comfort zone'. Nobody ever died of discomfort, living in the name of comfort has killed more ideas, more opportunities, more actions, and more growth.

7. Decide on Your Business Offering

Decide on Your Business Offering
Decide on Your Business Offering

If you intend to begin as an entrepreneur with your own business, it is not necessary to have a product line. It is a misconception that to run a business, you should get started right away by building your first product and selling it to the market. But the truth is, it is not that easy to come up with a great product idea.

It requires time and money to be invested in product development and the success of the new product line is not necessarily guaranteed. Thus, some entrepreneurs choose their first venture or start-up as a service- based provider. The logic behind this is to create a channel to start generating cash flow and go on to capitalize on the funds for a possible future venture.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://maven.io/company/pages/privacy

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)