First step to Entrepreneurship

I was on a short vacation last week to attend a family wedding. On my return, I came to know that one of my well-known contacts decided to quit his job as CEO. I immediately called him only to pleasantly get surprised that he was thinking about contacting me and was looking forward to meeting me. Of course, he was warmly responded by me, and I started looking forward to our meeting.

Being an employee turned in to an Entrepreneur, I realise that such decisions are never easy. More so ever, to leave a CEO level secured and big paying job of a top Indian company and calling a quit has its challenges. Hence I was very keen to know about his plans and to find out if I can assist him in anyways. Eventually, he came in today to meet me at my office. We quickly got onto business and wherein he shared his vision and thoughts on his new business with me. We spent some good time today and which could only end with delicious Neer dosa in a neighboring restaurant.

ETHe is all set to kick off his new life as an entrepreneur. My pieces of advice were simple to him and were the following:

1. If you are planning to build a business that is going to take on with established players head-on, prepare your self first. Preparation time advised a minimum of 3 to 6 months, if not more.

2. Prepare a list of all possible questions which your client is going to ask about you and your business and standard answers which you are going to give. Your answers can turn an objection into opportunities. People have known you as an employee who delivered on the strengths of an organisation; now they want to see what you are, do you have the capability to offer, and would you last or have sustainability?

3. Don’t mess up with your soft targets when you are about to start or during your initial pitches and when you are yet figuring out for answers. Save them till the time you have a perfect plan ready with you. The usual tendency of most people is that they first approach their contacts hoping to win business only to realise that their unpreparedness has cost them to lose on golden opportunity to kick off the business.

4. Do mental preparation of your family (wife and kids). They might be aware that you have decided to be an entrepreneur, but do they know what it will mean to their life and initial struggle it will bring in for them? Prepare them better to allow you much needed support and peace in your quest.

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