There are more advisors for entrepreneurs than founders! This probably tells you something about the business of entrepreneurship and advice-giving. However, if a new entrepreneur was to come to me for advice, I’d ask them to make sure they’ve thought well before taking the plunge. Entrepreneurship is hard work and will demand more mental energy. Apart from developing a mental strength, this process will question your beliefs about the business idea, customer pain and whether you’ll succeed or not. The most valuable thing would be to be adaptable, quick to learn and pivot if required.
If a new entrepreneur was to come to you for advice
The first and most important advice I’d give is about self-care. Entrepreneurship is stressful and demands emotional space. Once you start a business, your time and energy will be consumed by it. This also comes at a cost of family and personal time. At least during the first few years of startup, you will work more than being in a normal corporate job. So when you take the plunge, make sure that you’re aware of what you will be giving up in life.
The other areas of advice for entrepreneurs are
Understand Your Market – Advice for Entrepreneurs
This is where everything starts from. The perfect business idea is where your interest, specialisation and market needs meet each other. The market is one of the most elusive parts. It gives us a sense of understanding but keeps changing. What people say and what they buy will not always be the same thing. Keep your ear close to the customers and adapt as per their demands.
Persist and Persevere to establish your business idea
Every entrepreneur or business person will tell you about perseverance. Don’t stop until you reach success is the most common advice. However, if an entrepreneur comes to me for advice, I’d say – make sure that this doesn’t consume you. Being persistent doesn’t mean that you have to be blind to take feedback. Make sure you hear from the market and adapt so that you can stay relevant. Too many entrepreneurs have died out because they were too resistant to change.
Be ready to learn, unlearn and understand your customers
What we know about the market might be limited information. The more we talk to people, we realise that customers behave differently. Apart from price discussions, listen intently to pain points. What do the customers want as an outcome? The most valuable outcome sometimes is an emotional one that manifests as money. Most customers tell you that they want the same thing for cheaper price and faster output.
Dig a little deeper and try to understand why. What is the deeper pain that the customer is trying to solve in the process? Understand your customers better than they understand themselves. Most importantly, be prepared to unlearn some of the things that you think you already know. They may not be right.
References:
Risks in entrepreneurship: https://www.investopedia.com/ask/answers/040615/what-risks-does-entrepreneur-face.asp#:~:text=Entrepreneurs%20face%20multiple%20risks%20such,and%20political%20and%20economic%20risks.
Entrepreneurial persistence is the key to success: https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/27/entrepreneurial-persistence-the-key-to-success/
Self-care for entrepreneurs: https://www.forbes.com/sites/forbesbusinesscouncil/2023/09/01/mastering-self-care-a-guide-for-entrepreneurs/
