They say that little knowledge is a dangerous thing. The same applies for entrepreneurship. You ought to know what you’re getting into, before making that vital leap of faith. Sure working for the ‘man’ isn’t the ideal situation to find yourself in. But here are the truths about working for the worst boss of all, yourself.
- Always have a Plan B: Remember however good your initial plan maybe, always have an alternative strategy. Bill Wassler, a consultant with a leading venture capital firm says, “it is really surprising that people do not have an idea about what they’re to do if their initial idea fails. Being prepared for the worst should be one of the first things you ought to be.”
- Make rejection your best friend: This may sound defeatist and counterproductive, but despite conventional wisdom, you need to understand that not everyone you approach is not going to be gung-ho about your proposition as you are. Disheartening as it may seem, rejection can be your ally, remember all the criticism that comes your way and make your iterations to your initial plan, in order to make it that much more invulnerable to criticism the next time around.
- Anticipate anything: Murphy’s law. Enough said.
- Maximize your resources: If you’re starting out, you’ll know that every penny is vital. For instance while having your own office is a great ego/morale boost, the truth is that it is an expensive proposition. Explore a good business centre and see the difference it makes to your overheads. You’ll realize the merit when you face the taxman. So Mr. Moneypenny think twice before using your precious coin on an owned/leased office.
- BE wise, digitize: Gone are the days when your data needed to be stored in expensive and often cumbersome servers Get with the programme and invest in smarter, cloud based storage solutions.
And most importantly remember to keep your dream alive. Don’t let anything and anyone tell you otherwise.