1/3rd Idea, 1/3rd Hard work and 1/3rd Luck – I heard this from a seasoned entrepreneur and mentor only last week! In my opinion, entrepreneurship is an addiction without cure. Once into entrepreneurship career, failures become learning, time becomes money, ideas become cash cows and success becomes the ultimate objective.
Needless to say that the scope of what entrepreneurship involves will continue to change and evolve with the every changing business dynamics. Having said this, some common challenges will remain:
· Turning ideas into opportunities
· Securing cheap finance
· Implementation and
Scott Gerber who is a serial entrepreneur and the founder of Sizzle It!, a New York based sizzle reel production company specializing in promotional videos for PR and marketing professionals, and the Young Entrepreneur Council says:
“I am proud to have learned such a great deal from my failures, and the fact that I get to share them—and, more important, the hard-knocks lessons learned—with a worldwide audience is a real thrill. After all, what’s the point of ending up in frivolous litigation, nearly losing your shirt, pitching VCs for tens of millions of dollars with no revenue model, or being forced to move back in with your parents if you can’t have a few laughs as a result, right?”
Richard Branson, founder of Virgin Group is unique. He says “I don’t go into ventures to make a fortune. I do it because I’m not satisfied with the way others are doing business.” This shows that some entrepreneurs are just different; they want to do things in a different and in more creative manner.
Richard started his entrepreneurial career in 1967 when he quit school at the age of 16 to start a magazine. He hoped his magazine, titled “Student”, would become a voice for young activists. When in 1968 the first issue came out, the headmaster of his school wrote him a note that said: “Congratulations, Branson. I predict you will either go to prison or become a millionaire.” Richard’s passion made him a billionaire with a net worth (in 2010) nearly $8 billion!
I believe that one needs to be crazy and consistent to achieve the rewards of Entrepreneurship!
Hammad Siddiqui, our guest writer, is Senior Program Manager with a US-based NGO and is a passionate blogger. To read more about his thoughts, please click here.