Do you want to be an Entrepreneur?
by Anthony Farr on 25/08/10 at 9:00 am
3 comments
An Ideate reader asked the question “I want to start my own business, but am anxious about leaving my job. What do I have to do to be an entrepreneur?” There are many employees with aspirations to be a successful entrepreneur but afraid to take the first step. I would say 3R’s apply here: Research, Reasons and Resilience.
Research – Do as much research in the area you are planning on starting your venture. Research other individuals who are working in this area. Research who your possible competition might be and learn from them. Research your target market, know them! Make calls, use the internet, read books, send emails and find out as much as possible. This research includes financing options, bank loans, raising capital and VC funding. Capital though is often a false barrier, there are a surprising number of business opportunities that can be initiated without the need for a heavy initial capital outlay. Research other successful entrepreneurs and business leaders and learn what you can from them.
Reasons – start making a list of the reasons why you want to pursue this avenue. It is not the easiest of roads and you need compelling enough reasons to want to do this. Wanting to make a “fast buck” is not a compelling enough reason as most people who have trampled this path have “failed” significantly before hitting that winning formula. Also, these reasons will help shape and mould how you go about pursuing your entrepreneurial ambitions. Sometimes its not possible to pursue it fulltime initially and sometimes those reasons involve having to make sacrifices like working that “day” job while you try and save or raise capital on the side. Those reasons have to be compelling enough to see you through the tough times. Sometimes those reasons may help you decide that its not the road for you to take.
Resilience – this is the true stuff of which I believe entrepreneurs are made. Resilience is one of the key ingredients which differentiates those individuals who flourish as entrepreneurs and are not afraid to take risks and fail versus those who pack up shop after the first failure. Resilience means being able to pick yourself up over and over until you hit that winning idea. It’s the ability to keep knocking on doors no matter how many times you get rejected and it’s the ability to also know when to stick with something and when to move on.
Anthony Farr is the CEO of Allan Gray Orbis. Anthony is passionate about the power of education and the upliftment of entrepreneurs. Anthony Farr completed his Bachelor of Business Science (Finance) at UCT before qualifying as a CA(SA) during articles at Deloitte in Cape Town and Luxembourg. After working for Standard Bank London for a number of years in their international corporate finance team, Anthony co-founded the Starfish Greathearts Foundation. View more articles by Anthony Farr.
Tags: Entrepeneurship, entrepreneur, entrepreneurial thinking
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