“” All human beings are entrepreneurs. When we were in caves, we were all self-employed… finding our food, feeding ourselves. That’s where human history began. As civilization came, we suppressed it. We became “labor” because they stamped us,“You are labor.” We forgot that we are entrepreneur “”
– MUHAMMAD YUNUS
(Nobel Peace Prize winner and microfinance pioneer)
We can revamp the above by adding “We are born entrepreneurs” in today’s era. “Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.” an entrepreneur said. He meant it. Entrepreneurship is not solopreneurship, but it is creating a business organization and defining a culture. This culture creates values in the organization and inspires people to lead a successful life.
In this evolving entrepreneur world many dream to become successful entrepreneurs. Many start with their innovative ideas and try their best to bring it in to the market. But very few get succeeded and many get their startups rest in cold storage. In today’s economy the count has been exponentially increasing, so their compromising with the dreams. Reasons for the failure might be many but the hope still exists and their efforts. If we have a glance on the successful ones it seems quite interesting the way they adapt to the Future, Invest in themselves, and Transform their Career.
All the successful startups evolve by differentiating themselves by developing clear reasons why a customer should choose them instead of others. They make a customer base and retain them, so customer satisfaction comes to the priority.
Most of the self-funded startups on the first phase give their utmost priority to customer satisfaction to build their brand. After acquiring so called “traction” they start expanding their company and develop their brand. Traction is a signal that their team can produce real results in a real market. Now necessity of investors comes to the picture. Which investors will invest in their startup? Depends on the traction they gained. Generally speaking, the more sustainable growth of engaged customers they have, and eventually the more sustainable growth of revenue they have, the more investors will be willing to invest in them. Once they have some traction, the universe opens up further. The smaller their perceived traction the more they have to focus on investors, that would invest in their idea and team. It would be very difficult to convince investors when they have no traction.
The other concern that matters investors is the growth limit of the company, I mean the saturation point. So now a day’s many entrepreneurs are investing their ideas and efforts in vast areas where the saturation point becomes less narrow. Investors always calculate the risks of their investment, and they set a confidence level for it. The more de-risky the investment, the probability of investing will be more. After investment they need to maintain the brand they acquired in the society either by revamping the culture they defined or by upgrading the competitive position. One way to upgrade their competitive position is by upgrading their assets by investing in themselves or by changing the competitive environment they play in.
The successful ones always adapt to the Future, Invest in themselves, and Transform their Career