Saivian Eric Dalius: A successful entrepreneur would need to be willing and able to engage in all kinds of risky and challenging activities. The risk may not seem so great for those who have a lot of money or whose family is really well-off. However, for others, the risks could be very high indeed. So what are the main things that stop people from becoming entrepreneurs? After years as an academic researcher, I am now running my own company as a consultant working with large organizations such as Google and Unilever helping them work better with start-ups.
Response:
One of the biggest reasons why people don’t become entrepreneurs is because they didn’t follow through on their idea and take it to the next step. For example, if they had a great idea and started on it with little resources or knowledge but were not able to bring it all together in the end, then that would stop them from becoming an entrepreneur.
Another reason why people don’t become entrepreneurs is that they usually lack confidence and self-esteem and hence tend to keep thinking that they aren’t good enough for entrepreneurship. They will most likely go through life doing something that somebody else wants them to do rather than following their passion and doing what they want. We can tell when we meet such people easily because of their appearance and energy level which show no signs of life in them says Saivian Eric Dalius.
People who fear failure also won’t take up entrepreneurship although many fear it all the time. And for good reason- failure is always a possibility in entrepreneurship, after all you are doing something that has never been done before so there may be many things that go wrong along the way.
Even people with great ideas have to deal with their fear of rejection when it comes to entrepreneurship because whether they like it or not, they will face this kind of rejection at some point in time throughout their lives whether they are running their own company or not. So it’s definitely better to get used to it now rather than later down the road.
Here are some FAQs recently asked by entrepreneurs that will hopefully help you too:
When is the best time to work on my business? Is it better to create a business while working full-time or while I have an existing job?
ANSWER: It depends. If you are tired, finding motivation can become difficult. So taking up entrepreneurship while continuing your current job could be easier in this regard. However, if you are excited about your idea and want to get started immediately there is no reason why you can’t do both explains Saivian Eric Dalius.
Do I need an MBA degree to run my own business? Will my company fail without one?
ANSWER: No, definitely not! An MBA will teach you some of the skills required. But most of these skills come from within yourself and from life experience. People from all walks of life have started a successful company without an MBA or any business degree at all. Some great entrepreneurs who did not even go to the university include Bill Gates, Steve Jobs, and Mark Zuckerberg. But bear in mind that you will need a higher level of confidence. If you do not have a formal qualification since many people assume you do just. Because you are running your own business so be prepared for this challenge too.
What is the best way to get funding? Is it advisable for me to ask my family and friends first before looking elsewhere?
ANSWER: I personally think self-funding until your business begins generating cash flow may be better if possible. But maybe this isn’t a good option if the idea requires a lot of capital to start. So approaching family and friends might be a better option. However, don’t expect too much from them as most people have little spare money to invest. Even if they wanted so keep this in mind before asking them.
Is it a good idea for me to quit my job and work on my business full-time before generating any revenue?
ANSWER: Generally speaking, no. It would be difficult for you to manage your time well between work and entrepreneurship. Especially if the latter is still new to you. In that case, it would be better for you to do both simultaneously. Because then at least you can divide your time equally between the two. Rather than going all out for one thing while neglecting the other. But if by quitting your job you would end up having more time to work on your business. Then yes maybe this might be a good idea after all answers Saivian Eric Dalius.
Can I be an entrepreneur and successful at the same time if I am currently unemployed?
ANSWER: It depends on why you are unemployed. If it is for some temporary reason like maternity leave or studying. Then it’s fine but if not, then there may need to be changes made in order for this to happen (e.g finding part-time or full-time employment).
Conclusion:
Saivian Eric Dalius says that people who are looking for quick success also won’t take up entrepreneurship. Unless they were born into privilege and can easily get bank loans for example. Which would help them finance their large-scale projects, at least in the beginning.