You’ve probably read every article on Forbes, Inc, Fortune magazine you name them, about emerging female entrepreneurs and you’re wondering if one day you’d ever read about your very own startup story. Or you’re reminiscing about those few dollars you made when you were young selling lemonade on your parents’ porch and how you were proclaimed the ‘street lemonade bestseller’. Or maybe you’re just tired of your 9-5 job that doesn’t pay well and finally you come to the question that almost every newbie ask themselves when they want to venture on a startup ‘when is the right time to be an entrepreneur?’
I tell you what, you don’t really have to wait until you’re bored with your job, lose the promotion you’ve worked hard for to that intern you’ve trained or even be underestimated by the so-called boys club at the office. So answering your question, there’s really no such thing as the right time to embark on the entrepreneurial journey. I know it sounds crazy and you’re probably rolling your eyes right now, but I’m afraid it’s the truth.
We all have that one story that we’d like to share over and over again about how we got lucky and managed to sell a bag or pair of shoes to pay for a girls night out. Well, that’s because we’re trying to find those small qualities that could literally make us fit to be entrepreneurs.
What is an entrepreneur?
I always say it’s wise to understand something before you become it. There are plenty of definitions of an entrepreneur that you would possibly find out there and I’m just gonna explain it the way I understand it. To me an entrepreneur is somebody who studies the inner context of a society, recognizes the problem and finally comes up with a solution to tackle it. I know it sounds a lot but trust me it’s very easy.
What does it take to be an entrepreneur?
A lot of people might think of Harvard business school the moment they hear the word entrepreneur and I’m here to clarify that myth. It’s not true. Yes, for sometime in life I was made to believe that I had to be an Economics and Business major in order to think of founding a business. And I believe I wasn’t the only one, that’s why back in the day we had few women founding businesses because few of them enrolled in business schools.
But now we can kiss that goodbye because more and more women are now inventing their own meaning and understanding of entrepreneurship. These are the women who devote their time in the world and it’s problems and then find solutions that can better the lives of many people. That’s the reality of entrepreneurship. If you want to found a successful startup that could be soon regarded as a unicorn, you must be willing to help the masses. People aren’t hesitant to spend money on things that will alleviate their problems. That’s the truth about this life we live.
The mistake most entrepreneurs make
Still with all that mentioned, others find it irrelevant to do their research on the problems we co-exist with. As a result they’d rather study the market trend and jump right into the competition. Like right now, most millennial women who want to start a business think of becoming social media strategists, life couches or even becoming influencers. That’s because the majority of women have fallen in love with this phrase ‘turning your followers into clients’.
You’ve seen Kylie Jenner secure her spot on the billionaires’ list through her cosmetic company, brands like Fenty beauty and Victoria Beckham beauty have followed and you think you’re next as well. Unfortunately it doesn’t work that way. Cosmetics have become a social media trend like how celebrity fragrance lines used to be a thing in the 2000s, but once that trend blows off there will be a lot to be lost.
I totally agree that a cosmetic line is great business idea for women, but ladies please, let’s not give customers too may choices all at once.
Competition should be the least of your focus when you’re first starting out as an entrepreneur. You should concentrate on building your foundation at your own pace. Competition is the reason why most entrepreneurs miss the most fundamental steps of perfecting their craft and setting up the solid foundation because they’re afraid that they’ll be left behind. There’s a high chance for innovators to be successful than there is for perfectionists. Give people something new and that’s how you’ll succeed in building a loyal clientele.
You shouldn’t be afraid to set new trends and shift people’s attention from what you think is no longer worthy of the current time. Come up with a solution, master your skills and invent. That’s the only way around to turn your vision into a multi-million dollar startup.