When it comes to the world of entrepreneurship, I always say it is not for the faint of heart.
I started my business six years ago. While the business is doing well now, I will admit the early years were very difficult for me as an entrepreneur.
The business almost collapsed on three occasions, but I was able to bounce back in a big way.
If you are interested in entrepreneurship, I believe these four steps will allow you to solve a problem and meet a need in the world.
If you have the skills and the patience, you can profit from your passion and succeed in this new economy.
1. You have to understand passion is not enough.
Honestly, I hear so many people say you should follow your passion. As a life and business strategist, I can truly say I do not agree with this.
I think you should follow your strengths. For example, you may like the idea of being a writer, but if you know you are not great at writing, it probably wouldn’t be the best idea to pursue a writing career.
You have to ask yourself, "What do I do well? What have my close friends and family identified as a key strength in my life?"
Passion without perseverance will leave you penniless. While I believe you should be passionate about what you are doing, be sure you have an idea you can convert to an income.
2. You have to be committed to perfecting your craft.
The reason I think you should focus on your strengths is because you have a much higher chance of converting your strengths into sales.
I don’t want you to go with what excites you. You must pursue the thing that drives you to become an expert.
One of the biggest ways to succeed in business today is to become an expert or thought leader in an area.
My business mentor Gary Vaynerchuk emphasizes this lesson in his best-selling book, "Crush It." You need more than talent.
If you want to be a major player in your market, you should pursue mastery.
Learn everything you can about your industry. In fact, I always tell my clients to go on a learning binge. I believe information is the gateway to improvement.
3. You have to know how to convert your idea into income.
When I started out in business, this is the thing that hindered me the most.
Sure, I had a lot of business knowledge and a degree in finance, but I did not have a real plan on how I was going to profit in my business.
I struggled for quite some time because I did not have a map or a real market for my products and services.
You cannot just start a business because you are passionate and think you have a good idea.
According to Forbes, 80 percent of new businesses will fail. If you want to be part of the group that succeeds, you need a real strategy.
I encourage you to scrutinize your market, learn everything you can and make sure you have mentors in your life, so you can set your business up for success.
Do not romanticize an idea that cannot produce revenue. If your concepts are not converting to sales, you may need to rethink some things in your business.
4. You have to silence the fear.
I can speak to this from personal experience. Taking the leap into entrepreneurship can be a frightening thing.
Most people are quick to blame lack of income, support and time as reasons why they cannot succeed. However, what I have learned is fear is the biggest barrier to success.
You may have to take small steps, but remember, every step you take in faith moves you closer to your future.
When you are passionate about something and have a plan, you can profit and produce the lifestyle you always dreamed of.
When you do what you love, continue to learn and grow. Develop perseverance, and you will see results!