The freedom and ability to dictate how much you earn entices many to take this entrepreneurship path, but are you ready to be an entrepreneur? Being an entrepreneur takes more than just a great idea or an improved product that solves the market’s needs. First, I’ll define what entrepreneurship means.
Being an entrepreneur means you are taking a journey to maximise business values on the outside while constantly building personal values on the inside. Running a business is definitely for profits, but many forgo values which will affect business operations in the long run. The question is, are you in it for the long or short run?
1. Pioneer a breakthrough
Famous and successful entrepreneurs have one thing in common, they pioneer a breakthrough. Entrepreneurship is not about replicating another product or services, but utilising current technologies to create breakthroughs.
Take Elon Musk for example, he pioneered a breakthrough by inventing a travel tube that cuts travelling time from 1.5 hours to 12 minutes! He signed a historic deal with Dubai to run this travel system between Dubai and Abu Dubai.
Easton LaChapelle, a 14 years old entrepreneur, built a robotic arm out of fishing wire, Lego bricks, and electrical tubing. His goal was to reduce the cost of prosthetic arm after meeting a 7 years old girl who explained to Easton that it costed $80,000 for her arm. He managed to reduce the cost of $80,000 to $5,000! Easton is now a TED speaker and works with NASA on project Robonaut.
If traditional systems are not providing you with the tools to accomplish your mission, then break away from your 9-5 job, be an entrepreneur and pioneer a breakthrough!
2. Solving a need
The world’s famous billionaire Mark Cuban once said, “Don’t sell your product, solve their problems”. I could not agree more!
If you are simply replicating a product, you are not solving problems, you are just entering the market as a level competitor. You could be better in terms of marketing and brand awareness than your other competitors, but you will lose out to someone who can solve more problems with the same product.
In the current market, e-Commerce and FinTech are dominating globally. The ability to purchase with a click has transformed the retail industry. Such technologies has solved a need for convenience and comfort. Consumers can shop anywhere and anytime, rather than squeezing through the crowds in a mall.
The transport industry is also taking the lead with such transformation with the likes of Uber, Grab, and Go-Jek. Booking a ride through your mobile, transparent ride fees, and convenience of payment won the hearts of travellers.
What is a need that your company wants to solve?
3. Foster deeper emotional connection
Have you ever watched an advertisement on your television, cinema, or social media feed that resonated with your personal values, belief, and aspirations?
With technology, social interaction has tremendously improved. Companies are able to produce heartfelt advertisements to connect with consumers through values, which is more important than any USP. Companies like Redbull, Heineken, KLM Airlines, and Google are leaders in this field. Search for their advertisements on YouTube and you will find tons of it.
You want consumers to remember your brand above others, and the best way to do that is to produce messages that connects with people’s values and hit straight to their hearts.
Are you able to produce something that can foster even deeper emotional connection between people? Are you able to create something more than our current WhatsApp, Telegram, Line, and WeChat? If you have the idea to do so, you’re not only creating deeper connection, you’re also pioneering a breakthrough and solving a new need.
4. Being an entrepreneur
In many ways, an entrepreneur is an artist who create dreams and express themselves through their work, a backpacker who pursue adventures and discover new things, and an author who writes his own story.
In short, an entrepreneur is someone who maximises business values while engaging all the above three points. Are you ready to take entrepreneurship to the next level with the points discussed?
To your success,
Mario
