If you’ve opened this blog, then we at Raj Dhonota Investments know you’re an artist. It is, of course, the foundation of every good entrepreneur. That’s because you’ve got an idea that shines solid gold, one that the world needs, that you’d ultimately defend. If these words feel like home, at RDI, have we got a blog for you! Now your idea is revved up and ready for ignition, then there are a few things you should know before you put your foot on the clutch. You’ve got two options: Scour the web for titbits of information and weave them together, or take a few minutes out of your busy day to read what we have put together for you. So, grab a coffee and get stuck into our advice, by the time you’ve finished your cup you’ll know everything that an every up-and-coming entrepreneur should.
So, what is an Entrepreneur?
Before you become one, you should have a clear idea of what one is. We’ll tell you at this point, it can’t be about the money. Most entrepreneurs sacrifice their money, time, and partial sanity. What it is about, however, is drive. You must feel passionate about your idea and put faith in the power that it has to change the world. You must be a role model, you must inspire others, put aside fear, and dedicate all to the will to control your own future. Remember the motivation that underlies your actions, and let it fuel your fire in the toughest times!
Know your idea
Now you’ve found your fire, it’s time to fire up your idea. We’ve all had those “ah-ha!” moments, and life is full of situations such as long queues and self-service checkouts that make us wish we had it another way. So, once you’ve got the basis for your idea, make sure you examine it inside out. Have you thought through all stages of the idea? Does it stand up to criticism? Can you withstand the inevitable ‘what-ifs’ about to come your way? At this point, Google may aid you. Check out other places that solve your identified problem. What does your idea bring, that this does not? If there’s a niche for your solution that hasn’t been filled, and you can’t see a hole anywhere in your concept – then it’s time to take it further. If you come across hurdles, fix them, and remember your motivation!
Know your audience
Running hand-in-hand with the above, then, is knowing your audience. We’re all in different parts of our life, and thus, we’re all on the hunt for different solutions. What your idea offers may be, from your perspective as a young male, the ultimate solution to all your problems. Where it might not translate, then, is to your elderly Grandpa. As important as it is to know your idea, is to know your audience. Don’t be obtuse with this. Try and create a few fictional people who’ll engage with your ideas. Give them back-stories and interests. Give them families. The more you know your target audience, the more you’ll be able to understand where, how, and what to put your money and time into. Which brings us to the next point.
The will to invest is an absolute necessity for an entrepreneur. Sure, at some point you’ll need someone else to invest in your idea, but no investor will pick up your idea if you’re not full of the fire that comes when you invest your own time. It’s a no brainer, without mention that if you don’t think your idea is good enough to invest in, then why should an Angel Investor? The average entrepreneur works around a 16-20-hour day, seven days a week. It’s also about how you invest your own time and money, you can save, for example – on server size and the cheapest brand of computers that work (and upgrade when you can afford it); but corners cannot be cut on investments such as salaries, staff, and office space.
As Mark Constantine, founder of guilt-free cosmetic store Lush says “it’s all about respecting the money”; and he should know. His empire Lush only came to fruition after his first venture, cosmetics to go, didn’t reach its full potential. Which means, of course, next we have…
Don’t be afraid to fail
Ignore the mantra of failure is not an option. In fact, Constantine felt so strongly about this that he included it in his company’s manifesto (We believe…in the right to make mistakes, lose everything and start again). Any entrepreneur knows failure is an inevitability of life and is there to make us stronger. At some point, you’ll fail. Instead of one large goal of “succeed”; set smaller goals along the way to reduce the feeling of failure. It has to be said though, that it’s the ingrained nature of the entrepreneur to take risks. It’s also inevitable that no matter how calculated that risk was, sometimes, you’ll fail. Remember your motivation, remember your idea, get back up and try again. Truth is, it’s happened to us all.
Consider yourself an up-and-coming entrepreneur? Ready to find your Angel Investor? Then check out Raj Dhonota Investments. With a sense of business as unique as our founder’s, you’ll soon consider us sent from heaven. RDI work with people to establish holistic development; and turn ideas into businesses through investment, mentoring and our own unique philosophy. You’ll soon wonder where we’ve been all your life!