One of the most difficult undertakings as an aspiring entrepreneur is to launch your own startup. It requires plenty of sacrifices, resources, a reliable professional network of people and vision for a product or service.
According to Quora discussion, having previous experience will increase the possibilities of success. For example, if you go down the route to launch a consumer product previous experience is not a requirement. On the other hand, if you are thinking as a startup that tailors its products and services of a medium-sized business or an enterprise experience matters lots.
When you pursue a customer-centric service, you do not need significant experience to get going on your own or with a group of people. Independent of the industry, consumer-centric companies are typically founded by younger professionals that rely on their existing contact and networks.
Designing a product for the enterprise market is a whole other business and a completely different ecosystem. Here you must work for some time to gain insight into the product, the level of sophistication, and how it functions within the industry.
Products that we probably use today include platforms like LinkedIn, searched startup information on TechCrunch and have used or heard of customer service provider Zendesk. They all share something in common. Their founders worked a decade or more to successfully built a network, and carefully target their products.
There are tons of other examples of industry professionals working diligently within a sector, which later went on to build their own business ventures. After accumulating enough experience, it is a return on investment (ROI) that builds professional relationships, industry knowledge, and access to experts.
Benefits and drawbacks of launching a startup with minimal experience
When you learn about the track record and experience of company founders you will often find incredibly talented and visionary professionals. To have a startup running successfully it is a great opportunity to grow your skills, work with other professionals with different backgrounds and perform a variety of tasks.
While in the process to develop your own small business, service or startup you will quickly come to grips with the reality of success, and failure. When you look at the most successful entrepreneurs along with experts in their respective fields the narrative is they may just have failed a couple of times before finding the right business model.
In an analysis by The Guardian, you do not need any previous experience to start a business. In fact, it is a great learning experience to fail right away and to try again. As Filipa points out, the experience of starting out young in business is the key and recipe to reaching your dreams of the kind of business you want.
These steps are the building blocks to growing your experience, skills, and competencies, as well as meeting potential business partners, and tentative mentors who will guide you throughout your business journey.
How to know when you have entrepreneurial fiber
At some point in our professional life, we encounter the question and reflect on our own entrepreneurial ambitions. Do we have what it takes to be a self-starter? Throughout a lifetime, a business exploration requires faith on one’s abilities, patience, effort, and money. Most, if not all, will tell you it is up to you to believe and to make it work.
A typical company founder is middle-aged and well-educated. This does not mean you need to accumulate years of college before starting out on your own. But attending a university or college will allow you to connect with like-minded people.
On the other hand, look at successful business gurus like Steve Jobs, Bill Gates, Elon Musk, and Mark Zuckerberg who come from different backgrounds. Not all of them needed too many academic studies, yet all had the drive to create something that changes the world. And thanks to their innovations our lives are different.
What may help to push your entrepreneurial dreams is to come from a family with a tradition of owning and managing a business. This situation is useful for parents with a business background to ingrain from a young age the responsibilities and obligations of what it is to overseeing business operations.
Takeaways and conclusions
Sometimes it is good to accumulate relevant experience towards the business we want to create. Nevertheless, starting early and failing with a business is a learning experience.
Pursuing an entrepreneurial goal is like eating an exquisite and original recipe cooked up by a chef. It contains the right ingredients and once combined it yields a deliciously flavored meal. Once all the pieces line up you will find your business and remember to provide a memorable experience.
When the going gets tough the tough get going. Entrepreneurship is a craft and must be polished over a period of time. Take the necessary risks, be bold and see what you can offer the world with your next big idea.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Deutsche Bank Acquires Berlin-based Fintech Company Better Payment
Deutsche Bank has acquired the Berlin-based payment fintech company "Better Payment". Through the full acquisition, the Frankfurt-based bank not only...
Frontwave Opens its Capital to Femu Ventures to Initiate Human Trials
The clinical trials will initially be carried out at the Vall d'Hebron Hospital in Barcelona and will be coordinated by...
Oil Continues to Rise as Supply Disruptions Continue
Evergrande and the looming debt limit fight are the topics of the week. Apparently Evergrande didn’t make the payment triggering...
Modern Monetary Theory Has no Place for Supply and Demand Fundamentals
All big market declines in the Dow Jones occurred with all-time highs in Dow Jones trading volume. A complete inversion...
Cosmos Price Forecast After ATOM Shoots Into Top 20
Cosmos price is recovering due to the general demand for altcoins. In fact, a closer look at CoinMarketCap shows that...
Cannabis2 weeks ago
Are Cannabis Social Clubs in Barcelona on the Verge of Closure
Featured2 weeks ago
Should You be Looking for Reasons to Sell the Stock Market
Africa2 weeks ago
Energy Efficiency: the Moroccan Ministry of Housing Gets up to Standards
Crypto2 weeks ago
Coinbase Pro Accidentally Relists the Troubled XRP