Going from Wantrepreneur to Entrepreneur

Nowadays everybody seems to regard themselves as an entrepreneur. Many also believe that they have what it takes to give birth- to the next big idea. But only a few can reach that success and own it, as many aspiring entrepreneurs do not have a clue about how to take the journey.

Thanks to economic liberalism, the economic decisions are not made by collective institutions or simply by governments anymore, we are now living in a world where there is an open market where we can freely  bring our ideas into action! But is this systematic  encouragement enough for people to turn their steps towards creating a product or a service?

There is this common term called Wantrepreneur. It is used to described someone who thinks about being an entrepreneur or thinking about starting a business but actually never gets going with realising their ideas.

Many wantrepreneurs do not realise that entrepreneurship is a real and struggle-sum journey, and every person goes through this phase differently. Some move slowly, researching and realising their dreams at school- spending years getting a degree in business, and some get to business before finishing high school!

So what is this journey? How should we take our steps during this challenging path?

 

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As an entrepreneur you need a great idea

First, you need to think about your work life. Do you want to be active and spontaneous or do you want to have a regulated routine in your style of work? Do you want to create a brand new product or just sell one?

Make sure to answer these questions and understand the Daily routines of your business that you are choosing. Because you wouldn’t want to end up opening a bakery shop just because you love to bake and then realising that owning a bakery will mean not finding any time to bake.

“You just have to pay attention to what people need and what has not been done.” says Russell Simmons, Def Jam founder. But don’t overestimate the idea of creating something original. You can always work on something already popular.

Take a look at Steve Jobs for instance, he replaced our old cell phones into something stunning. Because he was able to understand what was missing in the old ones. You can always focus on something which is already successful and try to figure out why that business is a success.

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Stop Worrying

Ray Kroc, founder of McDonald’s famously said, “If you’re not a risk taker, you should get the hell out of business.” Losing the steady job, worrying about the capital, fear of failing might be tough.

But this journey is all about taking risks at the right time and at the right way and what you should always remember is that entrepreneurs don’t let their failures stop them, while wantrepreneurs easily get discouraged.

For instance did you know that “Angry Birds” was the 52nd attempt of Ravio before it was launched? On its initial release, the game didn’t even get the the sales rate that the studio expected to get. However later on, after Angry Birds was a featured app on the UK App Store in 2010, it dramatically reached to No.1 selling rate result and stayed there about 275 days!

Research and experience

“Chase the vision, not the money; the money will end up following you.” – Tony Hsieh, CEO of Zappos

Find more than five startups and try to analyse their progress over time. This way, you will be able to predict the steps that you will take during the journey. You can even offer free help to a startup for a while. It will mean a free labour for the startup but in this way you will have a great chance to learn about this journey by someone else’s progress, experience and mistakes. Or work for a company at least five years to be able to gain some experience on the tough business world before jump into one.

Check your competition online with a simple search on Google and Social media. You might be amazed with similar ideas that are out there! But remember; because others are offering similar products or services does not mean that your business model is a bad idea.

Many of the most successful startups are disrupting existing markets – look at Uber, Airbnb or even Google. These companies have all established a presence with massive competition from existing players. Looking at what your competitors are doing is sometimes the best way to reinvent your own products and services.

 

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Take your idea to the next level

Guy Kawasaki, founder of AllTop once said, “Ideas are easy. Implementation is hard.”

When it comes to taking an action, no matter how small a step forward it is, entrepreneurs bring things into action while wantrepreneurs are always looking for excuses when it gets hard to get going. So stop thinking about if you are ready or not, don’t become paralysed by information, remember that you will always have the chance to learn by just taking an action.

Start by creating your dream team for your startup. Use social media for testing. You can use Facebook and Twitter or other social media platforms for research. For instance when Walmart was planning to sell a cake-pop maker in 2011, the WalmartLabs listened to the datas in social network chatter to predict the amount of the demand. Based on social media interaction datas from Facebook and Twitter, their team was able to anticipate heightened customer demand in cake-pop makers before launching them.

The team behind Cloudnames have been establishing more than 50 startups over the years and launched hundreds of new products. When we started out it was common to invest huge amounts of money to build a new product without really testing if there was a market for it.

Those days are long gone, and today entrepreneurs build minimum viable products and test them with real customers before investing in the production process. By engaging with customers very early in the process you can prove the value of your business idea with much lower investments and risk.

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What we do at Cloudnames

We’re a Digital Agency that would love to help you Be Your Best Online! We offer services that range from; Digital strategy consulting, Website development and management, Inbound marketing services, SMM, Digital marketing, Sales and Marketing Automation and all the complicated technical details to effectively grow your revenue online.

At Cloudnames we offer all the services you need to Be Your Best Online! We can design, develop and manage your overall Online marketing strategy, while you focus on your core business. Leave your contact details and we’ll get back to you with expert advice!

Please contact Cloudnames if you have questions or need help! You can send us an email directly with your questions to: hello@cloudnames.com

 

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