Phases of an Entrepreneurial life – the challenges
The thrills & the delight of being an Entrepreneur
Facing all ups and downs the world throws at You and rising up above with resilience, grace and swag – the true spirit of Entrepreneurship. That is the Lifestyle of an Entrepreneur.
The Journey of an Entrepreneur is not strewn with roses. Each one of you might have had your own milestones to cross, challenges to overcome and pitfalls to avoid. You might have even stumbled upon a few hurdles, fallen into some rabbit-holes but you still have managed to come out and proved yourself a true Entrepreneur. Kudos to you!
Every entrepreneur has their own story about why he or she decided to be one. Some have known from day one that they wanted to work for themselves and others might have realized the urge while working for someone else and eventually take the leap.
Many agree on one thing — being an entrepreneur is great. Despite the challenges and downsides Entrepreneurship comes with a plethora of unique perks- the most attractive ones being:
You get to ‘Be your own Boss’ and have a flexible schedule that aligns with your style of getting things done.
Career that complements your values
You can carve out a career for yourself around Principles you value most. It could be anything under the sun from making your family happy to giving back something to the world.
Constant Growth & Development
You constantly learn and evolve that eventually opens doors to endless possibilities and growth.
Meeting & Working with Like-minded people
You get to meet, collaborate and work with people who think, act, and speak the samelanguage as you – Entrepreneurship.
You get to work from the ‘Best Offices in the world’
The Best Office in the World could be anywhere from the most exotic beaches to sophisticated business centers, to airport lounges….what not? It could also be your own porch with a hot cuppa next to you.
The beauty of being a successful Entrepreneur is in the understanding of how the Life of an Entrepreneur evolves.
Stage 1: Lifestyle of an Entrepreneur
Despite the strong allure of the perks of being an entrepreneur, the reality is not as it appears. It is harsh, it is tough, it is irrational. As an Entrepreneur endures on his dream journey, the challenges pop-up one-by-one
- Business commitments: Vendor Payments, Staff salary, Market risks & uncertainty, Competition etc.
- Relationship issues – Not much time for family & friends, Fatigue in love life,
- Low Morale: Fear of failure, hatred, too many sacrifices, living for others, less or no motivation to move forward
Stage 2: Entrepreneur Lifestyle
GEN understands this well and supports Entrepreneurs across the nation to have a healthy and Happy Lifestyle. That is why we have our own Entrepreneur LIFESTYLE.
- Lean Startup Strategy : Innovative startups adopt lean startup strategy to drastically reduce cost of operation, marketing and sales with human capital creativity.
- Innate Innovation : Identifying an innovation, launching your innovative product/service and private labelling an innovation based on your interests and passion.
- Financial Freedom & Modeling : Scaling your cash flow from $50,000-$500,000 (10X) within 12-18 months.
- Ecommerce, Private Labeling and Drop Shipping : Selling products or services online (Ecommerce), selling private labelled “phantom products” which are typically manufactured or provided by one company for offer under another company’s brand (Private Labeling) and buying products directly from a wholesale supplier and shipping them directly to your customer (Drop shipping).
- Sales Funnels : Create traffic, capture leads and convert sales using proven sales funnel strategies adding upsell and downsell options in your sales funnel.
- Technology& Automation : Outsourcing and automating using people, process and technology. Yoga& Meditation: Managing stress and keeping a healthy body, mind and soul. Using meditation to purge the trash and negative thoughts in mind and bring in new ideas. Relax, recharge and rejuvenate.
- Yoga : Managing stress and keeping a healthy body, mind and soul. Using meditation to purge the trash and negative thoughts in mind and bring in new ideas. Relax, recharge and rejuvenate.
- License, Leverage &Leapfrog : Licensing PLR (Private Label Rights) products, Leverage other’s innovations and Leapfrog your business by multiple sales channels.
- Execution and Massive Action : Use Vision Plan Action (VPA) to take your innovation to execution and take massive action to succeed.
An Entrepreneurial Lifestyle is a not a regular man’s cup of tea. It needs the right mindset, dedication, sacrifice and the willingness to develop further to create a disruptive business idea and achieve it.
It all starts with having the right Mindset.
GEN’s 5 Step approach aims at bringing out the best in every Entrepreneur to manifest their dreams and make them a Reality.
Getting started with the ‘Right Mindset’
- Never regret for the past
- Don’t predict but plan
- Be pro-active and not reactive
- Enjoy the journey
- Stay positive
Balancing the 6 Pillars of Life
Always believe in the 6 cornerstones of a Good Life and inculcate that belief every day, every moment irrespective of the situation.
- Health – A Healthy Body is the base for a Healthy Mind. Creative Ideas and novel thoughts are the manifestation of a Healthy Mind.
- Wealth – The role of wealth is important but it is upto you to determine whether you will be chasing after it all life or do you want it to follow you.
- Family – Your family is the only non-judgmental group who accept you the way you are. Family is the one place you can find support in difficult times.
- Friends – Having a close circle of friends is necessary to unwind, relax, share ideas, opinions argue and even fight but still be compatible as always.
- Love – Universal problem solver.
- Happiness – Finding joy in the little things makes your Life complete.
Dream BHAG; Learn 2 Earn
Every Entrepreneur aspiring to be successful should dream BHAG – Dreams with a Big Hairy Audacious Goal and must Learn how to Earn. Many of us have learnt how to work, but not how to earn. There is a huge difference between the two. When you ‘Lear to work’ you only chase behind wealth and success but when you “Learn to Earn” success is inevitable and wealth will follow.
Vision Brilliance Success
Start with a VISION, build BRILLIANCE and work towards SUCCESS Having a Vision is the foremost requisites of an Entrepreneur. Brilliance is not measured in terms of one’s intelligence but their ability to Get Things Done. An inspiring Vision and a well-crafted brilliance is the groundwork for success.
Vision Plan Action:
Vision – Inspirations, your purpose,
Plan – How you want to achieve that goal or fulfill your purpose
Action – By what means you will complete your plan and achieve your vision
A Lifestyle Entrepreneur is one who creates, owns and runs businesses aligned with their personal values, passion and goals. Such Businesses will revolve around the idea of enhancing their personal quality of life through their entrepreneurial venture of improving others’ (employees, customers and society) lifestyles.
They tend to travel around the world, live across national boundaries and have friends all over the globe. Such a lifestyle happens to one who really understands the true meaning of L.I.F.E.S.T.Y.L.E.
An Entrepreneurial Lifestyle is a not a regular man’s cup of tea. It needs the right mindset, dedication, sacrifice and the willingness to create a disruptive business idea and achieve it.