10 things to do before becoming an Entrepreneur | DEEPAK BAJAJ

Summary

The video script emphasizes the transition from employment to entrepreneurship, highlighting the unique challenges and mindset shifts required. It outlines ten crucial lessons for aspiring entrepreneurs, including the importance of self-motivation, creating an entrepreneurial fund, working long hours, problem-solving, mastering sales, building relationships, effectively using social media, avoiding excuse-making, conducting market research, and learning from experienced entrepreneurs. The speaker shares personal anecdotes to illustrate these points, aiming to guide viewers on their entrepreneurial journey.

Takeaways

• 🚀 Resigning from a job doesn’t automatically make you an entrepreneur. Being an entrepreneur is a different ball game that requires specific skills and mindset.
• 💪 Learn to be your own motivator because as an entrepreneur, you won’t have a boss pushing you. Self-motivation is crucial.
• 💰 Save as much as you can to create an entrepreneurship fund. Many businesses fail due to lack of cash flow, so having a financial cushion is vital.
• ⏳ Get used to working 12 to 14 hours a day. Entrepreneurship demands hard work and commitment.
• 🛠️ Be a problem solver. Entrepreneurs need to focus on solving problems rather than just announcing them.
• 🛒 Master the art of selling. Cash flow is key, and learning to sell your products or services effectively is essential.
• 🤝 Build strong relationships and networks. Your network is your net worth, and surrounding yourself with the right people can accelerate your growth.
• 📱 Learn how to effectively use social media for brand building and business growth. Social media is an undeniable force in today’s market.
• ❌ Adopt a no-excuse policy. Success comes from action, not excuses.
• 📊 Learn how to conduct market research. Ensure that your products or services meet market demands and fit well in the market.
• 👥 Work closely with an experienced entrepreneur. Shadowing a successful entrepreneur can teach you valuable lessons that can’t be learned from books alone.

Q & A

What does the speaker imply by 'Being an entrepreneur is a different ball game'?

The speaker implies that entrepreneurship requires a distinct set of skills and mindset compared to traditional employment, and it's not as simple as just quitting a job and starting a business.

Why does the speaker emphasize the importance of having a 'resilience fund'?

The speaker emphasizes the importance of a 'resilience fund' to ensure that an entrepreneur has financial security for a certain period, allowing them to focus on building their business without immediate revenue concerns.

What is the significance of the speaker's advice to work 12 to 14 hours a day?

The speaker advises working long hours to demonstrate the level of commitment and hard work necessary to succeed as an entrepreneur, mirroring the dedication one would have towards their own business.

Why should an entrepreneur avoid the habit of making excuses?

An entrepreneur should avoid making excuses because it hinders progress and growth. Success comes from problem-solving and taking responsibility, not from blaming external factors.

What is the role of selling skills in entrepreneurship according to the script?

Selling skills are crucial for an entrepreneur because they need to effectively market and sell their products or services to generate revenue and ensure the survival of their business.

How does the speaker define a 'problem solver' in the context of entrepreneurship?

A 'problem solver' in the context of entrepreneurship is someone who actively addresses and overcomes challenges rather than making excuses or blaming others, which is essential for business growth.

What is the importance of building relationships and networking for an entrepreneur?

Building relationships and networking is vital as it can provide valuable connections, partnerships, and opportunities that can help propel the entrepreneur's business forward.

Why should an entrepreneur learn to use social media effectively?

Social media is an indispensable force for brand building and business promotion. Entrepreneurs should learn to use it effectively to reach a wider audience and drive business growth.

What is the speaker's view on adopting a 'no excuse policy' in life?

The speaker believes that adopting a 'no excuse policy' is crucial for success in life and business. It encourages taking responsibility and focusing on solutions rather than dwelling on problems.

How does the speaker suggest conducting market research for a new entrepreneur?

The speaker suggests that new entrepreneurs should learn how to conduct proper market research to understand customer needs, market fit, and pricing strategies to ensure their product or service aligns with market demands.

What is the final piece of advice the speaker gives about working closely with another entrepreneur?

The speaker advises working closely with another entrepreneur to learn many things that might not be consciously taught but can be subconsciously absorbed, thus enhancing one's entrepreneurial skills.