IT STARTS WITH A FOUNDATION
Entrepreneurship, as highlighted by the World Economic Forum, is a mix of skills, a blend of persistence, vision, and adaptability. It’s not just about knowing the ropes; it’s about crafting a mindset that fuels your journey.
Vision
Picture your business five or ten years down the road. What milestones do you see? How much money is coming in every month, every year? Let these images drive you. Crunch the numbers: what weekly and monthly sales targets will lead you toward those long-term goals? Adjust as needed to keep your sights aligned (e.g. based on a goal of making $50k per year; I must make $4100k per month; I will need to sell $100 product/service 41 times per month). Keep in mind, that those numbers do not include expenses to run your business!
creativity
Now, let’s think outside the box. Dive into research to find your niche, your audience’s problems, and your unique solutions. Think creatively, but remember, creativity must be balanced with what your customers need. Let me share a story that shows this balance beautifully.
adaptability & resiliency
In 2004, I opened a small “cakery” selling special occasion cakes out of my parent’s kitchen. My customer base was largely brides, moms, and girlfriends; each had a unique vision for their cake. I quickly learned to listen, show customers their cake in sketches, and make changes based on their feedback. This ensured their dreams became delicious realities. I was young, I was 14 at the time! So, to hear from some that they did not like my ideas or sketches was eye-opening. My ego could soon take it! From once driving only from my creativity without much collaboration from customers to later, only doing what the customers wanted. Adaptation was key. Adaptation for any entrepreneur; is key. And, yes! That is a hanging cake, made to look like a disco ball (second picture from left).
RESOURCEFULNESS
Entrepreneurship is a crash course in versatility. Whether baking cakes, navigating dropshipping, or diving into the creation of digital and physical products; every venture demanded new skills. It was a whirlwind of learning, but I embraced it, knowing that growth lay on the other side of each challenge. And when I hit a roadblock, outsourcing became my friend. Most roadblocks, I was able to figure out. But, certainly exchanged my time instead of money. When it came to code building for websites and completing a tech pack for manufacturers; I was lost. Hello, outsourcing! There is nothing wrong with that, just as long as you know your business financials (i.e. money coming in, going out, and if outsourcing is affordable).
FINANCIAL MANAGEMENT
Money is the lifeblood of any business. From the cakery’s fixed costs to the flexible cash flow of dropshipping, financial strategy is crucial. I learned this lesson firsthand, especially with ventures like crafting women’s shoes. I believe it was the year 2015 when I broke my fifth metatarsal bone in my foot. As a 25-year-old, I could not wear heels. So, I was on a mission to create a sexy yet comfortable heel. Talk about a tall order! Because the trademark needed a physical product on the market, and customers certainly wanted to try on the shoe first before purchase, I needed a product in hand. To get a product, meant I had to work with manufacturers who wanted money upfront. This model was a huge leap of faith, as I needed to have inventory to hopefully sell it to customers. At the time, and still to this day, I stand by my decision to pull the plug on this venture. It was too much risk up-front, and I simply was not comfortable with the numbers and concept. Maybe someday in the future, I will look into other options like Kickstarter. But for now, I stick by this decision and lesson. Balancing income and expenses must be guided by data and good judgment. If something seems like it is too much risk, keep thinking about it, and creating solutions until it makes sense.
SUMMARY
In the fabric of entrepreneurship, these elements form the foundation. With vision as your guide, creativity as your tool, adaptability as your shield, resourcefulness as your toolkit, and financial management as your anchor, you’re ready to embark on the journey of a lifetime.
