Want to be an entrepreneur? Try your hand at these tasks first

The UAE’s National Agenda for Entrepreneurship was established to ensure the country is an entrepreneurial nation by 2031. Despite the deadline being nearly a decade away, the UAE has already secured a first-place ranking in the latest ‘Global Entrepreneurship Index’ by outperforming major global economies.

The consistent injection of entrepreneurs into the country’s economy will be essential for sustained success. Here are just a few of the key takeaways from my own entrepreneurial journey.

Becoming an entrepreneur is not bound by location or geography. It’s a mindset shift. As long as you constantly seek out business ideas that are required by your target market, while developing and surrounding yourself with a robust network of like-minded people, there is no ceiling to your potential.

Seek out lifelong learning

Starting your business is only half the battle; ensuring it thrives is the other. While it’s easy to form an opinion of someone without diving deep into their history, it’s always important to also remember that the struggles they endure play a key role in their success.

You can limit your own failures - because whether you believe it or not, you will fail along the way.

I often see people wanting a single mentor that they think can solve all their problems, but the reality is that every successful person has their own strengths and weaknesses. So, don’t try to find a lifelong mentor because the world is constantly changing and so should your mentors.

The world has found itself in a series of global crises of late and when this is the norm, entrepreneurs who exhibit resilience will inevitably have staying power. With that said, flexibility is equally as vital to your entrepreneurial success.

Remember Blockbuster? Yeah, not a lot of people do.

At the peak of its business, Blockbuster was a $6 billion video rental giant that dominated home entertainment. Reed Hasting, the founder of Netflix, proposed a partnership to Blockbuster CEO, John Antioco, in the early 2000s and was laughed out of the room.

In 2010, Blockbuster would go bankrupt as Netflix’s innovative offering helped them secure control of the industry with a $9.27 billion end-of-market cap (and $267.46 billion to end 2021).

That’s just one example of why being able to weave left and right as the world and competitors - existing and potential - throw punches at you, will help you stay afloat.

Financial wealth is a misconception

The sad news is that more entrepreneurs fail than succeed.

Being an entrepreneur is stressful and it isn’t an easy pathway to financial stability. Yes, when things are going smoothly then it’s more fun, but I don’t know of any entrepreneur that has not had to overcome serious challenges in their business - whether it be due to a lack of financing, hard-headed clients, or even learning how to manage people.

I know of many entrepreneurs who were on the brink of bankruptcy or who had family breakups because of entrepreneurship-induced stress, so be prepared to carry the weight of the world on your shoulders and be willing to push through adversity.

I have interviewed many people, and I still get comments like ‘You can’t afford me’. Or ‘I can do anything...’.

Whilst all of these statements may be true, this arrogance often indicates that a person takes more than they are willing to give and therefore is the wrong person for our team regardless of how good they are.

The future is collaborative, and employees that can effectively and efficiently use platforms like Google Workplace or Office 365 will be some of the most sought-after people. It blows my mind how so many people I interview still haven’t used, let alone mastered these skill sets even though they are sitting at home looking for work - especially when learning is free.

All you need is an internet connection and a phone, tablet, or desktop device. It’s one of the cheapest, yet most useful, skill sets around and the quicker you become an expert, the sooner you’ll find yourself as an even more effective employee or an entrepreneur with a more effective business.

It’s helpful to first be an employee

Being an employee before an entrepreneur can contribute to the success of your business.

Learning the intricacies of different business systems, structures, marketing tactics, client engagement methods, and funding models will help you create your own successful business.

Employees often stick to one department but requesting to move around will help you learn additional skill sets. Of course, this is not a viable approach if you wish to stay employed as moving around from business to business is seen in a negative light by employers, but if you are serious about becoming your own boss and building a great company, it’s best to explore as many opportunities as possible before doing so.

Entrepreneurship isn’t for everyone

It’s okay to take time in developing great leadership qualities. Many leaders never become entrepreneurs, but rather remain hired guns in a corporation where their sharp management skills are useful in growing or turning around a business.

It’s okay to work for someone else and build a career through that channel. Many people have become far more successful working for others, than going it alone.