Across the world, entrepreneurs are driving innovation and economic growth locally, regionally and internationally. Business and government leaders are encouraging entrepreneurship in speeches and different conferences around the world.
Although governments must provide the regulatory and economic environment for entrepreneurs to flourish, the question that individuals, aspiring to be entrepreneurs, must answer is when do they take the plunge into this new world of entrepreneurship?
Some of the questions that a person contemplates as they consider being an entrepreneur are: when to take the jump into entrepreneurship or am I even the right person? Do you take this risk right out of college or do you wait until you have gained some experience in the corporate world? Do you launch a startup after financial security or do you have to belong to a family of entrepreneurs?
There are two areas that need to be considered before answering these questions; first is the characteristics of entrepreneurs and the second is the timing of venturing into entrepreneurship.
Entrepreneurs have a tendency of being problem solvers: they identify a problem and attempt to solve it or see an opportunity and grab it.
Dan Meader of Allowance Manager, developed an app and web portal for parents to manage their children’s allowance when he realized there must be a better mechanism for him and his wife to track and fund their children’s allowance.
Some of us don’t consider physicians to be entrepreneurs in business. However, meet Dr. Bassam Osman, a practicing neurologist, who was having difficulty investing in a Halal way. So, in 1984 he and a few partners launched the first Halal Mutual Fund in the United States.
The primary characteristic of an entrepreneur is the drive: the ability to work through obstacles and hurdles. So, if you have the drive, you will be able to succeed in your endeavours. One of other characteristics that you will need to develop and utilize is vision. Entrepreneurs have vision. They see into the future when everyone else sees a dead end. Entrepreneurs are imaginative, creative, and determined. They adapt, learn and develop. They understand how to take calculated risks.
Never forget to dream big. Shahed Amanullah, the founder of Zabiha.com, had only one regret as an entrepreneur: he did not dream big as he was developing his business. He launched Zabiha.com as a Muslim food portal rather than a food portal for all Americans. Zabiha.com could have been the Yelp of today. Now is probably the best time for an entrepreneur to take the risk to enter into this new world. There are always advantages and disadvantages of waiting, postponing, and trying to find the perfect time. This is difficult to achieve since there is no perfect time. If an entrepreneur waits to gain experience and financial security, he will have other responsibilities that may hinder his ability to make the jump. If an entrepreneur jumps early, he will have limited experience and unnecessary mistakes will happen. Either way, as my father, Dr. Ibrahim Nasir, always drove home, that one should always be learning and developing oneself either in career or in business. Nadia, the cofounder of Launchgood, recently said at a finance conference, always be learning.
