5 Daring Acts of an Entrepreneur

I’ve always wanted to be a successful entrepreneur since young. At that time, I didn’t know how to be successful and what being an entrepreneur entailed. While still a student in secondary school, I remembered my economics teacher asking me in class: “Kelvin, what is an entrepreneur?” I gave her a blank stare without an answer!Fast forward to today, with much experiences gained from my many years in the the corporate and business world, I have learned what it takes to be a successful entrepreneur. Entrepreneurs are people who organize business ventures and assume all risks associated with the businesses.  Entrepreneurs believe in themselves and their ideas and dare to take actions to create their own destinies. To be successful, an entrepreneur must be bold enough to perform 5 “daring” acts…

1. Dare to Dream

Successful people always begin with a dream.  They dream big dreams and then pursue to accomplish them no matter what and how long it takes. During my secondary school days, I began to act on my dream by initiating some part-time business activities.  I was then equipped only with the basic business principle of making profit by buying things at low prices and selling them at higher prices.  With the pocket money that I saved, I bought various items such as electronic games, board games and books from stores at discounted prices, and then sold them to friends at mark-up prices for profits.  Since then, entrepreneurship slinked into my bloodstream as I prepared for future challenges of building up businesses.  Who says we are too young to start?  While pursuing my business degree in Australia in the late eighties, I remembered asking a part-time matured undergraduate who was 69 years old then, “Why are you still studying for a degree when you should be enjoying your retirement?”  With determination in his eyes, he replied: “It has always been my dream to be a business graduate and I now want to realize it!” He has indeed kept his dream alive and earned his business degree 6 years later. You’re never to young or too old to start pursuing your dream.

 

2. Dare to Risk
To be successful in life’s endeavors, we must dare to take some risks in our life’s decision. The risks you take today would determine whether you would be successful tomorrow.  If you want to become a successful entrepreneur, you risk capital expenditure to get your business started.  If you want to become a successful network marketer, you risk rejections when you present your network marketing opportunity to prospects.  If you want to become a best-selling author, you risk rejections from publishers after you submit your manuscript.  No matter how you piece it, success demands risk.  Are you prepared to take some risks to accomplish the success that you desire? 

 

3. Dare to Fail
In my opinion, the only person that does not experience failure is one who does nothing new! Thomas Edison failed in more than 600 experiments before he finally created the electric light bulb.  He could only see failures during the 600 plus experiments before the success came.  What set him apart?  He dared to fail, learned from the many failures, and finally progressed to succeed eventually! 

Encountering failures are steps closer to experiencing success if we learn lessons from the failures and keep trying. Many failed in businesses many times over (myself included) but they gained a wealth of invaluable experiences and lessons that money can’t buy. Taken in good light, failures are learning experiences. To me, failure is the mother of all successes.  Even babies failed so many times before they finally walk. Learn from failures, keep going and never give up!

4. Dare to be Different
Successful entrepreneurs don’t do different things, they do things differently.  Look at Sir Richard Branson, a maverick billionaire entrepreneur who is the chairman of the Virgin-branded group of companies. Recently, Sir Richard Branson had a bet with Air Asia’s chief executive Tony Fernandes. The men had bet, at the first of the F1 racing season, on whether Branson’s Virgin Racing or Fernandes’ Lotus F1 team would do the best. The loser was to serve as a flight attendant on a plane owned by the other’s company. Sir Richard Branson eventually lost the bet and has to work as a stewardess in an sexy red Air Asia hostess uniform on a celebrity flight between London and Kuala Lumpur.  Surely Richard Branson has differentiated himself and set himself apart from business leaders around the world. 

What do companies like Apple, Samsung, and Bang & Olufsen have in common?  They used bold designs to differentiate their products in a crowded marketplace to gain market share and build customer loyalty.  These companies are creative and dare to be different!

5. Dare to Act
When you have an idea that is strong, clear, and powerful, it is important to act on the idea.  Very often, people intended to take action when ideas strike and emotions are high.  However, if they don’t translate their intention into action soon, their passion would begin to diminish over time.  Weeks later, the passion will grow cold and months later, that passion could be gone forever.  I can’t imagine that if I didn’t act on chasing after my then girlfriend, I would not have gotten a wonderful wife now.

If you want something, you must act to get it. Dare to act when others say it has never been done before. Dare to act when others say it cannot be done.  Dare to act when others say your chances are slim.  While there are no guarantees that your dream will come true if you pursue it, one thing certain is that you will never attain success if there is no action on your part.

@K.Tharma:Thanks – Kelvin Wong