Reflecting on the first half of the year 2018 and taking stock of the year 2017, there are contrasting findings in the number of entrepreneurial startup as well as existing firms’ success and failure rate. A situation that lends credence to the fears most corporate people have whenever the thought of going ‘solo’ (entrepreneurship) comes up: the thought of that “lonely path.”
It comes with uncertainties: risk of losing the rather scarce capital, getting the right team with the requisite know-how and attitude, lack of support from family and friends and ooh the most dreadful one – lack of self-confidence because forfeiting a regular paid job and chasing your ‘good ideas or passion’ does not guarantee having food on your table, clothes on your back and paying your bills. Whether you are a student about to complete your current level of education, an unemployed graduate or salaried worker, the transitions associated with every decision you make has consequences. We all desire for change but who drives the change taking cognizance of the inherent risk?
A validated idea supported by a strong desire or passion is a fine starting point but then a well fashioned out plan and vision with enough savings and a spending plan (supportive family and friends) to sustain you in your activated survival mode is a step in the right direction. This is best actualized by establishing if you are an ‘opportunity’ entrepreneur or ‘necessity’ entrepreneur and getting the right team after identifying your strengths and weaknesses (key resources).
Market dynamics sometimes demands adjustments to suite the time and this may slightly alter the vision and business plan but do not lose sight of the bigger picture as entrepreneurship is a process. The 21st century entrepreneur challenges the ‘normal’ by doing away with outmoded models through innovative means that affords leverages by employing impactful tools and technology which aids the brand demand drive. The business model canvas is a great tool to use in structuring an effective and viable business.
The question often asked is ‘Why do entrepreneurs with great (innovative) ideas fail with some even quitting completely to end up in the corporate world when they have had some forms of funding, training and coaching?’. A recent visit to some beneficiary businesses support this line of questioning.
What brings about these situations? Do budding entrepreneurs have the requisite knowledge and skills to venture into their identified ideas? What training and funding or financing options are there to assist them? Is it that due diligence is not carried out by donors or program managers?
What warrants for ‘serial’ entrepreneurs who are found at almost all donor training and pitching sessions? Are the training programs offered tailored to suite the various industries? How credible are institutions and programs targeted at different categories of entrepreneurs? How competent are the facilitators, coaches and mentors of such programs? What post training sessions are instituted to assess proper application and implementation of the skills acquired during such trainings? Where such post training care exist, which evaluation methods are used to ascertain its effectiveness?
Checking out another article on kidpreneurs by this writer
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How to Gain Self-confidence as a Professional Trader
Confidence is one of the key ingredients which will allow you to trade the market like a pro trader. If you wish to build your career in the investment world, we strongly recommend that you learn to take the trades with strong confidence. It might take a while to get used to the overall concept of trading but once you become good at analyzing the market data, you can build your confidence level. But developing your skill in the retail trading industry is not that easy. You have to follow some specific rules and only then you can expect to become a full-time trader.
In this article, we are going to give you some advanced tips which will allow you to trade the market with a high level of precision. Once you become good at following the tips mentioned in this article, you will never struggle in the ETF trading industry.
Forget about the past trades
The novice traders get biased with the losing trades. They keep on monitoring the market and repent of their mistakes. On the contrary, the professional traders take smart steps and without any repentance, they look for the next trade signals. If you wish to develop yourself as a professional trader, we strongly recommend that you forget about your past trades. You can’t undo your past. Instead, look for the next trade signals strategically and try to find the solutions to this market.
Trade with long term goals
You must take the trades in the market with long-term goals. Without setting up long-term goals in the investment business, it is very hard to stay tuned with the market changes. View the website of Saxo and learn about the importance of having strong determination in the trading business. Unless you are determined with your actions, you will keep on losing money most of the time. So, follow a conservative way and systematically take the trades. Once you become good at evaluating the key direction of the market, you can easily change your life.
Analyze the high impact news
Learning about fundamental analysis will improve your decision-making skills to a great extent. Very few traders in the retail trading industry have the skills to evaluate the fundamental data in the market. If you want to survive in the retail market, you must learn to take your trades systematically. Forget the fact that you are know everything about this market. See how the news data changes the course of the trend. As you become skilled in analyzing high-impact news, you will slowly learn to take the trades with strong confidence. This will also make you a better trader and let you systematically trade this market.
Create a trading routine
To build strong confidence in the trading profession, you should trade the market with a balanced trading routine. Unless you take your trades with a proper trading routine, it will be really hard to bring any positive change to your trading system. As a trader, you might be thinking that you know every bit of detail. But this is not all true. In your trading routine, you must define all the basic rules. If you don’t trade the market with predefined rules, it will be a big challenge to make bring changes to your trading system. Follow the basic rules and trade the market with long-term goals.
Trade with low risk
You should always trade the market with low risk. Once you start taking the trades with managed risk, it will become an easy task to develop self-confidence. The majority of novice traders don’t have the strong skills to deal with the complex market. Usually, they aggressively take the trades and they lose a significant portion of the trading capital. So, trade with only 2% risk in the trades and it will help you to build strong confidence at trading.
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