Life at UCB through the eyes of our student bloggers

Entering the entrepreneurial world…

Entering the entrepreneurial world…

Hi everyone, hope you’re doing well!

Last week, I shared my top TedTalks with you, so I hope you had a chance to listen to some of them!

But to start from the beginning, let me explain why I actually started watching TedTalks, because a few months ago, I never thought of it to be honest with you!

Well, I am starting to work towards running my own business and becoming an entrepreneur! I never thought about being a CEO or being a consultant or investing money because I never thought I had what it takes… which was the rich family background, heritage, status in society, lots of money to invest in the business etc… You get where I’m coming from!

So, right now I’m learning a lot more about it and I just wanted to point out a few fun facts about entrepreneurship and the difference between your 9-5 and being a business owner!

Well, first of all, the fact that there are 582 million entrepreneurs in the world means that the other 7.5 billion people in the world work for the 582 million. Let’s put it this way: in the US about 92% of the population is employed by 8%.

 

So, the fact is that no matter what you are doing, we will all earn £100,000 per year. The question is whether you will earn it for your employer or for yourself? I’ve heard this on one of the calls with one of the most successful business owners in my industry, and it really put me into perspective.

So what does it really take to start in the entrepreneurial world?

I’ll put it down to three things:

  1. Work ethic. You can’t have a million-dollar dream with a minimum wage work ethic. What that means is that in order for me to achieve my goals, I know I’ll need to work hard. And what does work hard really mean here? For some people working hard means working 8hrs per day, for some it means 3hrs, for some 16hrs….it’s relative and can depend on the situation and the individual. But for me, working hard means not finishing with my day until I’m done. That sometimes ends up in me working 100hrs per week, and I hear my friends saying ‘Why are you working so hard?’  and the answer is because I’d rather work 100hrs per week and work on my dream, than work 40hrs per week for someone else’s dream.
  2. GRIT. According to the Cambridge dictionary, grit is courage and determination despite difficulty. What grit really means for me is the willingness to fail, to be wrong, to start again, and with lessons learned. Grit is persistence. It’s making your own luck. So, whenever someone tells me ‘good luck!’ I bite my tongue not to say ‘I don’t need luck.‘ Because YOU and only YOU can create your own luck. Mark Zuckerberg wasn’t lucky, Bill Gates wasn’t lucky, Jeff Bezos wasn’t lucky… I could keep going but the point I’m trying to make is that with all these successful people you hear about on a day-to-day basis, it wasn’t a stroke of luck that got them there, they worked hard to be in a position they are in right now. So, if you are just sitting around and wishing you had more success, no one is going to knock on your door and make you be successful. You have to go out there and fight for it.
  3. Know your WHY. Imagine getting in a cab without knowing your final destination. It’s the same with entrepreneurship. There are times when it gets hard, when it gets tough, when people doubt you when you get negatives from your friends, family, partners… and in those moments, the only thing that will keep you going is your WHY – the reason why you started and the reason that keeps you going when things are not easy.

    The WHY is the purpose, cause or belief that drives every one of us.

    So these are the few things that I found on my journey so far which I believe are essential for anyone looking to become an entrepereneur. The reality of it is that it is hard, but it’s worth it if you only know why you are doing it.

Hope you enjoyed reading my blog and see you all next week!

Ema x



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