Having funds is just part of the start-up’s needs

I am a young man with high aspirations. I’ve always dreamed of being a successful entrepreneur — I believe that this is my purpose in life. I found a niche in a marketplace that I believe would be very profitable. However, it is a risk that I am not fully prepared to take, financially or mentally. Still, I believe that this business would bring me the necessary cash to reinvest in other ideas. What would you do if you were in my position?

Congratulations Mihai — you’re already halfway there. You have passion, and you have an idea, and as I’ve often said, those two things are the cornerstones of any successful enterprise.

But don’t let the fear of failure become an obstacle. Entrepreneurship in its very essence is all about taking risks. You can create your own luck by opening the door to change, progression and success. If every entrepreneur — including myself — feared failure, then few companies would ever have seen progress or success.

Of course, some people might consider it reckless for someone in your position to be taking big chances so early on in life, but the truth is that risk is necessary: No one ever reached the stars from the comfort of their couch!

Before you jump in, though, make sure that you’ve solidified a foundation for your business on purpose. You mentioned that your ideas could lead to later investments, but keep in mind that when you get into business solely to make money, you likely won’t. If you try to make a real difference for people, you’ll find true success.

And in a world that’s faced with so many challenges, the easiest and most satisfying way to do well is to do good.

Build the best product you can, and make sure it has long-term value to people and the planet. This way of thinking has been a recipe for success for us at Virgin for five decades. One of our latest ventures, in fact, takes our passion for purpose sky high.

We recently invested in OneWeb with the aim to create the world’s largest constellation of satellites in order to bring connectivity and communications to billions of people who don’t have access to the web. We have no doubt that such a purposeful goal can eventually lead to profit.

Once your purpose is established, make sure that your idea is connected to the issues you’re most passionate about. This is what keeps entrepreneurs awake during the long hours, positive during the chaotic moments and determined throughout the challenges. What’s more, it is one of the strongest predictors of whether your idea will lead to success.

Character and quality

Another major predictor of success is the character and quality of the idea itself. It doesn’t matter how new or unusual your idea is, if it does not fill a gap in the market — or, as you put it, a marketplace niche — and improve lives, then it is unlikely to be well received.

You wrote about not being completely financially and mentally prepared to go into business. Don’t worry, no entrepreneur is. But passion and purpose will do great things to keep these uncertainties at bay and help you focus on the job at hand.

Lack of funds need not be a barrier, either. This is the age of entrepreneurship, and there are many options available. A number of start-up loan programmes and crowdfunding platforms have sprouted up in countries and cities across the globe — there may be a number of people and organisations out there willing to support your business.

And don’t just throw money at challenges. Identify exactly what you need to grow your company. Is it technology, engineering, infrastructure? Also, when the time comes, don’t just hire people for the sake of growing.

Know your priorities, do your research, start small and think big.

So Mihai, be brave, take risks, put people and the planet on par with profit, and don’t give up. This is the recipe for success. Good luck!

Remember: The luckiest people are often those who are prepared to take the greatest risks.