Wondering How To Become an Entrepreneur? Here is how.
We all want to quit our jobs and start out our own ventures. But, the stories of failures and people around us continuously freak us out. If you are a one-person-show you can very well start your own brand. You can build a business and then learn to hire and delegate as you progress.
Becoming an entrepreneur is easy if you are willing to take the first step and that is to do things the right way.
You might have heard that an entrepreneur is a risk-taker, but no that is not true. An entrepreneur is a risk-averse person. This person knows how to turn the risk into an advantage. This is the kind of person you will have to be if you are wanting to become an entrepreneur. If you have a low paying job, this does not mean that you ditch it. It means that you find a way to make both things work.
This may be a slow process but once you start, you will get somewhere. Simply quitting a job and getting into your own things is not a great idea.
Step 1: Find What You are Great At.
Good does not cut it. You have to be great to turn something into a business. But, relax, this does not mean you just wait and wait for your perfect idea. You gotta make normal mediocre things great. Simply by looking at brands and startups like Casper and Buzzfeed you can do this.
No, you do not have to be in technology to be an entrepreneur. You can do it in any way you like and in just about any area. However, Technology today is changing how businesses are done. It can change the business from start to end. Find a business that won’t only be successful, it is scalable. Scalability means you can maximize your sales or the people you reach without increasing your workforce or resources. The best example of this is Careem.
Careem does not need to buy cars or pay wages. It made an application, now their job is done. They may have a help desk and administrative charges, but they do not need to invest in much other than tech updates. They can use the same application and help-team to cater to 10,000 people. And perhaps by employing a few more people they can cater to 10x this number. This is a genius and scalable business.
Step 2: See if you might need to study it
You don’t need to have any type of formal education to be an entrepreneur.
But, if you think you should then get a book or two. Take a few online courses, some are even free. Check out if the business can be helped with a Masterclass, find it on torrents and get in the mood to build.
If you want to start a tech company, experience in business, computer programming, and marketing could all be valuable. You should know what you are getting into.
Step 3: Plan your business
Be smart. Plan. See how much money you need realistically. Calculate where you will get it from. Do not put any strain on your own budget or your parent’s.
You need to have a business plan. A business plan lays out any objectives you have as well as your strategy for achieving those objectives.
Having objectives tells you what you need to do. It gives you a challenge and a goal. This is also important for investors who want to see systematic explanations of things you do.
Step 4: Find your market
Sit down with a smarter person and find out what your audience it. Get as detailed as possible. Imagine how your target market sleeps, eats, drinks and even thinks. Pinpoint the demographics of the clients. And then look for ways that your business can tap into these habits and activities. You can use advertisements, personal selling or whatever, but the first step is knowing how people live their lives these days.
Step 6: Sell your idea
Consumers want products, but they don’t always know which product to pick. You should know how to sell it to them. You can do this in various ways.
You’ll have to find out what makes your product unique and then sell it based on the value it adds.
Step 7: Market
Learn everything about marketing through Pinterest and Youtube. Then close these sites and think about your product. Think of 2 places it will sell the most at. List things related to these places that can be used as advertisements.
Do unique things that will excite people. Advertise on social media sometimes. Make extraordinary Facebook and Instagram pages related to your business. Attract and sell.
It is simple and no being a risk-taker is not how you do it. Start now, what is stopping you?