Even though the common man and common workforce is important for the growth of the nation, entrepreneurs are the ones that impact the economy the most. They are the ones who own and run almost all businesses in the country – ranging from small stores to multi-billion-dollar industries.
Every time you look at someone successful, you will find an entrepreneur. Whether you look at big shot industries like McDonald’s, Facebook or Coca Cola, you will find entrepreneurs. When you look at small stores that you buy groceries from, you will find entrepreneurs. This shows just how important entrepreneurs are for the economy of the nation. This guide to becoming an entrepreneur will teach you everything you need to know.
Unfortunately, the world doesn’t have success stored away for every entrepreneur, but rather gives them the cold shoulder of failure. Research has shown that about 50% of entrepreneurships do not even make it beyond their first five years. This unfortunate fact becomes even scarier when you look at the stats that show that only one out of ten entrepreneurs makes it to success while all others fail.
People who search how to be an entrepreneur realize that it is a skill that anyone can master if they apply hard work and determination to a great idea. However, it is more complicated than that. Before you work towards building your business empire, you must learn the secrets of entrepreneurs and look at other success stories to learn what exactly it means to be an entrepreneur. You must also learn of the educational courses that can benefit you and of the traps you should avoid. Once you are done with that, nothing will stand in your way tobe your own boss.
What an Entrepreneur is
An entrepreneur is a term that is used by almost everyone these days. Sadly, many of those people don’t even know what it exactly means. Usually when someone thinks of entrepreneurs, they tend to think of business owners of all sorts. But, the real meaning of it comes from a foreign language.
Entrepreneur came from the French word which meant to undertake a task. This means someone who undertakes risks in life and still is determined for the goal of making a profit. Even though making money may not be the only thing that motivates entrepreneurs, but taking risks for it is what makes someone an entrepreneur.
All entrepreneurs work hard to build something that will stand the test of time. They take necessary steps which are required to make their businesses automated. This allows them to continue to make money even when they stop working. For example, the owner of a restaurant will make money whenever the restaurant is open even if they themselves aren’t at the restaurant.
Freelancers Vs. Entrepreneurs
Since the arrival of the internet, a ton of people have already taken their skills and started using them to get work online. They register with websites or companies and work for these clients while from home. They are called freelancers. Freelancers work when they want, they take vacations when they want. This makes people confuse them with entrepreneurs. But what is the truth? Are they the same as or different from entrepreneurs?
Well, to answer that, freelancers may work on their own terms, but they only get paid while they work. They don’t work to build a business that will continue making profit when they are on vacation. This is what separates them from entrepreneurs. Both terms may often be used interchangeably, but they are very different from each other. Freelancers never ask the question how do I own my business.
How to Become an Entrepreneur
Now comes the final question, how to become an entrepreneur? When you look at the types of entrepreneurs out there, you will find that there are several paths that you can take. The owner of a food delivery service won’t take the same path as an interior designer. Despite that, there are certain steps that can be taken to attain the basic path of entrepreneurship. These steps are:
Find Your Niche
The first and most obvious step to become an entrepreneur is to find your niche. This is the industry which you feel you will be good at and do well in. A lot of people who want to become entrepreneurs do not often realize which industry to pick and they give up without even trying.
Your niche would probably be something you have worked in for years and years and you have practice to show for it. If you have worked as a chef at a local restaurant for many years, or worked in an office to plan events, these could be turned into a restaurant business and an event planning business. Your experience will help you reach new heights and will help your industry get going. This will help you become an entrepreneur fast.
Do Your Research
Research about your particular market will help ensure that your business grows instead of failing. You should start by checking out the demand and supply in your local market.
For example, if you want to open a computer hardware center, you should research the market and figure out whether it will be profitable in your area or not. You should start by researching whether there are any other computer hardware centers around. Then check if people can afford high-end computers or more moderate ones. Finally see if they even need to use computers.
Education is a Must
Many people fall for the pop culture myth that self-made millionaires never graduate college. Unfortunately, this couldn’t be further from the truth. About 95% of all successful entrepreneurs have a bachelor’s or masters degree. This goes to show how important college can be for a person to become a successful entrepreneur.
Build Your Business Slowly
Many people tend to think that successful entrepreneurships can be built fast and that a speedy growth is the only sign of success. Unfortunately, entrepreneurs all know that this is not true. All successful entrepreneurs build their businesses over decades instead of months. This helps the business be stable instead of fickle.
By following the above, you can ensure that you will become a successful entrepreneur.