You name a famous company and there was an entrepreneur behind it – from McDonald’s to Facebook. One would think that starting a small business will have its hurdles, but for the most part, is an easy venture – Not! According to Fortune Magazine, a staggering nine out of ten startups will eventually fail. But, do not let the numbers discourage you, with genuine passion, hard work, a great idea, and a learning appetite you can build a successful business.
By: Tatiana Cortes
What are the fundamentals to becoming a successful entrepreneur? The word entrepreneur comes from the French word “to undertake.” A person who undertakes risk and initiative with the end goal of financial profit. Entrepreneurs value independence, they are their own bosses, set their own schedules, and run their own lives. They are self-reliant and responsible for their own success. You must be wondering, what are the steps to becoming an entrepreneur? We have done a little research and have compiled the best ways to become an entrepreneur. Here are the essentials:
1. Find Your Industry:
What is a field where money and purpose will motivate you? You must pick a field to work in where you can not only be successful, but also passionate about what you do. Entrepreneurship is hard work and consistency, so you want to focus your attention on something you are interested in and care about deeply.
2. Research Your Market:
Entrepreneurship and small business management entails a lot of research before you even start. Researching the available market and analyzing the area of demand and need is crucial. Maybe you want to open a fine Thai dining restaurant in your hometown. Are their other similar restaurants succeeding? Is there another fine dining in your area? Will local customers be able to afford to eat at a high-end restaurant? Do they even like Thai food? These are all the answers you need to find because they will be essential for your long-term success.
3. Educate Yourself:
How to become a better entrepreneur? Never stop educating yourself! Studies show that over 95% of entrepreneurs in high-growth industries have at least a bachelor’s degree. Consider something that is directly related to your field. You can dive into an entrepreneurial certificate or degree. Certificates are a great way to inexpensively learn foundational skills needed to launch a new career. While a bachelors will provide a general studies foundation, entrepreneurial certificates are more specific courses.
4. Build your Business:
Most businesses are built slowly, over the years. Being an entrepreneur with no money will require you to build your business slowly, starting with the very first sale/customer and crawling forward. Building slowly allows you to learn and adjust before plunging headfirst. Dealing with new situations provides valuable on-the-job entrepreneurship training you will not get from any formal degree. Many entrepreneurs will keep their day jobs while building their business empire slowly.