11 Key Steps To Becoming An Entrepreneur

 Almost 30 percent of the US workforce, or about 44 million people, are self-employed (also known as “Entrepreneurs”). Some people start their own business and manage it in addition to their day job and socializing. Whereas remaining are entrepreneurs with a vast vision where they have the freedom to grow their mindset and believe in learning new skills every day.

To become a successful entrepreneur, you do not need a degree from any popular college or any specific professional requirements. All you need is the right business idea, intelligent ways to execute the idea at the right time, and knowing the right marketing strategy to take your brand to reach the right audience. 

Along with the mindset of becoming an entrepreneur, you must be having the proper knowledge, passion, and drive to achieve. Every business you do is risk-averse; make sure to have the team support to handle any kind of failure if the idea doesn’t match the exact need and timing in the market. 

Wondering how to join the ranks of the entrepreneurial class? This guide goes over the steps to becoming an entrepreneur. So, why wait? Let’s delve into it.

1. Come Up with a Business Idea

Before you wonder how to become an entrepreneur, think about the fields in which you are a master. You can be an entrepreneur in almost any area, technology, agriculture, finance, media advertisement, social marketing, and so on.

The key to success is having an idea for a business. Maybe you want to design a mobile app, or perhaps you just want to offer people a better way to shop for cool t-shirts. In any way, having a business idea of what the goal is will help.

Next, you have to do some research. Has anyone else attempted this idea? Then who is your competitor?

If someone else with the same business idea existed in the market, you might have to study and research a bit deeper to know what they are doing and your take on it. What will be your unique spin on the idea? If the other business failed, what would you do differently to ensure success?

2. Create a Business Plan

It’s good to have a business idea, but it’s vital to execute it successfully. If you go out and ask, you will find that every single person has some idea. But when it comes to execution, you will found just a handful of entrepreneurs who made it successful.

In 2019, the failure rate of startups was around 90%. The research concludes 21.5% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year.- Data Source: Investopedia

You might have heard about these stats or many other failure stories, but have you tried exploring the reason “why?”

There is a famous saying, “If you are failing to plan, you are planning to fail.” This is a generic statement, but it’s so true for entrepreneurs and the startup ecosystem. That’s why businesses need a B-Plan – a formal written document containing the goals of a business, the methods for attaining those goals, and the time frame for the achievement of the goals.

If you know how to write a business plan, it’s excellent- otherwise, you can learn it and do it, else you can hire a professional to do it for you. Anyhow, try to create a solid B-Plan and try hard to execute the B-Plan with a never-give-up attitude. 

Remember, if you are failing to plan, you are planning to fail.

3. Test Your Idea Before the Launch

Your idea will be ‘the next best thing’ in the market, but what if it cannot fulfill your dream to become a successful entrepreneur. Therefore, you need to check the viability of your idea/product or whatever you will put out in the market.

Various ways to test your product are:

• Local shops/market
• Internet/social media
• Social circle/friends
• Survey
• 
  

You could also conduct a brief survey and ask people to test and review your product so that it will be easy to make changes and deliver the product/service best, among others.

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