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steps to becoming an entrepreneur

Steps To Becoming an Entrepreneur That Can Help You Succeed

Being an entrepreneur is considered by many as the gateway to success.

Sure, getting a respectable job with a lucrative salary is cool and all, but the prospect of being your own boss while also getting top dollar is far more appealing.

However, the steps to becoming an entrepreneur are widely different from someone who is trying to get a degree.

As such, questions such as “What does it take to be an entrepreneur?” or “Should I be an entrepreneur?” will surely pop up at some point.

While the potential of being a business owner is glittery, make sure to keep your feet on the ground.

As per a business magazine, “nine out of ten startups will not succeed.”

That 10 percent success rate is demotivating. Be that as it may, you shouldn’t give up your hopes and dreams based on that data.

Before we dive into the entrepreneurship requirements, let’s first address why people choose to be business owners rather than workers.

Why People Choose Entrepreneurship

It’s no secret that becoming a business owner is a massive gamble because there’s no assurance that it will be successful.

Besides being financially ready, you also have to be prepared physically and mentally because you will most likely dedicate most of your time to it.

As implied above, you’ll be more likely to fail than to succeed.

Still, for some, the volatile nature of running a business makes it more worthwhile.

Below are a few notable reasons why being an entrepreneur is more appealing than being an employee.

Authority

Most of us fantasize about being the authority in any organization.

Respect is automatically given to you by your workers, at the very least.

Almost everything is run through you without requiring you to do all the heavy stuff.

In short, you are in control of the whole business operation.

So, if you’re someone who thinks you can do a better job than your boss, being an entrepreneur is the way to go.

Diverse Task

Once you become an employee, you are obligated to follow the rules and regulations of your company.

From schedule to where you are designated, most likely, you wouldn’t get much choice regarding anything related to your role.

If you are an entrepreneur, you have the freedom to choose what task you do.

For example, if you’re running a diner, you have the option of helping the register today and providing kitchen assistance the next day.

You also have the freedom to choose what time and day you will be at your business location.

It is optimal to monitor it as much as you can, but you can also delegate some monitoring tasks to your staff if you have to be somewhere else.

Overall, freedom from fixed schedules and cookie-cutter tasks is possible when you are an entrepreneur.

Lack of Choice

The lack of choice stems from a couple of factors, such as:

  • having underwhelming educational and employment background,
  • no market for your skills and qualifications,
  • and cannot fulfill employee obligations due to several reasons.

While the lack of choice appears to be disheartening, you must keep in mind that being an employee isn’t the life you imagine.

Potential for Growth

If you perform well in your job, there is a chance that you will get a raise and promotion.

Still, it would all depend on the discretion of your superior.

Owning a profitable business, on the other hand, is more substantial.

The opportunities for growth and revenue are essentially limitless, and you will get the most out of it.

If you got what it takes to be an entrepreneur, this part is probably your greatest motivation.

As we have laid out the advantages of being a business owner, it also comes with different challenges.

Your responsibility and accountability are the highest, which makes sense because you control how the business operates.

In the same manner that your startup’s success is credited to you, its failure will be on you.

Steps To Becoming an Entrepreneur: Definitions and Details

If you’re still up for it, let’s check out some essential entrepreneurship requirements if you want your business to be included in that 10 percent.

Below are the factors that tackle what it takes to be an entrepreneur and its significance.

1. Develop Your Character

Before you take your chance at being an entrepreneur, check out if you have the traits for it.

Some may argue that your character is the most significant factor between success and failure.

Fortunately, you can develop this set of traits as long as you work hard for it.

If you want to know what does it take to be an entrepreneur, a successful one, get a hold of these traits.

  • Initiative 

You must make sure that you always take the initiative when it comes to your business.

Some new business owners take delight in the fact that they don’t have a schedule, so they tend to slack off when they feel it.

This kind of attitude can only lead to failure. In more ways than one, your business reflects your character.

Make it a habit not to rely on your staff about something you could do yourself, get it done without their help.

That kind of approach can also influence your people into having the same mindset.

  • Social Skills

No one wants to work with a grumpy or socially awkward person, regardless of the position.

Proper communication is one of the keys to a successful business, and you being cordial with your staff comes a long way.

It’s also an excellent way to build a great working environment.

Excellent social skills will lead to better interaction, work relationships, and better products or services.

what are the steps to becoming an entrepreneur

  • Passion and Creativity

You can’t run a business if you have a nonchalant attitude towards it.

Once you think about your business as a chore instead of treating it as something you love, you might as well forget about it.

Chances are when you have a passive approach when it comes to your business, you will easily give it up once you experience setbacks and problems.

As such, learn to be passionate about what you do.

You will tend to appreciate it more once it becomes profitable and to protect it when problems arise.

Developing your creativity is also important.

This trait could help you create new ideas for your business, finding ingenious solutions to address and solve problems.

  • Diligence

Never settle on doing the bare minimum just to convince yourself that you have done what you are supposed to do.

Remember, more often than not, the one who gives it their best gets the best results.

That is easy to realize if you’re hardworking. If you have the drive and dedication that most of your employees don’t, then you got this covered.

  • Patience

Any great business success story has its own share of setbacks.

Most likely, before you get into day one of your operation, chances are you are going to experience a variety of issues.

The famous saying “patience is a virtue” is more than true when it comes to entrepreneurship.

You have to exercise a lot of patience with equipment, employees, and customers.

2. Find Your Niche

Many people dreamed of breaking the shackles of employment but choose to give it up because they don’t know which type of business they want.

It is recommended that if you’re starting a business, be certain that you have ample experience in that field or related to it.

Managing a startup with prior background or experience is superior to working with a startup with just second-hand knowledge.

You can also opt to get an education if you feel that there’s a need for it.

Learning by experience and via school should only make you more ready.

3. Prepare Your Capital

Capital is arguably the most-used factor by people who didn’t pursue becoming an entrepreneur.

Finances or lack thereof is a major deterrent for many, and if they did continue with their startup, lack of funds is usually the reason for setbacks.

Your business expenses revolve around equipment, payroll, marketing, utilities, legal fees, and many other related payments.

4. Market Research 

One of the most important steps to becoming an entrepreneur is market research.

You may feel good about the chances of success of your business, but it is still crucial to do detailed research about your target demographic, competitors, and the demand for your product or service.

Once you get a detailed analysis of these factors, you will most likely get a good business plan out of it.

5. Build Your Network

Networking is one of the most crucial entrepreneurship requirements.

It will allow you to meet people who could be an asset to your business.

Also, via networking, you could find investors and advisers who could help launch your startup.

6. Establish Your Empire Steadily

Contrary to popular belief, fast growth is not ideal if you want your business to exist for a long time.

Rapid growth could easily be a sign that your business is a fad, and chances are it is only profitable for a short period.

Building your business slowly but surely allows you to be familiar with the ins and outs of your business, the problems, and its solutions.

You can also get a better picture of your company’s growth, leading to better business plans while committing fewer mistakes.

Conclusion

Being an entrepreneur is not a sure-fire way to become successful, but if you have the proper knowledge and resources, by all means, go for it.

Always read anything that relates to your niche, and don’t hesitate to seek advice.

You can never be too prepared to become an entrepreneur.

About the Author Ramesh Dontha

I am an entrepreneur, writer, and blogger. I build businesses and love to share my experiences of my successes and failures. My mottos is: Live with purpose, Be Passionate about that purpose, Persevere through ups and downs and keep exploring Possibilities.

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