Do you think becoming an entrepreneur is a herculean task? You may be right and at the same time, you may be wrong. If you have been looking for ways to become an entrepreneur, look nowhere else because, in this blog post, I will present to you the necessary steps to take to become not only an entrepreneur but a successful one.
Becoming an entrepreneur is not that difficult if one follows the right path. And treading the right path alone doesn’t guarantee success if proper steps are not taken.
Entrepreneurship, like art, cannot be understood without practice. In practice, mistakes will be made and lessons will be learnt and they are worth it— even while taking the right steps.
People make excuses and find reasons for not following a path to become an entrepreneur. I did a post about it sometimes ago. Truly, entrepreneurship is not for everybody but no one is born as one.
Before we dive in, let’s define entrepreneur and entrepreneurship.
Who is an ‘Entrepreneur’?
An entrepreneur is someone who takes an idea, product or service and does whatever is necessary to bring it to the marketplace for people to exchange value for and generate revenue.
Entrepreneurs can simply be called business owners who have systems in place and don’t exchange time for money.
Entrepreneurs work hard to build something of lasting value.
Entrepreneurs solve our everyday problems by proffering solutions to the people who want them and are ready to exchange their money for them.
With passion, hard work, a great idea, willingness to learn, anyone can build a business and turn it into a money-spinning machine.
Entrepreneurs create new markets with their products and services that are not in existence to bring about change in society. In fact, they are often tagged as makers and changers of society. Entrepreneurs like Steve Jobs changed the way we communicate with mobile phones. Elon Musk is changing how we move from one place to the other. Mark Zuckerberg is changing how we socialize with social network apps.
What is ‘Entrepreneurship’?
Entrepreneurship is the act of starting and running your own business in order to achieve goals and financial gains. Entrepreneurship isn’t easy, but it can offer many rewards to ambitious risk-takers.
Entrepreneurship can also be likened to a path full of mental-taxing activities and time-consuming challenges. The world of entrepreneurship is unpredictable and exciting.
Seeing people patronizing and loving your products or services is one of the most enjoyable things on the path to entrepreneurship, most especially if it happens earlier than projected.
As we are familiar with the words — entrepreneur and entrepreneurship — we can move forward to discuss the right steps to take to become an entrepreneur.
So, the question now is what are the necessary steps to take to become an entrepreneur? Don’t let me waste your valuable resource–time. Let me deliver my promise as the headline reads.
Let’s go in straight!
Step 1: Find Your Industry or Niche
This step is the most important step to take if you want to become an entrepreneur. It comes first and must never be shortchanged.
You must find a specific niche or industry you want to operate in. People wish to become entrepreneurs but they don’t define what industry to get involved with.
Most times, your niche is usually carved out of your experience. If you have been an accountant for an IT company for years, you will understand how IT products and firms generate revenue and you can be thinking of how to carve a niche around that.
If you have worked at a cosmetics company for many years, you probably have a good understanding of how to run a cosmetics production business and you can be thinking of how to provide consultancy services to cosmetics organizations. Your current experience is a great place to start looking for your niche.
Building a business in an industry that you are familiar with will make you love every bit of the entrepreneurship journey. To stay relevant in an industry for years, you must be passionate and purposeful about what you do . Working for hours will feel like play and game to you and results alone will not be your motivator.
Step 2: Research Your Market
After deciding the industry you want to do business in, the next step to take is conducting your market research effectively. This is a crucial step that must not be neglected.
Market research will enable you to know if there is a market for your product or service, have an idea of the size of your demographics, and it will also prevent you from wasting your scarce resources. Taking this second step will move you closer to your destination of becoming an entrepreneur.
Step 3: Educate Yourself
After conducting market research, the next step to take on the journey of becoming an entrepreneur is gaining the necessary knowledge about what you want to do.
You can pick up books, sign up for classes, listen to lectures on what is related to the niche you are working on. Also, you need to be knowledgeable about building a profitable business and its entails. You can invest your time to read about marketing, communication, business analytics, accounting, advertising, business management, etc.
To stay a successful entrepreneur in the market, you must constantly be educating yourself.
Step 4: Build Your Business
All the aforementioned steps are leading you to this final one. You cannot be an entrepreneur if you fail to build one. Every action you take daily must contribute to building your business.
Business building starts from day one you think about your business idea, however, the step here is about taking necessary actions that will contribute positively to growing the business.
As an entrepreneur, to build your business, you must work on your business, not in it. Entrepreneurs do strategic work and delegate tasks to others efficiently.
All the mentioned steps in this post are vital to take as arranged to prevent business failure. Like a staircase, a step to be taken at a time to avoid stories that touch. And I believe the journey will not be that rough with these steps.
Now to you
Do you know any other step that can be taken that is not listed here to become an entrepreneur? Or do you think there are errors in the arrangement of the steps? Please, leave comments below. I can’t wait to read your words.
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Start hustle now!