Entrepreneurship is the process of compiling various resources and transmuting them into commercial products. These resources include – an innovative idea, effort in the growth and development of the idea, financial management, human resource management, customer relations, marketing as well as time investment into the business. The tasks of an entrepreneur are usually daunting and may range from small scale business to large scale corporate businesses.
Becoming an entrepreneur is a dream for many, especially in these difficult economic times. However, it’s not always easy to become a successful entrepreneur. Indeed, for every successful entrepreneur, there are numerous others that fail. According to a poll done by Gallup, half of the businesses don’t actually make it beyond five years. Additionally, 9 out of 10 startups will fail eventually, according to Forbes.
Though these statistics may be discouraging, it doesn’t mean that your business will fail. Remember that famous companies like Facebook and Coca Cola started somewhere. However, before you achieve success in your entrepreneurship journey, you’ll need the right entrepreneurship skills. The first step is crucial. So, how do you take the first step towards becoming an entrepreneur?
Before you learn how to become an entrepreneur, you’ll need a viable business idea. For example, you could have a talent for performing a particular service that people would be willing to pay for. You could also have valuable information that you could sell and generate profit from it. Actually, there are even other ventures like promoting the products or services of another entrepreneur to make a percentage of any leads or sales. The possibilities are endless. So, if you know you’re good at something or you’re passionate about something, find a way to make it marketable.
Once you have the idea, the next thing should be to research about it. Carrying out research will help you gain the required entrepreneurship skills and discover the processes that others are utilizing to run their own businesses. For example, if you have decided to promote the products or services of another entrepreneur, look up other people who are doing exactly the same thing. See how things work out for them and what they are doing. Though you can’t actually utilize the exact same idea, it will provide you with a good perspective on how to promote the service or products.
Planning is something you ought to spend a lot of time on. You’ll need to come up with a perfect business plan that states your goals, mission, target market, plans for promoting your products, how to get the needed finances for the business, and to some point, how you’ll manufacture the products. Since all these things are linked together, you’ll need to determine and explain them comprehensively in your business plan. And after you’ve done that, your next step will be to look for finances and start your journey in entrepreneurship.
As mentioned, Facebook was started and developed by an entrepreneur, so was Coca Cola and countless other successful businesses you can think of. That means as long as you’re determined to become an entrepreneur, nothing can stop you. The above tips on how to become an entrepreneur will serve as the foundation for your first step towards a successful business. Just follow other people that are already successful. This will give you a starting point for you to achieve what you want. If someone else succeeded, there should be no reason why you can’t. If you get stuck anywhere, try Jacobs Marketing Solutions. They help many in achieving their goals towards entrepreneurship and can help you out too.