Entrepreneurs do not fall from the sky but they build skills of entrepreneurship within them. To be an entrepreneur, you have to...
know how to be an Entrepreneur first.
Entrepreneurs are the lifeblood of the U.S. economy.
They own and operate everything from small grocery stores to digital startups. No matter what the size and scope, there are entrepreneurs behind every business and private company in the country.
Examples of entrepreneurs are everywhere. McDonald’s was founded by an entrepreneur. Facebook was built by an entrepreneur. Coca Cola was launched by an entrepreneur. Name a famous company, and there was an entrepreneur behind it.
So, what can you do to become an entrepreneur? What are the steps to becoming an entrepreneur? Because of the many types of entrepreneurs, there are many different paths you can take. For example, the owner of a delivery company wouldn’t take the exact same path as an interior decorator. But there are some similar steps all of them should take.
In general, these are the steps you will take to become an entrepreneur:
Step 1: Find Your Industry or Niche
The most obvious first step it to find your specific niche. Many people want to become entrepreneurs, but they don’t know what industry to get involved with.
More often than not, your niche will be something you have worked in for years. If you have been a carpenter for a local construction company, home remodeling and restoration may be your area. If you have worked at a restaurant for many years, you probably have a good understanding of how to run a food service business. Your current experience is a great place to starting looking for your niche.
It will also help if you love your niche. To have years of success, you have to love what you do. Eventually, money won’t be a big enough motivator to keep you working sixty to seventy hours a week to sustain the business. You’ll need more than money to keep you motivated, you’ll need a purpose.
Step 2: Research Your Market
You should also research the available market, analyzing the area for demand and need.
Maybe, you want to open a fine Italian dining restaurant in your hometown. Are the other restaurants succeeding? Is there another fine dining in your area? Can the local customers afford to eat at a high-end restaurant, or would they prefer a more-moderate place to eat? Do they even like Italian food?
Finding the answers to these questions, and more, will be essential to your long-term success.
Step 3: Educate Yourself
There is a common myth in popular culture that successful, self-made entrepreneurs never graduate from college. The numbers, however, don’t back this up. According to a team of researchers from Duke, Akron, and Southern California, over 95% of entrepreneurs in high-growth industries have at least a bachelor’s degree.
Step 4: Build Your Business Slowly
Many aspiring entrepreneurs think that fast, rapid growth is the sign of a successful business. However, most businesses are built slowly, over years and even decades. Whenever possible, entrepreneurs will build slowly, starting with the very first sale and crawling forward. Building slowly allows you to learn and make adjustments before plunging headfirst into the business. Dealing with new situations provides valuable on-the-job entrepreneurship training you won’t get from any formal degree. In many cases, entrepreneurs will keep their day jobs while building the business in their spare time.