Have you always wanted to be an entrepreneur?
To be your own boss, make your own schedule and the life of your dreams.
The idea of starting a business does sound rather romantic but also, maybe a little over sensationalised?
Realistically, entrepreneurship can sometimes be like riding a lion. Other people may look on and think you’re quite brave and have everything under control. However, there is fear, uncertainty, trial and error as well as failure that comes along the entrepreneurial journey.
If that’s the case, then why do people still pursue this path? What’s the real allure of working for yourself? Why do entrepreneurs do what they do?
What is the Meaning of Entrepreneurship?
To answer this question, it is important to understand the characteristics of an entrepreneur. What sets them apart?
The answer is simple – risk!
Entrepreneurs are risk takers. They ignore self-doubt, fear and negativity from people to pursue a venture they feel strongly about. Very often, entrepreneurs understand very well that they may not see immediate profits. That uncertainty drives them to take action to try, fail, learn, try again and improve until they taste success.
What Motivates an Entrepreneur?
Apart from the thrill of risk-taking and building a business, entrepreneurs are also motivated by other factors:
Passion and Purpose
Entrepreneurs are passionate people and care deeply about the enterprises they establish because usually it solves a problem for a cause close to them or their business may have originated out of a personal hobby. Any entrepreneur will tell you, business without passion, just won’t work!
Financial Freedom
We all want more money, but entrepreneurs are also motivated by the ability to generate their own wealth and have the financial freedom and stability to live the lifestyle they envision.
Legacy
Entrepreneurs don’t like to be ignored or forgotten. They want to leave a lasting impression of themselves long after they’re gone. A part of them that will be their legacy and continue to impact generations of people.
How Do I Become an Entrepreneur?
Find Your Purpose
What is your spark? What are you passionate about and what do you see as your purpose in life?
These questions may be daunting and deep, but they are critical to your success. You will never be able to create and market a product of which you have no interest in. You need to find that cause, industry or purpose that drives you.
If money wasn’t an issue for me, what would I spend my life doing? Write these down and identify what type of business will be best suited to you. A good way to identify if you’re passionate about something is when you see that industry in a different perspective. Cars are great, but no one knows more about cars than you. Nobody can cook or work with computers like you can. Sometimes, you already know what your passion is. It’s that thing that fascinates you!
Work for Someone in that Field
Once you have figured out what type of entrepreneurial venture you want to pursue, you need to know the dynamics of that industry. But if you want to work for yourself, why do you need to get a job?
Remember, most businesses fail within their first year for a multitude of reasons. They usually have nothing to do with how smart the entrepreneur is. You should work for a company to figure out what makes them established and successful and understand the responsibilities of owning a small business like that.
This practical business education will also provide capital for you to start a small business. You will also experience what this industry is really like and determine if you still have a desire to pursue it.
Gather Business Ideas
During your time working, you should be looking carefully to spot ways in which the business can be improved. If you were running this company, what would you improve upon? What needs changing? How can you change it to be better? Also, be wise with your money. Entrepreneur ideas require capital which you should be saving.
At this stage you should be working diligently to become a leader within that company. Depending on the size of the organisation, once you have built your credibility, you can ask to purchase shares in that company and assume a leadership position.
If this option is not available to you, then it is time to venture out as a young entrepreneur armed with the skills and industry insights you would have garnered during those employee years.
Create your Business Plan
It’s time to get your business set in stone. Your business plan is crucial for acquiring additional funding, investment or just have a sense of direction. Your business plan details:
- Name, type and industry of your company
- How the company is to be financed
- Management of cash flows
- The talent you need to recruit and train to perform
- Marketing strategies
- Sales forecast
- Anticipated profits and how they are to be distributed
Now that you have your business plan, it’s time to execute your business ideas into starting your small business and secure a lucrative customer base to provide exceptional value to.
Starting Your Small Business
Your main priority as a young entrepreneur is to solve problems! You are looking for what is called the pain points of your customer. What issues or dilemmas are they facing and how does your product help? For example, if a manager’s computer crashes, can you assist? If a family is too busy to handle their home landscaping, can you solve that problem?
The key to making it is finding the problems your customers are experiencing and proposing solutions to alleviate that. Once you gain the reputation of being a problem solver, the money will automatically flow in!
Being an entrepreneur is an exciting journey, but it is one you must be prepared to undergo unpredictable situations. As an entrepreneur, it is not about ego but providing value, taking responsibility for making a difference and creating something truly remarkable with your life.
