Today, the whole world has economically fallen due to Covid19. According to the SBE Council, there were estimated 9.4 million small businesses has closed worldwide by 2020 due to the pandemic. It seems terrible but there are some considerable reasons for those failures. Such as lack of entrepreneurship which is we are going to study deeply in this guide.
How to become an entrepreneur is the major question asked by the number of small business owners who are not getting fruitful results from their businesses. To help those people and any other person who wants to become a business entrepreneur, this ultimate guide will be a great source for them to become an entrepreneur within just seven steps.
Before we get into the guide, let’s do a quick study about entrepreneurship and who consider as an entrepreneur.
What does mean by entrepreneur?
An entrepreneur is a person who gets the advantage of business opportunities and organizes ventures that influence the market by innovative thoughts. They play the key role of the business or organization rather than being a regular employee who works for money.
Not only in the business industry, but these people are also powerful magnets who can influence all the industries.
Have you ever wondered “I want to be an entrepreneur”? However, today young generation has a good interest in entrepreneurs and businesses due to the development of the business world.
What is entrepreneurship?
Entrepreneurship refers to the act of a person or group of individuals who implement their ideas and skills to the growth of the business and bring new products, solutions to the market and make wide opportunities for others who are looking to be entrepreneurs.
Also, this kind of attitude will be definitely a challenge for existing businesses and companies, so that’s why most of them hire great entrepreneurs without checking any education.
You can check this article which explains why most of the educated are poor.
Why should you become an entrepreneur?
It’s slightly essential to become an entrepreneur today due to the economy and the state of society. Because the economy grows faster than you think. According to the Census Bureau, more than 4.4 million new businesses were created in the United States during 2020 (during the pandemic) — the highest total on record.
Businesses are evolving day by day, which means that competition is increasing as well. So that is one of the significant reasons why you should become an entrepreneur as soon as you can.
Also if you are willing to live the life that you imagine, entrepreneurship is the best choice you should choose. Living a regular life will be a bit painful with taxes, low salaries, monthly expenses, busyness and limitations. No doubt, anyone doesn’t prefer that kind of life.
You will get thousands of benefits by becoming an entrepreneur at a young age. Such as;
- Financial freedom
- Ability to control your destiny
- Location independence
And many more like the capability to reduce taxes. However, I don’t force you to become one, all are up to you.
Let’s dig into this amazing step by step guide which will provide you with proven results to become a successful entrepreneur.
1. Research the market
The first step to becoming an entrepreneur is to research the market because you have to check the ground before getting started to play.
As you start reading this market research method, you will find it easy to find out the market in which you can beat the competition.
Actually, researching the market before starting any business is the main task. Because if you have selected a highly competitive market for your newly growing business mistakenly or unknowingly, then it would become much difficult for you to get good results from your business.
So what is the right way to research the market? Here are a few points which you should follow to get exciting results:
- Check out the competition in your market
- Find out the needs of the customer
- Make a detailed plan for working in the type of market which you want
- Get a clear idea about the future business industry and demanded skills
A good market reach can boost your growth immediately.
2. Find a problem
Before starting a business, you must know that which problems of customers did your business can solve because everyone wants to make his life easier by removing all the issues from his life. And if you remove problems from someone’s life, they will surely pay for it.
Hence, for this purpose, first of all, you will have to find out the problems which a common man can face during or after making a purchase in the particular market. Thus, you will have to ask yourself this question that how to find out the problems of a common person?
You can follow these steps to find out the problems in your market:
- Talk with customers of your market as an unknown person and ask him which problems he faced in any recent purchase he makes.
- Get opinions of people through social media platforms about your particular market
Even you can think about common problems that you are also facing.
Do you know how the Google map was created?
The CEO of Google Sunder Pichai had to go to a party which was invited by her wife. Sunder was new to the city, so by the time he arrived, the party was over. So he had to listen to a lot of reprimands from his wife.
Sunder though that it’s not a normal problem and it is a painful problem for everyone who goes wherever without knowing the right way. So he decided to lead his team to solve that problem. As the result, today we have the Google map feature which is really important for anybody on the earth.
3. Learn skills & improve your knowledge
Knowledge about your business is the necessary thing. Because only by this you will be able to learn high demanding skills which will assist you in various ways.
There is no need to have a degree or PHD or any other thing like that for running a successful business. The most important thing which you need is the right skill with a strong grip on it. We can list the 5 skills that every entrepreneur should have like this;
- Communication
- Sales
- Focus
- Business strategy
- Ability to learn
The reason for learning these skills is that whenever you are dealing with your customer, you will be able to make a sale by convincing your customer about the best results which you will provide to him.
4. Build your empire
When you start your struggle to become a business entrepreneur, keep in mind that if you stick in the same position for years, you are going to destroy your business. So, remember that you have to work to expand your business even if you have achieved your goal of getting a good amount from your business.
So how you can build your business into an empire? We have given some important tips for growing your business which is mentioned below:
- Grow your mission step by step
- Work in a global market, not in a local market
- Grow your offers at various products and services
- Build your own brand
- Your network is your net worth.
Your associates are your network which has equalled your net worth. In a business, finding the right people(employers and employees) and adapting them into the exact position will pretend that you are on the right path.
Succeeding in business is all about making connections
Richard Branson
5. Apply your skills to solve the problem
After finding the problem of the common person which he is facing in your particular market, next comes the solution of that particular problem which a user is facing. So the question is how to solve the problems of people in such a way that will help your business to grow? For this purpose, you must have in-depth knowledge about your business as well as you must know that what are the weak points where people can face problems. Thus, if you know the answer to these points, then you can easily solve the problems of people and ultimately becomes a great entrepreneur. Also, problem-solving is depend on your entrepreneurial mindset.
Business is all about solving people’s problems – at a profit.
Paul Marsden
One thing which most of the big entrepreneurs follow is that they do not sell the product. They just sell the solution of the problem by targeting the pain point of customers. So they don’t leave options for their consumers, consumers must buy.
For example, one of the famous entrepreneurs Mark Zuckerberg created Facebook which allows people to connect with each other in one app. It gave the best solution to the distance of people and brought the world closer. So people had no option at the time because such social media didn’t exist then. Still, Facebook is the number one social media in the world.
6. Stabilize the business
Stabilizing your business is the main point where most small entrepreneurs fail. Because when you have established your business, then at this point, most of the business owners think that their business will start giving them fruitful results automatically. But this is not true. At this stage, business owners should follow these simple steps which can stabilize their business.
- Always provide updates to your fixed buyers
- Convert your physical business to an online business as fast as you can.
- Replace your older products with new and updated ones.
- Remove all types of unnecessary things.
- Create effective marketing plans.
Also, this time period is the most important stage in a business. It’s like a child so you have to feed it every moment until it is able to feed itself.
7. Be financially stable
The majority of the growing businesses are at great risk of getting lost. That is the reason successful entrepreneurs take different measures to reduce this great risk. Some of those measures also include financial stability. Actually, Financial stability helps in such cases whenever you are facing loss. Due to this, you can pay off all the liabilities and can save your business from being demolished.
Moreover, you can follow these key strategies, which will help you to be financially stable.
- You must have some money saved up, which will help you in any case of emergency.
- Analyze your sales, make a report and then make a plan for your next strategy.
- Digitalize your business payment configuration method. This will help you to stable your savings according to your needs.
And always use the financial rules that help maintain your financial independence in every single free.
Related: millionaires habits to maintain their financial independence
Frequently Ask Quotations
How do entrepreneurs become successful?
People who make millions and billions of money are not entrepreneurs. To become a successful entrepreneur, he/she must come through so many struggles and after achieving his/her goals, should help others who struggle to survive in the world.
For instance, Many billionaires and rich people have donated their millions of wealth against covid19 during the pandemic.
How to become an entrepreneur with no money?
This is a question that most people ask before they get started. The answer is you do not need a single cent to start your entrepreneurial journey. Also, you can find so many examples of entrepreneurs who started with nothing. The only thing you need is strong determination which helps you to gather knowledge, follow the passion and stay focused.
Furthermore, it doesn’t cost to gather knowledge because today all are free on the internet. So don’t miss that chance to get the best opportunity from that and most people have no idea to make a good capital to start their own businesses. The best advice I can give is to start as an employee rather than jump to start your own business because experiences will pay the best profit for you.
What is the best way to become an entrepreneur?
There are so many ways to become an entrepreneur but always bear in mind that you are chasing your dreams, not money. So the best way will create by your passion.
If someone who hates typing wants to become a great dancer and also he has the best dancing skills, it might be his destiny. But he thinks a software engineer can make a lot of money than a dancer and start to learn and earn through it. He will probably destroy his whole life because doing something that doesn’t prefer is painful even if he makes millions.
The main goal to become an entrepreneur is to achieve freedom of life. All the successful people are who have chased their passion instead of money. For example, one of the great football players Ronaldo was already recognized as a phenomenon a kid who ate, slept and drank soccer when he was 10 years old. Which means he found his own passion at a young age.
What are the skills required to become an entrepreneur?
Already we mentioned five soft skills that are essential to becoming an entrepreneur. But you might be looking for a comprehensive answer which includes the demanded practical skills.
When we came to market, the demand for the skills has changed due to the pandemic. So we can list the practical demand skills in 2021 like this;
- Healthcare
- Digital marketing
- Programming
- Data analyze
- Sales and customer service
Basically, you can see that health and IT industrial skills have got top demand in the market in 2021 and also it will continue to 2022 as well due to the existing covid situation. We recommend learning a demanded skill is worth it if you haven’t found your passion yet because knowledge will never be wasted.
How many years will it take to become an entrepreneur?
This is a kind of weird question. Because entrepreneurship is not a certificate or bachelor offered by a college or organization. It is all about the experiences and knowledge you found from each failure you faced.
If someone asks how long will it take to start a business, there is a considerable answer depending on possibilities. But an entrepreneur is not a person who only started his own business. Above we have discussed what are the right steps and who is an entrepreneur with a clear definition. So the time that requires will always depend on you.
But you can shorten your time by solving a huge problem that couldn’t be solved by anyone yet. Also, some innovative ideas and solutions will definitely increase your potential to become an entrepreneur within a few years.
Conclusion
After reading this article, you will learn the astonishing steps for becoming an excellent enterpriser who knows how to expand his business by developing the business mindset, skills, the art of data analysis, and data management. Because a business is such type of game where if you want to get an exciting result then you have to take a risk for it firstly.
Thus by reading this ultimate guide, you can easily make a grip on how to take a risk efficiently, which will increase your chance of getting amazing results.
