Do you want to become an entrepreneur? Are you also thinking of dropping out of college or you are a graduate and thinking of a career as an entrepreneur? Are you confused about being an entrepreneur as a successful career?
Well, don’t you worry, we are here to solve all your queries if you should opt for being an entrepreneur and how to become an entrepreneur.
The term “Entrepreneur” is quite trending nowadays. It sounds very fascinating but do we know its actual meaning? We have an image of all the business owners as entrepreneurs but do they define this very term? No, they don’t.
What is the true meaning of an entrepreneur? The word “entrepreneur” originally comes from the combination of two Latin words “entre”, to swim out, and “prendes”, to grasp, understand, or capture. An entrepreneur is the one who faces all the difficult challenges and comes out as a successful and learned individual with a final ambition of financial profit.
The person whose goal is to become an entrepreneur possesses a strong will and is ready to take risks and initiatives in life to establish a startup and evolve that into a successful business company.
If you are ready to face numerous challenges and struggle hard with a clear vision about your startup, then you have the will to become an entrepreneur and we will serve you as a guide through that path.
Becoming an entrepreneur is not an easy task, it has several ups and downs that sometimes demotivate people.
The dread of disappointment prevents numerous entrepreneurs-to-be from beginning the startup but imagine a scenario where you succeed. Won’t the “Never Giving Up” kind of attitude would be the best choice you have ever made? It will be, right?
DREAM BIG, No one can stop you from dreaming BIG but you need to keep working hard to turn that dream into reality. Dreaming with closed eyes often leads to failure but if you dream with open eyes and do unstoppable hard work to achieve your goal, then you will ever regret your decision.
Becoming an entrepreneur is never easy. It requires some major difficult steps that could make or break your career. Risk-taking, strong willpower, and patience are the most important qualities for it.
The journey from the beginning to becoming an entrepreneur is divided into some steps. Read them and find out if you are ready for it or not.
Entrepreneurship clearly means starting up a business but first, you need to know what kind of business is suitable for you. Don’t take this decision in a hurry after all it is a matter of your career.
Think, explore, listen to your mind and heart and then take the decision. Choose such a business field that interests you the most. You can take inspiration from entrepreneurs who are now the owners of many big companies like Facebook, Microsoft, Google, Apple, etc. all of them started from scratch and there’s no doubt in what they are today.
Entrepreneurship requires a lot of strength and hard work so you should invest in the field that you care about.
2. Have an IDEA
You must have heard this from many people that having many ideas regarding business is like building a castle in the air but that’s not true. For starting a business, you need an idea, in fact, a lot of them. As I mentioned above, think, explore and listen to yourself, then do it. Think ideas, explore and research about them, ask your family and friends and other business people, read books, listen to your mind and heart and filter out those ideas into one, then finalize it.
Never doubt your idea, because it is just an idea. The idea that you will adapt to your business will be your goal and don’t you doubt that either.
Original ideas are overrated but timing isn’t. The most successful companies were not founded by original ideas, they were the improved ideas of others. For example- Google built a better Yahoo search engine, Facebook improved MySpace, Microsoft copied Apple which copied Xerox. You have the option to improve somebody else’s idea and make it your own. If you have an idea which is unique and will work, then go ahead with it, after all, it is all about taking risks.
3. Decide if you should get an education
“Education is the key to success” but for being an entrepreneur, you do not need a formal education degree. This doesn’t mean that you ignore it entirely. For being an entrepreneur you need to have knowledge about business, marketing, management, computers, etc. If you have enough skills that you don’t need to study further then you can drop out of college but if you want to gain more knowledge about this field, then you should take an MBA degree or do PGDM and gain knowledge about the business industry.
School of Management Sciences (SMS), Varanasi offers an excellent PGDM program and you can enrol now for the academic session 2020-2021. Apply Now
4. Plan your business
Now that you have an idea and the chosen business field, you need to plan your business. Before beginning a business, you need a business plan that will contain all your objectives and the strategy to obtain those objectives. You will need investors and some people who will support your business idea and with a business plan, you can measure the success rate of your startup. Just like before organising a party, you need to do party planning and list down everything you require. Similarly, you need to prepare a plan for your startup too.
Starting a business is not an easy thing to do. Just like parenting, you assume that you know everything but you earn through experiences. Similarly while starting a business, you will learn through your experiences and mistakes. No plan is foolproof and in the beginning, there are chances that you will fail but what does an entrepreneur do? Takes risks and never gives up, right? So that’s your Mantra.
5. Find your target audience
It is quite necessary to determine who you are building the business for or who will be using your services. Not every business appeals to everyone. The age, income, gender, culture and race of your target audience will play a major role to find a suitable location for your business or whether you need a physical address for it or not. You will have to research a lot for it and if you want to improve an already existing idea of some other business, then you have a lot of information regarding its drawbacks to improve them in your business. Determine which group of audience fits your business model the best and then plan and execute everything to attract the most population.