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Starting a business or becoming self-employed is a great experience. But to increase chances of success, there are certain things to keep in mind before deciding to shell out that first dollar of investment. These five steps are all important in laying the groundwork for successful and rewarding entrepreneurial experience.
5 Step to be an entrepreneur
Step 1: Do some soul-searching
Going the business or self-employment route should not be all about money, although that is (and should be!) a big consideration. Reaching that proverbial pot of gold at the end of the rainbow will take time and great dedication. It would be very hard to put one’s full fledged effort behind something that is uninteresting and unfulfilling.
It helps to devote a significant amount of time thinking about personal hobbies and other common activities. One of the sad things about many people today is that they have worked for so long in jobs they hated that they end up forgetting what their passions really are. Breaking that trend may be challenging, but it will be rewarding. It is surprising how even the most obscure hobbies can be turned into millions of dollars.
Step 2: Don’t worry about competition, for now
One of the biggest hindrances people stumble upon when considering a business venture is the level of competition in their chosen field . While this is a valid concern, it is not bad to get unrealistic once in a while. The first mental exercise in developing an entrepreneurial mindset is to dream big. How can anyone do this when they are constantly worrying about whether they are good enough against the big boys in the game?
Instead of busying oneself with worries, people should actually be happy that there is competition in their chosen field. This means that there is demand in the field, a ready group of consumers that can be capitalized upon at some point. There is always a place for entrepreneurs who put passion and profit on the same plane.
Stage 3: Learn, Learn, and Learn more about the field before diving in, but don’t get too crazy
Learning about how to become an entrepreneur begins with an almost ancient object called books. Yes, books. While the internet is a wonderful place to learn, it cannot always match the in-depth and detailed information captured in full length book. People have to pick up all the resources they need to learn more about the specifics of a certain business or self-employment opportunity.
Of course, in the previous sentence, the key word there is need. In today’s age, information is abundant. Regardless of how seemingly off the radar something is, people can expect that there are thousands of books already written about it. Be sure to select the right gurus and sources wisely. Indiscriminately buying into informational products is never a good idea; It’s a great way to go broke.
When selecting sources, make sure that each one is a complement of one another, not a duplicate. Grab the most basic book about a topic and then read it thoroughly before buying anything else. After that, make sure to note which things need further clarification. Then, only buy additional information resources that would answer those additional queries. It’s a great way to save money, and a practical way for living.
Stage 4: Be an artist
This step has nothing to do with grabbing a canvas and painting the next Mona Lisa. Instead, ‘being an artist’ means that a person should be able to think creatively. See what others cannot see. Dig deep beyond the surface and do not go for the obvious. Figure out the soft spots of the competition and promote a business or service in such a way that counterbalances those weaknesses.
Chances are, if one persons sees a deficiency with one product or with the way a service is being rendered, a bunch of other people may have already noticed it. And chances are, they wish that somebody would make things right. Be the messiah of these people looking for answers and the rewards will be great at the end of the day.
Stage 5: Have a plan
Before doing anything, make sure that to have a comprehensive blueprint to follow. Set milestones, timelines, or whatever it is that is going to help put things into perspective. There is nothing wrong with experimentation and occasionally veering off course. As a matter of fact, it must be incorporated as part of any entrepreneur’s grand strategy. However, people should keep in mind that experimentation must be well-calculated and productive, not redundant.
10 Dos and Don’ts for Entrepreneurs
Do be 100% committed
When starting your business, it is not possible to succeed if you enter into the process half-heartedly. To get a start-up company off the ground, you will need lots of energy, time, passion and, if applicable, the support of your family or partner. Make sure you fully understand your motivation to keep yourself focused.
Don’t underestimate paperwork.
When it comes to paperwork, some business owners put off dealing with legal documents, insurance details and employer obligations. Doing paperwork is essential for maintaining a healthy and sustainable business. The key is setting time aside to allow paperwork to be dealt with on a regular basis.
Do research your chosen market.
In today’s competitive business world, you will need a unique selling point to stand out from the crowd. By thoroughly researching your market for your product or service and analyzing the data, you will quickly see how to position what your business has to offer.
Don’t rush spending delegation.
Many entrepreneurs make the mistake of underestimating their costs. Do your calculations about how much money you need to start up before you approach any lenders or investors or before you commit too much of your own money.
Do write a business plan.
I cannot stress how important it is to write a detailed business plan. Not only does it focus your thoughts and keep your goals in sight, but potential sources of funding, such as bank managers or angel investors, will almost certainly expect to see a professional-looking business plan.
Do expect rapid growth.
A big reason why so many companies fail within the first five years is not because their business just didn’t work, but because they were too successful too quickly, and the owners did not plan for the rapid growth that ensued. Making your plans early on will enable you to manage people and resources effectively in case your business really takes off.
Don’t forget to protect your business.
Many entrepreneurs shy away, at first, from the patenting process as it is notoriously complicated and costly, but it could be essential for your business. Areas which usually require protection are trademarks, domain names and even copyright protection. These all help in protecting your business from copycats.
Do keep your head in the game.
In order to stay ahead of the game in business, you must be constantly analyzing your competitors and acquiring customer feedback to remain on top. This is often overlooked as it is seen as trivial, however, the business world is constantly changing, so monitoring all aspects that relate to your business is crucial.
Don’t be afraid of selling.
Many people are terrified by the idea of selling, however, it is something you must get used to in the world of business, even if it doesn’t come naturally. By using tried and tested sales tactics, you must get yourself out there and sell yourself and your business to succeed. After all, whatever business you’re in, you’re in the business of selling. A word of warning, though, never try aggressive sales tactics as this will have the adverse effect of losing you customers.
Create an identity for your company.
Using your market research, you should be able to identify and create an identity for your product or service, which will appeal to the customers that you are trying to attract. This is an important aspect of running a business because if your target market doesn’t like your product or service, then what are the chances of others liking your brand either?
If you follow the above 10 steps, I have little doubt that you will make a success out of your business venture. Being an entrepreneur is an art form and therefore requires learning from experience. But the information I’ve provided here is my experience, and I wish you the best of luck in whatever you do.
Building a life as a business owner or as a self-employed individual requires is a long-term investment that is established one brick at a time. Having no good plan is a surefire way to waste lots of time, money and energy. It is also the easiest way anyone can fail.