According to Investopedia, an entrepreneur is “an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.” In fact, an entrepreneur is someone who comes up with an idea, engages in a long and vigorous process of conceptualizing, gathers the human and material resources necessary for the execution of the conceptualization and implements the project as a new business, to put it simply.
Why is entrepreneurship important?
Entrepreneurship is the backbone of any country, mainly because it makes a significant contribution to the economy, not only by generating income and revenue, but also by providing novel job opportunities. Especially, entrepreneurs create a gamut of entry level job opportunities, allowing job seekers the opportunity to hone their skills and contribute to the labor force as experienced and talented individuals. entrepreneurship further has the ability to change life styles and standards of living of those who are directly and indirectly involved. In fact, they pave the way for ground-baking innovations that will shape our future and transform the societal and economic conditions we live in.
However, as rewarding as it can be, it is no easy task emerging as an entrepreneur.
So, how do you become an entrepreneur?
Scroll down to learn the very basics step by step!
First and foremost, you have to be a creative thinker to become an entrepreneur. When it comes to entrepreneurship, it all depends on new ideas and the ability to think outside the box. The goal here is to think of a profitable business idea, something that can be monetized to earn profits. What most start-up ventures do is identify a lacuna in the industry, a gap that is underserved. Once this gap has been identified, the entrepreneur comes up with an elaborate plan to fill this gap, to transform it into a money-making business.
But beware, this is easier said than done! Even after you have successfully identified a gap that you can fulfill with your new product or service, the way ahead is still treacherous. There is a lot you have to do before you actually get down to business. To put it in the simplest of terms, you have to familiarize yourself with everything and anything related to the particular industry. Never underestimate the power of research here. You have to make use of all that is available to you, and make yourself an expert in the field. That is how you take precautions to ensure that your start-up won’t be a failure.
Once you have the knowledge at your disposal, the next arduous task is to make a business plan. Not leaving anything out is key here. You have to think about every possible aspect, ranging from all the resources you can utilize to all the pit halls that can lead to your downfall.
Once you have the business plan handy, the next stage is a matter of finding the necessary resources- The funding and the talents necessary to get your small business up and running. One golden idea here is to start small and grow gradually as you go. Also, it will be a huge plus point if your networking skills are top notch as they will open many doors for you. Once you find the right people and the right resources, it is all about taking action and actually doing the work.
At this stage, you have already completed most of the hard work. And you are ready to head on to business and conquer the world. However, even after you successfully set up your entrepreneurial venture, you have to keep pushing forward, to keep going no matter what. And that is why it is essential that you choose something you love as your niche. That way, it won’t feel like working, because, mind you, keeping your business running requires a lot of hard work and managerial skills.
But, the good news is, as hard as it may sound, being an entrepreneur is very rewarding. While it is true that not knowing whether your pay cheque will come at the end of the month can take a toll on you, successfully managing a business will make you a successful and wealthy entrepreneur that sets an example for millions out there.
With a little bit of courage, hard work and a penchant for risk-taking, anyone can be an entrepreneur. And we root for you, and hope that your small start-up will be huge one day!And if you want to enhance your entrepreneurial skills and enter the business world head-on, this is just the right place for you. Check out this course offered by Growth Central about understanding business and markets to make your entrepreneurial dream come true!