Entrepreneurship isn’t just about pursuing a career or getting a job, its more than that , its an endless journey. Before venturing into a business, an entrepreneur should be able to know what he wants and also must be able to answer the following questions.
- Why do i want to go into entrepreneurship?
- What is my main purpose for living ?
- What do i want to get out of life ?
- Can having my personal business aid me in achieving this ?
- What exactly gives me joy about having my own business?
- What kind of venture am i interested in ?
- Can i face the risk(s) involved with it ?
- What do i have as an advantage?
- What do i have as a disadvantage?
- How can i overcome them ?
- What expenses and benefits are associated with the business?
- Where do I want to locate the business ?
One of the questions asked above was ” what kind of venture am i interested in “.
when answering this question, you have to be honest with yourself, you have to understand your personal traits, area of strength and weaknesses among others.
As a successful entrepreneur , you should learn how to be goal oriented and to set objectives that are measurable, verifiable and quantifiable ; goals that are challenging, attainable, self-motivating and achievable.
As an entrepreneur, you should be able to imagine, plan, be flexible in decision making, be a risk taker among other things.
To be a successful entrepreneur, you must develop a positive mental attitude towards business and be ready to distinguish your business or service from existing ones by providing products/services that have the attributes of meeting the needs of the environment.
There has to be something unique about your business, however entrepreneurship is not for everybody, its for those with good/positive mental attitude, its not for the critics, grumblers,complainers, murmurers because there will be hard times especially when starting, your positive mental attitude will be the one to continually push you to look past those moments.
To develop your mental attitude positively, there are some things you have to do, they incude :
- Being goaland action oriented, you should work for satisfaction and fulfillment in life.
- Having the mentality that you are creating value because creating value first brings the profit you desire
- Reasoning: learning from the experience of successful entrepreneurs, by reading their biographies, attending business programmes and seminars, listening to their instructions through audio and video tapes.
An entrepreneur in this country is a word that we hear a lot but do we really know what it is? If we think of businessmen we think of all sorts of business owners. Restaurants, owners of autoshops, digital startups, self-employed photographers; all these will count as occupations for entrepreneurs.
How do you know if you’re right to be an entrepreneur?
How do you say if an entrepreneur’s life is for you? There are some characteristics, strengths, and values shared by most successful entrepreneurs. While they don’t guarantee success, some entrepreneurial features lay a strong foundation for risk-taking and reward life.
The entrepreneurs value independence in the first place. We want to be their own bosses, set a timetable for themselves and run their own lives. These are people who hate the idea of a supervisor supervising their jobs, even though entrepreneurs have hundreds, thousands, or millions of bosses; these are called “customers.”
Employers are self-reliant. We take responsibility for their own achievements and are proud to create something greater than themselves.
We also need to be able to handle the pressure. If the prospect of not being paid regularly, struggling to sell your product, or simply falling flat on your face scares you into depression, you may have trouble dealing with the up-and-down nature of entrepreneurship.
Long-lasting businesses are also frugal, due to the higher risk levels. Given the popular culture that tells us that businessmen cook up champagne and cruise on lavish yachts, the majority of business owners are savers, not spenders.
How do you become an entrepreneur?
So, what do you do to become a businessman? Which steps will you take to become an entrepreneur? There are many different paths you can pursue, because of the many forms of entrepreneurs. Of instance, a delivery company’s owner would not be following the exact same path as an interior decorator. But there are a few similar moves we should all be taking.
In general, these are the steps that you will take to become an entrepreneur:
Step 1: Find Your Industry or Niche
Step 2: Study Your Market
Step 3: Educate Yourself
Step 4: Slowly Build Your Company
Step 1:Find Your Industry or Niche
The most obvious first step to discovering your particular niche. Most people want to become businessmen, but they don’t know where to get interested in the business.
More often than not your niche is going to be something you’ve been working in for years. If you were a carpenter for a local construction company, you may be in your field for home remodeling and renovation. If you’ve been working for many years at a restaurant, you’re likely to have a good understanding of how to operate a food service company. Your current experience is an excellent place to start searching for a niche.
If you love your niche it will also help. You’ve got to love what you are doing to have years of success. Ultimately money isn’t going to be a large enough motivator to keep you working 60 to 70 hours a week to support the business. To keep you motivated you will need more than money, you will need to have a purpose.
Step 2: Study your Market
You should also examine the available market, and assess the need and need field.
You might want to open a fine restaurant in your home town, Italian dining. Performance in the other restaurants? Is your area seeing another fine dining? Is it possible for local customers to eat in a high-end restaurant, or would they prefer a more moderate place to eat? Do they even like Italian cuisine?
It will be essential to find the answers to these questions, and more, for your long-term success.
Step 3 : Educate yourself
In popular culture, there is a common myth that successful, self-made entrepreneurs are never college graduates. However, the numbers don’t back this up. More than 95 percent of entrepreneurs in high-growth sectors have at least a bachelor’s degree, according to a team of researchers from Duke, Akron, and Southern California.
When looking at a life as an entrepreneur, there are three forms of schooling you should think. While these might not be important to your job, they certainly won’t hurt your long-term chances of success.
- Education in your Industry
- Getting a degree in Entrepreneurship
- Getting educated in business and finance related courses
Step 4: Slowly build your Company
Most aspiring entrepreneurs believe that swift, rapid growth is a sign of success. Many businesses, however, are developed slowly, over years and even decades. Creating entrepreneurs gradually, beginning with the very first sale and moving forward, whenever possible. Building gradually helps you to learn and adapt before plunging into the market headfirst. Dealing with new situations offers you useful on – the-job entrepreneurship experience from no formal degree. In many cases, entrepreneurs will hold their day jobs for their spare time while developing the company.
Mistakes to Avoid as an upcoming Entrepreneur
Entrepreneurs need to avoid several pitfalls, and while some of them are obvious, some can creep up and ruin your future. Those pitfalls may come before you even made your first sale, or they may come after you’ve finally begun building your reputation.
Successful entrepreneurs would tell you to avoid debt whenever possible, literally across the board. Some will advise you, like Mark Cuban, to avoid debt altogether. If you start a business by borrowing money, you’re already doomed to fail according to Cuban. Many businessmen will be taking a more moderate stance on debt, saying debt should be kept to a minimum instead. It’s hard to become a businessman with no income, but high amounts of debt are a pitfall for entrepreneurs.
It may sound counter-intuitive but if it’s not managed properly, rapid growth may actually be a pitfall for entrepreneurs. When a business gets too busy, they may not be able to process all the requests, management deficiencies may start exposing themselves, and communication may start breaking down. The Outcome? A steady decline in sales until the bottom drops. Scalable management models and quality control are key to being prepared for performance.
The pitfall to prevent is over-dependence on a single source of income. A good businessman should prevent over-dependence by not allowing a single client to account for more than 25 percent of their income. If too much of your profits are driven by one single client or customer, what happens when they decide to stop doing business? You lose a substantial portion of your income.