We have all heard the buzzword “entrepreneur” thrown around as startups keep mushrooming around us. This might have sparked your curiosity enough to land you on this article and give it a try for yourself. An entrepreneur is someone who undertakes big risk and yet still takes the initiative to turn their unique idea into a reality. This kind of person isn’t about a comfortable, stressless lifestyle. They are willing to take on huge challenges and understand that life will not be easy in the beginning. Their lives will be exciting though, as there are numerous twists and turn that no rollercoaster ride can compare to. Below is the comprehensive guide in the world of entrepreneurship
1. Don’t quit your day job (just yet)
Remember you still need an income to cover our bills. You might believe so strongly in your idea or a potentially profitable business model but, start small — even part-time. If you are fortunate enough to able to pay your bills with your paycheck from your day job, then you’re saving yourself an enormous amount of stress that a lot of entrepreneurs suffer from.
2. Your vision has to be realistic
Entrepreneurs’ have to roll up their sleeves get the hard work done. If your vision of how to become an entrepreneur involves glamorous living, trendy suits, and posh cars, you need a serious reality check. Starting and running a business is hard work and lots of it. Hard work precedes any glamour you may eventually enjoy.
3. Set Yourself Apart from the rest
Choose an idea for your business and try to set yourself apart from others. Even if you decide to do something as straightforward as opening up a car wash, it’s important to put your twist on the concept. This will give you a competitive edge over the competition.
4. Find your Passion
Apart from finding your competitive edge, you need to think about what it is that you love doing. If you do what you love you won’t have to a work a day in your life. Your passions in life can give you focus on fully implementing your ideas from a mere idea to a thriving business. Working on something you are passionate about reduces the risk of suffering burnout or disillusionment
5. Find your target audience
An idea might sound genius in your head, but before you pat yourself on the back foot, find out if those others are willing to pay for it. The biggest reason businesses fail is because there is no market for their services or products. Taking some time to figure out who your target audience is, this will give you a clearer picture to see the potential for growth and profit. Besides, you will also be able to better understand your clientele’s needs in terms of marketing to them and providing them with what they are looking for in the best way possible.
6. Minimize your overheads, especially at the beginning
As an entrepreneur, be prepared to start as solopreneurs. It is advisable to start small, with little or no overhead, road-test your business before you bring in any investors who put big sums of money into it the business. Not every business will make it. By starting small, working hard and smart can build a track record for your company that will help you attract investors down the road. Sure, you can invest in some business cards, but save your big spending for when you have some money coming in.
7. Network, network, network
To be a successful entrepreneur, you’re going to have to put yourself out there and network. Try and get in touch with other entrepreneurs who are in various stages of building and growing their businesses. Learning from the successes and failures of others is a vital skill in business. Be in constant touch with other people in your industry, this can help you refine your business, learn how your competitors do business and get invited to events that can further increase your brand visibility.
8. Get your finances in order.
While some startups enlist the help of investors to get them up and running, never assume you’ll get that type of financial help. Many entrepreneurs will need to use their funds to start their business, which makes it critical to make sure you do everything you can to improve your financial situation. Small things like building credit as early as possible, will make it significantly easier to get an affordable loan to help you fund your startup. No financial institution will give you money if you are in debt.
9. Have a long term Plan
To be a successful entrepreneur, you need to have the ability to plan way ahead. Set realistic milestones for the growth and development of your product range and company. Place key actions on a timeline to improve your focus and accountability, making it much easier to stay on top of what needs to be done. Planning needs to be at the forefront of everything you do because there are many components to it. Planning involves everything from building your concept and understanding it to turn your idea into a long term reality.
10. Create value in your market
Give your customers a reason to choose you, many businesses fail because they price themselves out of the market. Consumers are looking for value for money and will always vote with their feet. This is why it is important to compare your pricing structure with similar businesses to yours. Furthermore, value addiction is not measured in monitory means alone, good customer service, delivering what was promised, and being open to criticism when expectations have not been met all contribute to the customer experience.
Starting a business will be exciting and challenging. While you’ll undoubtedly encounter many obstacles and setbacks on your path to success, following these guidelines will help you start strong on your entrepreneurial journey.