How Can a Wannabe Entrepreneur Turn to Become One
Becoming an entrepreneur is never easy, but it may not be as risky as many people think
Entrepreneurs are the lifeblood of the economy. They own and operate everything from small grocery stores to digital startups. No matter what the size and scope, there are entrepreneurs behind every business and private company in the country. But for every entrepreneur that becomes a success, there are many others who fail. 50per cent of business doesn’t make it past five years. According to Fortune Magazine, a staggering nine out of ten startups will eventually fail. Those numbers may seem disheartening, but it doesn’t mean one should never consider entrepreneurship for a career.
With genuine passion, hard-work, a great idea, and a knack for learning, anyone can build a business and become a success. A few ways that can help wannabe entrepreneurs turn into successful entrepreneurs:
Finding the Industry or Niche
The most obvious first step is finding the specific niche. Many people want to become entrepreneurs, but they don’t know what industry to get involved with.
More often than not, the niche will be something one has worked or probably have a good understanding. The current experience is a great place to starting looking for the niche.
It will also help if one loves the niche. To have years of success, one has to have to love what is done. Eventually, money won’t be a big enough motivator to keep working sixty to seventy hours a week to sustain the startup. One would need more than money to keep them motivated, a purpose.
Researching about the Market
One should research the available market, analyzing the area for demand and need. Finding the answers to these questions, and more will be essential to long-term success.
There is a common myth in popular culture that successful, self-made entrepreneurs never graduate from college. The numbers, however, don’t back this up. According to a team of researchers over 95per cent of entrepreneurs in high-growth industries have at least a bachelor’s degree.
Scaling the Startup
Many aspiring entrepreneurs think that fast, rapid growth is the sign of a successful startup. However, most ventures are built slowly, over years. Whenever possible, entrepreneurs will build slowly, starting with the very first sale and crawling forward. Building slowly allows to learn and make adjustments before plunging headfirst into the business. Dealing with new situations provides valuable on-the-job entrepreneurship training. In many cases, entrepreneurs will keep their day jobs while building the business in their spare time.
Choose a business mentor
A startup mentor is an experienced business professional who provides with advice, guidance and support at launch and maintains during scaling of a startup venture. Having a mentor will boost business’ performance, and increase chance of success, as more often a mentor acts like a ‘Devil’s Advocate’ challenging decisions, helping analyze your ideas to see whether it is viable, connecting with key business people and customers, providing a fresh perspective on how to scale, being a sounding board when an entrepreneur needs to discuss difficulties, challenging to set goals that may achieve better results.
Creating the business plan
Once one has come up with an idea for the venture and done some research and planning, one needs to write a business plan. This should outline: the key business objectives for the next three to five years, the strategy how can these objectives be met, the timelines these objectives are expected to meet, requirements to run day-to-day operations, and make business decisions.
Sort out your business finances
All ventures require a seed capital, enough money to set up the startup and cover operational expenses until the venture starts to generate a profit or raise investments.Becoming an entrepreneur is never easy, but it may not be as risky as many people think. It includes long days, working weekends, and dealing with a variety of unknowns that make most people quit before they start. The risk is often the major reason why people avoid becoming an entrepreneur when managed properly, being an entrepreneur can actually be one of the safest careers possible.
BIO - Satanik Roy, a 23 yo mechanical engineer turned entrepreneur started from his dorm room, and went on to build Hyperxchange growing it to over couple of million dollars valuation. Satanik has authored two book, a poetry book which has been published worldwide and is a bestseller. His next novel 'I Met The Demon' is set to be published in a month's time. He has completed post graduation from 'The Stanford University'.