In this article, we take a look at how you can become an entrepreneur and grow your business from scratch. Here we go…
Firstly, let’s look at what we mean by an entrepreneur. The word has been associated with high-flying Silicon Valley types but the true meaning of the word is someone who endeavours to grow a business from nothing with no or few resources while taking on loads of risk. Sounds like you? Well, you’ve come to the right place!
Becoming an entrepreneur is not just about quitting your day job and starting any old business. To become a true entrepreneur you need to be able to see opportunities where others see none. That’s what separates entrepreneurs from your usual business leader. Typical business leaders may only be interested in the bottom line. An entrepreneur will have the vision to see past sales stats and look towards future growth as the driving force.
Think Jeff Bezos versus Warren Buffett. Jeff Bezos grew a company from scratch with relatively few resources. That company, Amazon went on to be a multi-billion dollar business. However, Amazon went nearly ten years before turning a profit in 2003. Warren Buffet, on the other hand made his vast fortune by selecting stocks and holding them. While both activities are admirable, we can see that one activity is clearly more entrepreneurial than the other. To become an entrepreneur you will have to hone your ability to see opportunities where few dare to tread.
No point in being able to see potential opportunities if you cannot analyse objectively the likelihood of success. A true entrepreneur needs to be able to differentiate between an idea and a true opportunity. Non-entrepreneurs place far too much emphasis on having a great idea and short-term ego boosts. True entrepreneurs understand that having an idea is easy, the hard part is making it work and making money out of it.
Some ideas sound great on paper but in reality, simply will not work. True entrepreneurs can objectively analyse the future potential in the market and execute their plans effectively. To become an entrepreneur you will need to be able to objectively analyze your ideas and ditch the ones that won’t work.
True entrepreneurs understand risk. For example, you buy a dilapidated property, renovate it and sell it. Your profit will usually be more than if you purchase a new build property and sell it after the same amount of time. Renovating an old property is risky and expensive, and the market will usually reward those who take on that risk. If you are looking to avoid risk in your start-up you are missing the point of becoming an entrepreneur.
By avoiding risk you are literally avoiding the opportunity to be paid handsomely for your endeavours. By risk, we are not talking about throwing caution to the wind and being reckless. Your idea should be realistic and you should have analysed the opportunity thoroughly but there should be some element of risk, otherwise, the rewards will be low. To become an entrepreneur you will have to get comfortable with the idea of risk.
Being an entrepreneur is hard. If you have a great and realistic idea it could take years before it catches on and makes you money. In the meantime, you still need to be able to keep a roof over your head and pay the bills. Unfortunately, many wannabe entrepreneurs drop out when the going gets tough. If your plan is still working, you need to have the grit to be able to keep on going, no matter what. Becoming an entrepreneur means having the determination to keep on going even when your situation may be frustratingly difficult.
Not afraid to listen and pivot
An entrepreneur is not afraid to alter their original idea if the market and real data from customers prove otherwise. Non-entrepreneurs will try and force their ideas onto their clients regardless of the client’s needs. To become an entrepreneur you will need to actively listen to your customers and act on any feedback to help grow the business.
If customers are asking for something that you can provide, a true entrepreneur will always be prepared to seize the opportunity and pivot. To become an entrepreneur you will need to learn to listen to feedback, good and bad, especially from customers. If a genuine opportunity presents itself that is greater than the one envisaged you should be prepared to pivot and position yourself to take advantage of the new opportunity.
Entrepreneurs need to be able to communicate. To become an entrepreneur you should look to improve your written, verbal and marketing skills. This is because you will need to be able to persuade customers to buy your product or service. Without excellent communication skills, you will find it difficult to persuade anyone to part with their hard- earned cash. The entrepreneurs that are able to master this and generate media interest for example can save thousands in advertising costs for their companies and sell more.
To become an entrepreneur you will need to constantly be prepared to learn new things. Why? Because early on you may not have the resources to pay someone to carry out the particular task you need doing. So, it might be better to learn to do that task yourself for free. To become an entrepreneur you will need to have multiple skills at hand, otherwise, your start-up costs are likely to be huge.
Skills such as simple coding, marketing, writing, web design, graphic design, sales techniques, and public speaking are all useful skills to have under your belt. The good thing is, all the above can be learnt for free online via YouTube or there are thousands of books available on any subject you can imagine on Amazon. No expensive or lengthy courses are needed.
Fear and Execution
True entrepreneurs are not afraid to move forward and execute their idea once they have evaluated it. Non-entrepreneurs will procrastinate and wait forever and invariably talk themselves out of the opportunity, mainly due to fear. To become an entrepreneur you will need to overcome your fear of failing. Once you have successfully evaluated your idea, you will need to execute it fully to make your dream become a reality.
Your transformation into an entrepreneur will certainly not be easy but if you are prepared to work and build on your existing skills, the path to success will bring many rewards.
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It starts with an idea. Pop Up World is a platform that helps start-ups and small businesses reach for the stars. No matter what size you are. Use our start-up guide Business Zero to Superhero, Design your Logo. Connect with investors via our Investor Connector. You can start a Website and Domain name. You can Search for and promote your Premises. You can promote your idea for free on our Pop Up World Ads site, you can even form a Limited Company You can also join us on our journey via the Pop Up World Token (PUW).
2 thoughts on “How to Become an Entrepreneur”
Thanks very much!