How to Become an Entrepreneur

how to become an entrepreneur

Owning and running your own business can be extremely rewarding and fulfilling. However, it also means taking a lot of risk and initiative. Developing, designing, producing and marketing products to keep up with the growing needs of the people, constantly trying to improve what you have to offer, while also keeping in mind how it can affect your business, takes a certain amount of drive and a lot of skill.

Entrepreneurs are behind every business, big or small, all over the country, in every single part of the world. Entrepreneurship is the new-age career that has endless opportunities and possibilities—from blogs to food chains to apps and everything else in between, being an entrepreneur opens the door to the infinite.

Who is an Entrepreneur?

An entrepreneur is an individual who exercises initiative by organizing a venture to make the most of an opportunity, and as the decision-maker, decides how much of an offering their business should produce.

An entrepreneur is the leader, the initiator, a challenger and a driving force. As an entrepreneur, you will create something new, either a business venture or an initiative, or even a company. An entrepreneur is somebody who can take an idea and build an entire business around it, manages it and assumes the risk for its success.

Interestingly, though, there is a lot of debate as to what the true definition of entrepreneur is. Some definitions encompass a wide range of individuals who work for themselves such as bloggers and infopreneurs, while others have a more narrowed-down definition which suggests that an entrepreneur doesn’t just work independently, but their business involves innovation and leadership.

Types of Entrepreneurs

Entrepreneurship demands a strong determination and an initiative to succeed. Depending upon your aptitude and passion, you can choose what kind of entrepreneurship is best suited for you.

What’s being an Entrepreneur Like?

According to the Bureau of Labour Statistics, 20% of businesses fail in their first year and almost 50% fail in their fifth year. Despite this, thousands of new companies come up every year. It is no surprise that becoming an entrepreneur and starting your own business requires you to take a huge leap of faith, but the risks are worth every bit of the rewards.

As an entrepreneur, you’ll most likely be the first person to go to work every day, as well as the last person to leave. A lot of long hours are required to be put in to make sure that everything goes smoothly. But that gets easier over time as your business expands and you can afford to make a few flexible adjustments.

As an entrepreneur, you will have to write hundreds of emails and make a lot of calls in order to look for clients and investors who will help take you and your business to the next level. Generally, being an entrepreneur will mean that you’ll work in an office-based environment, but that may vary depending upon what your niche is. Sometimes, a venture can start at home and grow eventually into a bigger workplace or a virtual workplace.

Entrepreneurs rate their job happiness in 4/5 stars, which puts them on the top 10% of careers. Most entrepreneurs find high levels of job satisfaction in what they do because they find meaning and purpose in their work.

How to Become an Entrepreneur

Although there are different types of entrepreneurships that you can take up, there are a few similar steps that all aspiring entrepreneurs should take. In general, there are 4 steps to becoming an entrepreneur:

Step 1: Finding your industry or niche.
Step 2: Research your market.
Step 3: Education.
Step 4: Building your business.

  1. Find Your Industry/ Niche- Most aspiring entrepreneurs wonder what industry they should get involved in. So the first and most obvious step here would be to find your specific niche. Traditionally, your niche would be something you’ve worked in for a considerable amount of time. Someone who has worked at a restaurant can become a good restaurateur. It also helps if you love your niche because being passionate is important for success.
  2. Research Your Market- To find out about the industry you want to work in, you will need to read up and research about the supply and demand in that particular industry.Find answers to important questions such as how much scope your chosen industry can have, or how much work you’ll need to put in initially. This information is crucial to any business, old or new.
  3. Education- Despite the common myth that successful entrepreneurs do not have a degree in business, 95% of the entrepreneurs in high-growth industries have at least a bachelor’s degree. It is important to learn the chops of the business before starting your own.
  4. Building Your Business- Many aspiring entrepreneurs think that rapid growth is the sign of a successful business. However, a slower approach should be taken to establish a strong foundation for your business. It allows you to make necessary adjustments when needed, deal with new situations, and provides excellent on-job training that no formal degree can. Most upcoming entrepreneurs keep their day jobs while building their business.

Entrepreneur Qualifications & Training

The best part about being an entrepreneur is that there is no specific educational requirement since ‘education’ is a very broad term where entrepreneurship is concerned. But at the very least, a bachelor’s degree in a discipline related to your niche is preferred.

A small portion of aspiring entrepreneurs achieve success without any specific education, but for the majority, education is composed in three tiers, each of which are comprised of different kinds of education—from formal programs to targeted courses:

Entrepreneur Skills

When you envision yourself as an entrepreneur, you think of owning and leading your own business that can give you the freedom to work with room for creativity and flexibility. But there are some additional traits required to become a successful entrepreneur-

Entrepreneur Pay

According to the Bureau of Labour Statistics, as of 2018, the average pay of a CEO is around $189,600 per year, top executives earn around $104,240 per year, general operations and managers earn around $100,930 per year and the lowest 10% of entrepreneurs earn an average of $68,360 per year.

Sector-wise, the median salary for CEOs is:

The median salary, sector-wise, for general operations is:

Note that these salaries may vary greatly depending upon the niche you choose to start your business in.

Challenges of Becoming an Entrepreneur

As a new entrepreneur, there will be some challenges you will face, but we are here to help you tackle them!

Entrepreneur Outlook

According to the Bureau of Labour Statistics, the job market for entrepreneurs is expected to grow by 8% from 2016-2026. Of course, employment growth will vary depending upon your chosen industry. CEOs face a decline of 4%, while general managers and operations increase by 9%, management occupations and top executives increase by 8%.

Employment growth will be driven by the formation of new organizations and the expansion of existing businesses, which will create a demand for more managers and executives.

Since the economic activity and employment is rapidly being concentrated in larger and more mature companies, the rate of the number of new entrepreneurships has slightly reduced. Nevertheless, the future is bright for aspiring entrepreneurs.

Conclusion

In an age where a business empire can rise out of just about anything, it is great that a lot of young minds show interest in being entrepreneurs. With new ideas and concepts being created and brought out into this world every day, the future for entrepreneurs is very promising.

By Anshika Awasthi

Competitive, real; loves to keep working for what it wants. An extrovert who lives by her own ideas and methods.

Leave a comment

Your email address will not be published. Required fields are marked *

Let's build your Business!