How to Become an Entrepreneur: 5 Tips To Keep In Mind
What would you do if you had a toxic boss, overwhelming workload, low salary, or poor working environment? Maybe leave your office behind and go on a vacation? Or even better…quit your 9 to 5 job and make your business dream come true?
You’d probably choose entrepreneurship if you wanted to give your life a 180-degree flip. However, learning how to become an entrepreneur is the tricky part.
Starting your own business provides the possibility to do what inspires you, but with the power of “being your own boss” comes great responsibility.
Not surprisingly, today’s entrepreneurship is becoming the path to success for many people. As stated in a new report from the Global Entrepreneurship Monitor, 27 million working-age Americans (nearly 14%) are starting or running new businesses.
The best part is that a business idea that can revolutionize the world can start from the ground and grow strong without having huge capital, employees, or even office space.
Consider for example billion-dollar companies that started in a small garage like Apple, Amazon, and Google. According to a recent study by the SBE Council, 51.6 % of businesses were operated primarily from a garage.
How To Become An Entrepreneur: Our 5-Step Guide
If you’re already rolling up your sleeves and wondering how to become an entrepreneur but have no idea where to begin, in this article, we’ve featured some easy-to-follow tips that will tap into your entrepreneurial spirit. See below for 5 of our favorite ideas:
#1 Think Like an Entrepreneur
While many different types of personalities can jump into the business world (take for example Steve Jobs and Oprah Winfrey), successful founders tend to share a few key qualities. Entrepreneurs embrace risks, take action, practice discipline, like to constantly educate themselves, and aren’t afraid of making mistakes. In sum, entrepreneurship is more of a state of mind rather than simply having an outgoing personality.
#2 Identify the Right Business for You
Before you can research your potential customers, get to know yourself first. This may sound obvious, but we sometimes tend to follow others or prefer money over passion.
Determine what you enjoy doing. For example: are you someone who loves meeting people? Are you a lone wolf who likes working from the comfort of your place?
All that matters is that your business idea matches your personality. And, perhaps not so obvious, listen to your intuition. Turn a hobby like jewelry making or baking into a full-fledged business.
Go from personal trainer to the owner of your own gym. In other words, follow that inner voice that keeps whispering in your ear.
#3 Entrepreneurship is Enjoying The Process Not the Goal
If you want to be an entrepreneur, you need to be ready to fail and pick yourself up again to succeed. In fact, according to a study published by Fortune, 9 out of 10 startups will fail.
This is a hard truth, and it’s not aimed at discouraging you. The point we want to make is that persistence is the road to success. Believe in yourself and keep moving!
#4 Embrace Curiosity
Curiosity is an important trait for an entrepreneur. Research Gate published a Gallup study showing that knowledge seeking was one of the ten most important entrepreneurial behaviors. Hence, asking questions and maintaining a strong sense of curiosity is key to ensuring that your business keeps moving forward. By consistently looking for answers, successful entrepreneurs have a better understanding of their industry as well as their competition.
#5 Create a Business Plan
While it’s true entrepreneurs take risks, you can’t jump off a cliff with your eyes closed. Instead, you need to have a clear, well thought-out and realistic plan before you start. Begin by asking yourself the following questions:
What are my short and long-term goals?
Who’s my target audience?
What makes me different from my competitors?
What are my strategies to achieve my goals?
A plan will help you know where and how to start and enhance your business’ productivity. Not only can a business plan guide your thinking, it will allow you to get your priorities straight. Planning won’t guarantee success, but it will help you understand your industry and provide you a clear direction when you run into obstacles.
Becoming An Entrepreneur Is A Personal Road
Changing your lifestyle, quitting a stable job and embarking on a journey into the unknown can be both exciting and terrifying at the same time. Consider the tips mentioned above to set your mind in the right direction and achieve success as an entrepreneur.
Entrepreneurship is a venture of deep meaning and purpose that will help you develop your potential and understand your limits. We at 4OVER4.COM provide restless minds guidelines to succeed, as well as inspiration from highly successful entrepreneurs from around the world! And remember, as Robin Sharma once said, “the only failure is not trying.”
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