How To Become An Entrepreneur?

How To Become An Entrepreneur?

ENTREPRENEUR IS SOMEONE WHO HAS A VISION FOR SOMETHING AND A WANT TO CREATE
DAVID KARP, FOUNDER AND CEO TUMBLR

Who is an entrepreneur? Being an entrepreneur is a high-risk, high-reward position. It’s full of stressful situations, sure, but it’s also chock full of rewards and a sense of accomplishment. It’s not as hard as it seems — as long as you have some diligence, patience, and, of course, a good idea, you’ll be your own boss sooner than you think!

So if u want to become an entrepreneur firstly you have to ask yourself some questions yourself like why do you want to become an entrepreneur? What is it that’s wanting you to become an entrepreneur? Is it money, fame, passion or something like that? Are you willing to sacrifice for it? Are you willing to work extremely hard? Can you work 80 hours a week to outwork your competitors? Are you a good speaker and listener? Do you have the skills needed? Are you a responsible person? a good decision maker? good planner? ca you accept uncertainty and even failure? Do you thrive on problem-solving and creative solutions? and so on.

Basic Idea

Once you get the answers to these questions then you will be able to know how hard it’s going to be for you to become an entrepreneur, as being an entrepreneur is not everyone’s cup of tea.

Once you are done with that Q&A and you feel you lack those qualities, well that’s not an issue where no one is born as an entrepreneur and leader anyone who is successful today has started from the scratch like an old saying goes “Every Master Was Once An Amateur .“So you don’t need to worry about that just worry about how can you acquire those qualities in you and definitely you can do it you just have to work harder than others and you surely succeed in becoming an entrepreneur. As there is a popular saying “Hard Work Beats Talent When Talent Doesn’t Work Hard.

Be honest with yourself as you consider your strengths and weaknesses. When you talk to potential investors or sell to clients, you will need to have a very clear idea of what your strengths are so you can communicate them to others. Energy and determination will get you through many of the hurdles you will face as a beginning entrepreneur. Be idealistic enough to believe in yourself, but pragmatic enough to examine the realities of your situation.

Idea Generation

Then comes another important aspect of this field that is the Idea Generation. Your idea can be anything providing service, manufacturing something, a product that would make life easier, or something that combines both. What you need to make your idea a successful one is Creativity and Innovation this is the recipe to what will set your idea apart from those of your competitors.If you follow your heart and generate an idea from something you are good at and love doing it your chances of being successful are very high as we put the maximum amount of energy and effort into things that we love to do same is the thing we need to do here as well just love what you are doing.

If you’re having trouble thinking of an idea, create a list of things about your target market, such as places they shop and things they purchase and make a list of things where you feel you can provide better services and products at reasonable prices than your competitors.

Ask for honest feedback when you talk to potential customers. Your friends may try to be nice to you when you propose your idea, but critical feedback that points out weaknesses or problems will be much more useful, even if it isn’t always easy to hear.

Risk And Reward

Entrepreneurship is always a game of risk and reward, but often the risk is greater. Take stock of all your assets and figure out how much money you actually have to invest. In addition to considering your savings, credit, and other sources of capital, consider how long you can afford to go without making a profit. Small businesses are rarely profitable immediately, can you afford to not draw a salary for perhaps several months or even a few years?

Acceptable loss

Understand Acceptable Loss, According to ‘’Forbes’’, “acceptable loss” is the idea that you should first determine the possible downside of your business venture and then invest only what you can actually afford to lose should your business turn out differently than you’d hoped. This limits the scale of failure if your venture doesn’t work out.

So knowing the risks of the new venture you would be able to know how big the loss or profit could be and accordingly choose your type of business you can afford to have that much of loss.

We know entrepreneurship is all about risk-taking and there are three types of risk-takers High Risk-takers, Moderate Risk takers and Low-Risk takers, so try be somewhere around Moderate risk-takers at the beginning that will surely benefit you.

Lastly

These are the basic things you need to make sure that you excel in as every famous entrepreneur be him, Bill Gates, Mark Zuckerberg, Elon Musk, Warren Buffet, Jack MA, etc.started from scratch and outworking their competitors had patience and belief what they did and most importantly learned from their failures so try to learn from them.

Best Of Luck!