If you\u2019ve ever\nthought about striking out on your own and becoming your own boss, you\u2019ve\nprobably wondered, \u201cHow do you become an entrepreneur?\u201d The answer is \u201cwith a\nlot of sweat, toil and hard work.\u201d Fortunately, it\u2019s not as hard as it may seem\nif you go about it the right way. And when you succeed, the rewards make it\nmore than worth the effort. <\/p>\n\n\n\n
Becoming an\nentrepreneur starts with finding the right business for you. In fact, selecting\na field to work in or a specific type of business to run could well be the most\nimportant decision you make as an entrepreneur. <\/p>\n\n\n\n
Starting a\nbusiness from scratch takes a lot of hard work. It involves a lot of financial\nrisks. More than anything, it takes commitment. You will encounter obstacles\nand adversity along the way, and there will be times when you wonder if all the\nlong hours and uncertainty are worth it. <\/p>\n\n\n\n
So here\u2019s rule\n#1 for how to get started as an entrepreneur: find a field of business you\nreally care about. It can be anything as long as you have a strong interest in\nit and your product or service provides value to customers. When times get\ntough, having a real passion for what you do will carry you through.<\/p>\n\n\n\n
How do you know\nwhich type of business is right for you? Here are three ways to approach this\nimportant decision:<\/p>\n\n\n\n
\u2022 Do what you know. Look at your work\nhistory, identify what you liked doing the best, and what you do well. Then\nthink about how you could turn your skills and experience into a successful\nbusiness.<\/p>\n\n\n\n
\u2022 Do what others do. Entrepreneurship doesn\u2019t\nnecessarily mean coming up with a product no one has thought of before. In\nfact, those businesses are a rare exception. Instead, identify a successful\nbusiness that interests you and see if you can find a niche within that market.<\/p>\n\n\n\n
\u2022 Solve a common problem. Look for an\nindustry or field where you see a gap in the market, then figure out a way to\nfill it. This approach requires research to learn what customers want but don\u2019t\ncurrently do. It\u2019s also riskier than the first two approaches above. But if you\nfind a need and a way to fill it, it can also be the most successful.<\/p>\n\n\n\n
It helps to\nhave experience in the area you choose, but it isn\u2019t a must. Give yourself\npermission to explore areas you may not have worked in but have always\ninterested you. Whatever type of business you decide to start, make sure it\nadds real value to customers. If not, people won\u2019t pay attention to it. <\/p>\n\n\n\n
Once you know\nwhat your business will be, here\u2019s how to become an entrepreneur in six steps.<\/p>\n\n\n\n
1. Plan your business.<\/strong><\/p>\n\n\n\n When becoming\nan entrepreneur, a business plan is your blueprint for success. At the \u201cbig\npicture\u201d level, a business plan defines your objectives for the business and\nyour strategy for achieving them. It provides clarity, focus, and direction. It\ncan also attract people who have the skills and expertise you need to work for\nyour fledgling enterprise.<\/p>\n\n\n\n A business plan\ncan be as short or long as you want to make it. Some entrepreneurs like a lot\nof detail; others put it all on one page. Either way, be sure to answer these\nfour questions:<\/p>\n\n\n\n \u2022 What am I building?<\/p>\n\n\n\n \u2022 Who will be my target market?<\/p>\n\n\n\n \u2022 What promise am I making to customers with\nmy product or service?<\/p>\n\n\n\n \u2022 What are the steps I will take to achieve\nmy goals?<\/p>\n\n\n\n 2. Line up the funds to run your business.<\/strong><\/p>\n\n\n\n If you don\u2019t\nhave enough personal savings or credit cards, you will need to raise funds to\nlaunch your business. The amount will depend on the type of business you plan\nto run. Is your goal to run a lifestyle business, one that supports a\ncomfortable living without a lot of growth? Or, are you looking to build a\nlarge company that you can sell for a substantial profit? These and other\nfactors will determine how much money you need to raise and what kind (i.e.\ndebt or equity). <\/p>\n\n\n\n 3. Know your customer base.<\/strong><\/p>\n\n\n\n Before you\nspend any money on the business, find out if people will actually buy your\nproduct or service. This involves becoming crystal clear on who your customers\nwill be and why they would buy from you. What problem(s) will you solve for\nthem? How will you save them time or money? How will you make their lives\nbetter in some way? <\/p>\n\n\n\n Knowing your\ncustomer base involves research into key demographics such as age, income,\neducation level, where they live, and more. The Internet offers a treasure\ntrove of industry and demographic data. You can also gain valuable information\nby reading trade magazines and industry publications. However, the best\ninformation you will get comes from talking directly with your customer base\nand listening closely to what they say.<\/p>\n\n\n\n 4. Start building a network.<\/strong> <\/p>\n\n\n\n Before you can\nlaunch a business, you need to raise funds and hire people. Networking is an\neffective way to do both. It can help you find people with the right skills and\nexperience to work in the business. It can help locate investors, advisors,\nvendors and supporters to help your new business get off the ground. Networking\ncan also identify potential customers.<\/p>\n\n\n\n Networking used\nto consist mainly of attending live events like trade shows and Chamber of\nCommerce meetings. These days, social networks like Facebook and LinkedIn make\nit easy to network locally, regionally, and nationally. There are also online\ncompanies that specialize in helping entrepreneurs launch their businesses.\nThese sites can be a great networking source while also providing the\nopportunity to get mentored by experienced entrepreneurs. <\/p>\n\n\n\n 5. Market your business.<\/strong><\/p>\n\n\n\n Marketing is\nthe process of introducing people to your product or service and explaining why\nit is the best solution for their problem or need. This involves communicating\nwhat makes your product unique, different and better than the competition.<\/p>\n\n\n\n Marketing can\nbe grassroots or highly professional. Your approach will depend on your budget\nand your knowledge, if any, of marketing tools and techniques. The cheapest and\nmost effective way to market your new business is online. This starts with\nhaving a website but includes other tools:<\/p>\n\n\n\n \u2022 Search engine optimization (SEO, to rank high\non search engines)<\/p>\n\n\n\n \u2022 Email campaigns<\/p>\n\n\n\n \u2022 Posting blogs and articles that provide\nvalue to readers<\/p>\n\n\n\n \u2022 Social media marketing, such as a Facebook\nand LinkedIn page<\/p>\n\n\n\n \u2022 Targeted banner ads on websites your\ncustomers are likely to visit<\/p>\n\n\n\n The Internet is\nfull of websites that offer articles and tutorials on how to market your\nbusiness. There are also many excellent books available that discuss how to\nmarket a business on a budget. There are also firms that will do your marketing\nfor you. Whichever path you take, know this: marketing needs to be ongoing to\nsustain your business over the long term. <\/p>\n\n\n\n Marketing also\nmeans becoming an ambassador for your new business. Talk about your company\neverywhere you go. Get involved in local civic activities. Focus on serving\nothers. Constantly think about how your business can help others succeed or\nimprove their lives in some way. When you focus on providing value, the\ncustomers will come.<\/p>\n\n\n\n 6. Tap into resources for entrepreneurs.<\/strong><\/p>\n\n\n\n Becoming an\nentrepreneur doesn\u2019t mean you have to go it alone. There are many different\nresources available to help you succeed. For example, Score \u2013 a free counseling\nservice for entrepreneurs, or the Small Business Administration, which offers\ninformation and programs for people looking to start a business. There are also\nmany good software tools to help grow your business. These include G Suite,\nwhich combines all of Google\u2019s online tools into one program, and Microsoft\nOffice, another set of tools for tracking and analyzing business data. <\/p>\n\n\n\n These days,\nfranchising allows you to become an entrepreneur without starting your own\nbusiness. It involves buying a ready-made business and operating it as the sole\nowner. You have to abide by guidelines established by the franchisor, but you\nget a recognized and established brand and business model that works right from\nthe start.<\/p>\n\n\n\n Advantages of\nbuying a franchise include:<\/p>\n\n\n\n \u2022 Extensive training and support <\/p>\n\n\n\n \u2022 Less financial risk<\/p>\n\n\n\n \u2022 A network of franchisees to share ideas and\nbest practices<\/p>\n\n\n\n \u2022 Instant brand recognition from an\nestablished customer base <\/p>\n\n\n\n \u2022 Less startup work<\/p>\n\n\n\n \u2022 You still get to be your own boss<\/p>\n\n\n\nFranchising \u2013 The Safer Entrepreneurial Option<\/strong><\/h2>\n\n\n\n