Be an Entrepreneur and Start your own Business
Imagine, you are the boss of your own company, you have the freedom to make your own decision and set your goal. You do not have to rely on searching for a perfect job because you can create your own. At present, most people prefer to generate the jobs they love rather than spending time and energy finding jobs. So, the question may arrive what does it mean by entrepreneur?
We often hear that he or she has started his/her own business or startup. Whenever we hear the word “Business” or “Entrepreneur”, many of us might think that entrepreneurs are those who do business on clothes, foods, software items, etc. Is it the real definition?
An entrepreneur is a person who comes up with new ideas, works on the problems lying in people’s lives, and tries to fix the problems by making profits and taking financial risks. The initiative of an entrepreneur is called Entrepreneurship. An entrepreneur can be anyone with their ideas and he or she has to take the business risk. The risk involved in business implies that not all of the business may stand out and may make profits. Being an entrepreneur is not that easy and straightforward. It does not mean that people are not getting profits or not becoming successful. It happens due to some mismanagement. If you know what type of problems they face and be aware of those at the very beginning, you may control the risky situation or have some backup plans. I have discussed the mismanagement after a few points.
How you can be an Entrepreneur?
Now, we know the definition of entrepreneur so how can we start our business? You might have some brilliant ideas that are going on your mind but you do not know where to start and what steps do you have to follow for entrepreneurship.
- Find out your ideas: Think about some ideas that you would love to pursue in the long run and would fill up the problem in your specific interest. Note down all of the ideas you have then analyze which will keep a great impact on other’s life.
- Study about your market: You need to study the demand for your products and the competitors in your market. You have to research about people’s dissatisfaction and how your competitors are doing in this business field. Now, you have to decide whether you want to continue with your business idea, and what makes your business different from other people? You should always follow your passion rather than money because only money cannot be your motivation in the long run.
- Develop yourself: Before executing your business ideas, you must have to work your skill such as leadership, strategic planning, networking, flexibility, branding, etc.
- Build up your Network: Spreading network will help you to grow your business, connect with investors, lawyer, clients, partners and reach out to a large number of people.
- Organize your business plans and execute: Finally, you need to organize your plans. You have to get a tax ID number and a business bank account. Keep all the necessary documents ready and start selling your products. Set a goal of sales and at first, it may not achieve your desired goals. You do not have to worry about it and take it as a test sale. Find out what the things your customers want and work on their reviews of your products. Considering their reviews, you may need to change the quality or quantity of your products day by day.
- Maintain Financial Flow: You need to maintain the cash flow to achieve your next business target and to grow larger than before.
Do you need any Experience?
If you have any experience related to entrepreneurship or you have done any courses on it, it will add some value to your business. If you are thinking that you do not have any experience or have done any courses or have the required skills, you do not have to worry about it. At any stage of your life, you may have some experience of leadership or conducting a plan or promoting something that you love. You just need to gather your experience and focus on how you can develop them at present. Suppose, you made a plan for a tour with friends in the past but they had a bad experience that day. Find out the mistakes in your plan and make a solution of it. Thus, you can use your experience in present. Besides, you need to learn about entrepreneurship and the market. So, search in Google or YouTube about entrepreneurship courses and you will get numerous free online courses. Moreover, you can take part in different workshops and training on entrepreneurship.
How long does it take?
Most of the small business requires 2-3 years to settle down and make profits because the first year is your learning period. You will face failures, make small profits, struggle to balance every works and client. Then you will slowly grow up and create a face value of your products in later years.
Why do some entrepreneurs fail and how to prevent those failures?
- Not having proper Vision: Some people go after seeing others’ businesses for profit without having passion. You have to think of what you love to do and want to continue it for the rest of your life. Business is not a thing of a few months or one year. So, you have to think about your long term goal instead of focusing on short terms.
- Wrong selection of business: You might have many ideas but it is difficult to select one among them. You do not know whether it will stand out or not. Many people face that same thing and face losses in their businesses. So, to avoid wrong selection, you need to research your products, market, and consumers. You need to make a list of the pros and cons of your business and then you have to decide which is best and suitable for you and your clients.
- Run out of Capital: Some entrepreneurs come to this field without having enough money. As a result, they run out of money and failed to carry on their business. Maintaining cash flow is very important for doing business. You need to maintain the flow to run your business smoothly and you can take the help of any business expert about this matter.
- Poor strategy and execution: Without a proper business strategy, brilliant plans, and having enough capital is not going to work. A weak strategy is a result of having poor leadership skills, strategic planning, and problem-solving mindset. So, you have to develop your soft skills from time to time and keep the courage to overcome the weakness.
- Inefficient employees: Before hiring people, you have to get proper information about the employees. Unworthy people can cause harm to your business reputation. Moreover, you have to ensure that those who work under you are well-mannered. You have to monitor their work and behavior.
So, these are the points that you have to keep in your mind before starting your entrepreneur life. You have to remember that success is not handy and comes overnight. You have to keep patience and work on your failures. Entrepreneurship may be tough but when you will reach the highest peak of success, you will be proud of yourself!