Are you an entrepreneur?
An entrepreneur is defined in the dictionary as “one who starts up a business to take advantage of an opportunity, taking on risk in the hope of making a profit”
If you’re reading this, then chances are that you’ve either already just started up your own business – or you’re seriously looking at the possibility of doing so in the near future, but maybe feeling some anxiety about taking such a big step.
This article will provide you with tips and deeper insights into how to be an entrepreneur and what it takes to be successful if you dare to launch your own business ……
Qualities you need as an entrepreneur
Well, there’s no question that you need courage, drive and initiative in order to be sufficiently daring to seize an opportunity when it arises. You need a mixture of self-belief, optimism and stamina if you are going to navigate your way through the tumultuous period of excitement and uncertainty that can often accompany the “launching” of a new business.
It helps to have a good network of contacts …. different people who you respect and who might be able to offer you some guidance and mentoring – and sometimes “open doors” for you. Whether it’s venture capital you might be seeking – or advice on how to prepare an application for a small business grant – or tips on how you can better leverage social media in your marketing.
A good network can help point you in the right direction, because typically in the start-up stage of your business, you can’t afford to be payin
Entrepreneurs-think creatively
g much for “professional advice”. It’s all about staying lean and keeping costs down.
If you are someone who tends to look at the world differently from most of the other folks around you, then maybe that could be a sign that you’ve got some entrepreneurial spirit within you …… “Cause that’s where innovation comes from – seeing things differently
What’s motivating you to become an entrepreneur ?
Do you have an idea that you believe has exciting commercial possibilities – and you have a “fire in your belly” to explore it’s viability? …… Or, is it more that you’re sick of working for other people – and now you want to try being “your own boss”?
Typically, people who become entrepreneurs are either
- Setting up a business based on what they’re good at
- Start a business because they’ve found a unique way to solve “a pain point”
- Start a business by “copying” what someone else has done successfully
This last point is saying that you don’t always have to come up with an original idea to be an entrepreneur – you can simply reproduce what someone else has done, but simply add a small point of difference. For example, Google came up with a better search engine after Yahoo; Microsoft came up with a graphic interface after Apple; Facebook built a better MySpace.
Can you do what someone else is successfully doing – but do it cheaper, easier or friendlier?
And here’s some more thoughts from a young 26 year old entrepreneur who became a multi-millionaire. He places as much emphasis on having the right mind-set and cultivating a “prosperous” set of beliefs – as he does on having the business skills to succeed.
Business planning questions for the new entrepreneur
- What is my product / service?
- Who is my target market?
- What problem does my product / service solve?
- Who is my competition – and how can I differentiate what my business offers?
- What would it cost to bring my idea “to market” and can I cover / recover these costs?
- Do I have a realistic understanding of the risks versus rewards of starting up my own business
Before we begin to start wrapping things up here, let me add a very short video clip featuring Richard Branson – who offers five tips on becoming an entrepreneur
Take a look at our page Small business marketing tips
In closing, you can’t realistically consider how to become an entrepreneur without also accepting there will be times when things don’t always work out ….. and the key is to keep learning, and keep on moving forward …
Entrepreneurs succeed because they don’t fear failure