Many people want to become an entrepreneur, but they don’t know what it takes to run their own company. It’s hard work and a lot of learning from your mistakes. But if you can overcome the obstacles, you can create a life you never thought was possible.
Here’s what you need to know before becoming an entrepreneur:
1. You must be passionate to be an entrepreneur
“Success is walking from failure to failure with no loss of enthusiasm.”
— Winston Churchill
You’ve got to be passionate about your business idea because it won’t be simple. Things won’t always turn out how you’d like them to, but that’s no reason to quit.
There will be problems you need to fix and slumps between successes. If you don’t care that much, why bother fixing them?
Make sure your idea sets your soul ablaze with passion, so you can work tirelessly to make it happen. Keep at it and remember every obstacle you overcome is where many others quit.
2. An entrepreneur focuses on helping others
“Build your own dreams, or someone else will hire you to build theirs.”
— Farrah Gray
All thriving businesses have one thing in common: they help people. Each transaction is a “win/win,” so each side benefits. You can’t scam people and build a long-lasting, successful company.
So, ask yourself how you can use your abilities to help others enjoy their life more.
Can you make something better or easier? What problems can you solve for your customers?
There’s a lot of brainstorming to do, so get a notebook to write your ideas and thoughts down first.
It only takes one incredible idea to create a life-changing business.
3. Create a plan to become an entrepreneur
“Dreaming, after all, is a form of planning.”
— Gloria Steinem
Above all, you need clarity on what you’re aiming to accomplish. That’s why many people write out a business plan first. Otherwise, you’ll have a hard time if you don’t know what you’re doing or how you should do it.
Having a plan will help you understand what you need to do to reach your goals.
So, grab a notebook and brainstorm how you’ll become an entrepreneur. Answer these questions:
- Why do you want to be an entrepreneur?
- What are your strengths?
- What kind of business do you want to start? Here are some business ideas, and here are some more.
- Is there enough demand for what you’re selling?
- How are people making money in this industry?
- Do you need to build or improve any skills to do this?
- What’s your vision for your company?
Meditate on your product.
- What is your product or service?
- Will your company survive despite the pandemic?
- Who will buy from you, and what do they value?
- How will you get them to buy? In what ways will you market it?
- How much will your product cost to create? What price will it be?
- What unique advantage do you have compared to your competition?
- How many products do you need to sell to be sustainable?
These are all valuable questions to answer before you get started on building your empire. Write them down and continue to refine and change your answers over time.
4. Create a company blog and social media accounts
Regardless of what kind of business you create, you’ll need a blog. Why?
Because entrepreneurs know that:
- Blogs help you build a relationship with customers.
- 94% of people who share your posts do so because they know someone who’ll benefit from what you’re selling.
- 61% of customers will buy something because of a blog post.
- It gets your company “out there.”
- When someone searches for what you sell, they’ll Google it first.
- A blog allows you to prove your expertise.
Then create some social media accounts to promote it. Give them the name of your company. Then start posting and sharing your blog with the world! Show them pictures of what you sell or of yourself if it’s service-based.
You can sell your products on your blog and gain extra money with ads. The more streams of income, the better!
5. Get ready to work harder than ever
“Formal education will make you a living; self-education will make you a fortune.”
— Jim Rohn
Being an entrepreneur is NOT easy. You don’t just get an idea, and everything falls into place. Regardless of how smart you are, it’s a learning marathon. But that’s a good thing because the skills you’ll acquire will look fantastic on your resume if you decide this isn’t your thing.
Trust me; you’ll learn more valuable skills than you would by going to college for business.
What to learn:
- Graphic design: Social media (Canva), free to use stock photos, fonts, logos, color psychology, learn graphics software (GIMP is free), get designing skills.
- Writing: grammar, style, and clarity.
- Marketing: Creating ads, sharing to social media, commenting, copywriting, and enhancing your products.
- Optimizing: Setup Analytics to know who and how many people go to your site, site speed, and SEO.
- Planning: Scheduling your tasks, so everything gets done. Setting up a time and place where you’ll work without distractions.
- Learning: taking online courses, reading books and blogs, trying out what you learn.
- Personal development: conquering the fear of failure, building confidence, and emotional intelligence. Gaining more charisma and self-discipline.
But don’t get intimidated by all this, you’ll learn more and more every day. You don’t need to know everything all at once.
6. Just start!
“Fear is the disease. Hustle is the antidote.”
Don’t wait until the ideal moment when you feel you’re 100% prepared. You’ll never reach a level where the sky opens up, and you hear, “You’re ready now.”
You just need to get started and improve from there.
Don’t procrastinate. I know it can be frightening to put yourself out there, but it’s not scary enough to not do it!
Besides, anytime you feel nervous and awkward, you’re probably doing something that will change your life!
So, don’t let those feelings stop you. You’ll be okay, I promise. There’ll be lessons to learn and issues to fix, but when you start seeing income flow in, you’ll know it was all worth it.
The best way to get ready isn’t endless research or obsession; it’s to feel your fear, shrug it off, and start anyway!
Fear has nothing on you! It’s imaginary, and you’re an actual human with talents and ideas that can change the world.
Starting will lead you down the path of what you need to learn and practice. Your skills and experience grow with each passing day—even though it won’t feel like it. Every tiny step matters.
7. Work on your most important tasks first
“The question I ask myself almost every day is, ‘Am I doing the most important thing I could be doing?’”
— Mark Zuckerberg
Knowing what your most important tasks are is valuable beyond measure. Otherwise, you’ll waste a ton of time on things you thought were important, but in reality, they weren’t.
What will give you the most results for your company?
You’ve probably heard of the 80/20 rule (the Pareto Principle). It says that 20% of your tasks give you 80% of the benefits. So, don’t waste all your time on trivial projects. Find out what you can do to move forward faster. Finish your most important tasks before anything else, and you’ll skyrocket your progress. Furthermore, you’ll be less stressed when you complete them.
8. Have patience
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” — Albert Schweitzer
Success won’t happen as fast as you’d like. Sometimes it’ll seem like it’s taking forever.
You might hear people’s stories of unbelievable overnight success, but they aren’t mentioning that they spent years working on their craft.
They won’t tell you about the multiple failures and the discouraging words from others. Or how terrified they were to take each step along the way to success.
Creating something amazing takes time. It’s best if you don’t hate the process of getting there, so have fun! Your patience will grow when you enjoy what you’re doing.
9. Be persistent through trials
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”
— Steve Jobs
It’s not a simple process to build a profitable business. So, gain the persistence needed to make it happen. Things won’t be instantly amazing, and when they are, they fluctuate.
Don’t let that bother you because you’ll make it past the hard times. If you keep improving your business, there are no limits to what you can do.
You might lose friends because you won’t have time for them. That’ll be the price you pay to focus on your priorities. If your company means everything to you, then you have to go for it. Everyone else will have to understand. Don’t deny the world of your unique ideas and talents.
10. Don’t quit your day job yet!
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”
— Albert Schweitzer
Believe in your business, but don’t have it as your only source of income. Wait till it brings in enough to pay your bills, then you can consider leaving your day job. Things will be rocky at first, and it won’t be profitable for a while. But don’t get discouraged by that because if you keep working on it, someday it will be!
As you can see, there’s a lot that goes into being an entrepreneur. It’s not easy, but it’s worth it! You’ll feel so proud of yourself after each day of work, way more than if you had a boss.
You reap all the rewards, instead of someone else. Everything you do is meaningful and can impact your life. Plus, the only person who can fire you is yourself! So, have fun and be creative while becoming an entrepreneur!
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