The path to entrepreneurship is attainable if you take the right approach. It’s never been easier to be an entrepreneur than now. You can leverage technology to lower startup costs, get mentorship, raise capital, work from home and delegate tasks.
With these things in mind along with the idea of taking full control of your financial future, entrepreneurship is appealing to many. However, everyone isn’t meant to be an entrepreneur and that’s fine. If entrepreneurship isn’t right for you or even if it is, there are other things you can do to achieve more financial and career freedom.
Is Entrepreneurship Right for You?
Entrepreneurs don’t like the status quo. Most entrepreneurs see themselves as rebels. They often struggle with authority and want to follow their own creative vision. They aren’t afraid to put in more work to be their own boss, and they don’t give up easily.
Here are some signs you have what it takes to be an entrepreneur:
- You’re different.
- You don’t like being told what to do.
- You’re a hard worker.
- You’re creative.
- You’re persistent.
Coming up with Ideas
Remember business opportunities exist in real time. Most ideas have a relatively narrow window of opportunity to become a successful business venture. When coming up with business ideas, consider what you are passionate about, what you are good at, what could improve people’s lives, and what people will pay money for.
Once you come up with ideas for your business venture, you should do an assessment of your idea to see if it has commercial potential to produce revenue. Do market research to validate your ideas. A million dollar idea isn’t worth a million dollars if consumers aren’t willing to pay more for it. You can ask people in your circle who fit the profile of your ideal customer for feedback on your idea and finetune it based on their input. Doing interviews and surveys are a great way to get much-needed feedback on business ideas.
Creating a Business Plan
Here are the key elements of a business plan:
- Executive Summary
- Business Description
- Marketing plan and strategy
- Financial Plans and Projections
- Evaluation of Risks and Opportunities
A business model canvas has become a popular alternative or supplementary piece to business plans in recent years. A Business Model Canvas serves as a tool to map all the pieces of a business.
Launching Your Business
Going beyond the business plan or business model canvas requires you to take action to start your business. Get a mentor and seek advice on your business plan. Get funding and understand that not having enough funding could lead to failure down the road. Launch what your minimum viable product to test your business plan. Know your business. Learn from others and take classes to get more knowledge. Know your customer. Find out what drives your consumers to make purchases. You need to know what will make you stand out to them compared to your competitors’. Also, it’s important to know who to work with. Having a good team is so important for a new businesses’ success. Refine your business where you see improvements can be made.
Evaluating Your Business
Once you launch your business, you should evaluate your business. Here are some questions to ask yourself.
- Who will help me?
- Who are my customers?
- What does work-life balance look like for me?
- Am I in this for the long term?
Pivoting and Growing
What does pivoting mean?
It means honing in on how you want your business to be perceived by the world, coming up with a strategy to position your business to meet your desired perception, and adapting your business plan to fit your new market positioning strategy. Sometimes you need to pivot or change your positioning strategy in order to grow.
What happens if you fail?
Instead of quitting as an entrepreneur search for solutions to problems, and treat every failure as a lesson in what doesn’t work for your next attempt. Every mistake, fumble, or failure are lessons in what will not work that will help you to learn and bounce back from it.
Do it again?
If your business doesn’t work and you have to close shop, try not to be too discouraged. These things happen and sometimes they are unavoidable. You may be afraid to try your hand at entrepreneurship again or wondering if it’s worth trying again. The answer is yes. Think about. Thomas Edison is remembered as one of the most famous and successful entrepreneurs of his time despite failing thousands of times with one of his most famous inventions the light-bulb filaments.
If you want to be an entrepreneur, you must realize that half of businesses fail most often due to poor planning. That’s why it is crucial to have a great business idea, plan, enough funding, evaluate frequently and be prepared to pivot to succeed. There may be rough times, but that doesn’t mean you should give up. Lastly, if your business doesn’t succeed that doesn’t mean you should give up your dream of being an entrepreneur.
Feel free to contact me at anytime. I want to know about your entrepreneurship journey.