Five Steps to Becoming an Entrepreneur
Updated: Dec 14, 2020
Taking first steps to Entrepreneurship can be a challenging path, but following your passion, creating your vision, as well as impacting your community can be a rewarding experience. Here are the five steps that you can follow if you are thinking of becoming an entrepreneur.
Evaluate your skills
Take your time to be real honest with yourself. Asking questions that aim to expose your strength and areas of improvement can be a great start. Knowing this is a crucial step to your success as an entrepreneur: it helps you identify which areas need more focus than the others; and if necessary where you need help. For instance, you might discover that you are not good at marketing, and so you will need a person experienced in that field to help you.
Now that you have your business idea, it’s time to identify who you will be competing against. Learn about their market size, their customers, their marketing strategies and if necessary their weakness. This is necessary because it helps you determine the market for your business.
Make a business plan
A business plan acts like a roadmap to every business. If you already know every plan of your business, that’s very great. But even if you don’t know at the moment, that’s okay, Entrepreneurship is a process. If you are confident with designing a business plan, 30 minutes will be enough. Most of the business plans are changed as the business grows. Make it as flexible as you can for any future adjustments.
Find a mentor
“Find a great mentor, someone who has already been through the challenges of being an entrepreneur” Jodi. Align yourself with a person who is going to give you advice and support. Look for someone whose business you admire, ask them valuable questions and take the advice they give you seriously. As lucky as you are, most of them are happy to help.
Get into the Entrepreneurial Mindset
All the above steps can end in vain once you fail to develop a mindset as that of Entrepreneurs. As an entrepreneur, be ready to win or lose. But once you fail, just know that most entrepreneurs have been through this. Fail first and learn your lesson. Above all, move on and remember that you are only accountable to yourself. You might need to learn more about the Entrepreneurial mindset by reading books and visiting top entrepreneurial websites. Make sure to apply what you learn!!