We have heard the term “Entrepreneur” a lot nearby. What we think is that Entrepreneurs are the business owners of all types of business. But there is a struggling journey to become a successful Entrepreneur.
But what defines an Entrepreneur?
So from where the word Entrepreneur comes from?
Let us understand it and look into the steps of how to become a successful entrepreneur.
What’s in it for me?
- What is an “Entrepreneur”?
- What is the difference between Freelancers and Entrepreneurs?
- Some Examples of Entrepreneurs
- Important points to become a successful entrepreneur?
- Frequently Asked Questions (FAQ)
What is an “Entrepreneur”?
It has been taken from a french word ‘to undertake‘. This means that entrepreneurs are the ones who undertake the risks to grow their business and achieve their goals with monetary-benefits.
Risk-taking, usually in the financial investment form, along with the monetary benefit as motivation, is the main objective of an entrepreneur.
You should also go through Characteristics of an Entrepreneur.
Entrepreneurs focus on building something that will last for long. It’s another way to define an entrepreneur who takes the steps needed for managing the business properly so that their business earns them continuously even if they are not on work.
What is the difference between Freelancers and Entrepreneurs?
Millions of people are taking their skills online and become freelancers in today’s digitally connected world.
So how are they different from entrepreneurs?
Freelancers have many same characteristics as entrepreneurs, but they don’t have the risk-taking capability as entrepreneurs have. They only think of taking jobs and complete them and grow, but entrepreneurs think differently.
Entrepreneurs have leadership quality which is not in the case of freelancers. Entrepreneurs grew their business by making the team. They even earn while they are on leave, they sleep, and also if they are on vacation.
You must know about Startup India Scheme.
Some Examples of Entrepreneurs
McDonald’s, Facebook, Coca-cola, OYO, Ola Cabs, And even more are founded by entrepreneurs. You may just think of any famous company in the country or world, and you will end up finding the entrepreneurs behind it.
Important points to become a successful entrepreneur
So, now comes to the point, what should you have to do to become an entrepreneur? What steps should you take to become a successful entrepreneur?? You have to choose your path from the different types of paths.
There are many types of entrepreneurs, but you have to choose your path in your field. For example, the founder of OYO( an online hotel booking company) will not take the same path as the OLA cabs( and online cab booking company).
But some similar steps are taken by every entrepreneur that helps every entrepreneur to become a successful entrepreneur. We will discuss in detail below:
Finding the right niche for your industry
Entrepreneurship is a broad term, and you may be an entrepreneur in your field. The most important thing is to find the right niche for your business or industry to start your business.
Many people around the world think to become a successful entrepreneur but not able to find the right niche to work upon.
You may find out many people who just got frustrated with their jobs and think of becoming an entrepreneur in the way of going home from their job.
But they are not able to find the right path and niche on which they can start their business and fear of taking risks. They don’t want to come out of their comfort zone of the monthly salary they are getting from their job.
So first, you have to find a niche that will not only be successful but is something about your passion.
Your niche can be something that you have working in for years. For example, if you are working in a travel company, you better have an idea of how to run and grow the travel industry.
If you have worked with the textile industry, you probably have an idea of the challenges faced by that company and how to run that company.
Your experience will become the right place to choose your niche.
So it will help you to keep motivated if you love what you do. As you are working on a particular company means that you are enjoying it to work with.
So money will not be a factor which keeps you motivated to work for 15 hours a day than the right niche you loved to work.
Educating your self about your niche
There is a myth we found around our surroundings, those self-made entrepreneurs are not well educated, or they have don’t even graduated. But it’s not true.
According to a report by the researchers, over 95% of heavy growth industries entrepreneurs have at least a graduate degree like Facebook. But it’s not a compulsory criterion of graduation to become an entrepreneur.
You don’t need any formal education to become an entrepreneur, but that doesn’t mean that you can ignore the value of education completely.
You should know the industry that you are going to start. For example, If you are going to start a web development company, you will need experience in business along with the knowledge of computer programming and marketing to become successful.
All industry requires a different kind of knowledge, like starting your law firm, you will need an idea about the law.
Finding your target audience
You have to choose your audience according to your business needs. Not every business fits everyone that means every person doesn’t need everything. You have to find the age, gender, income, culture, religion, location, and all kinds of demographic view of your target audience.
This will play a key role in finding the right place to start your business. For example, You can’t open a family restaurant everywhere; you will need to find the age group and location and all types of demographic view of your customers.
So research your target audience that will best suit your business which will be a key to become a successful entrepreneur.
Doing Market Research
You should also analyze the area, and it’s demand according to your niche.
For example, If you want to open a restaurant in any location. You have to ask yourself some of the questions to yourself like:
- How many restaurants are there?
- How many of them are succeeding?
- What do the local customers afford to eat?
- Can they afford a highly-priced restaurant or they prefer to eat at moderate or lower price places?
- What kind of food they like?
So you have to find answers to your questions which will play a key role in your success.
Creating your Business Plan
Before starting your business, make a business plan that will include your objectives along with the strategies to achieve those objectives.
This will not only help you to measure how successful your business but also help to attract investors on board. The business plan should be configured in a way that will allow you to become a successful entrepreneur.
Creating the network
Networking plays a vital role in every field. It’s the most important thing for an entrepreneur to achieve success in their business. Networking is a way of finding skilled people that you can use in your business.
It also helps you to find potential investors to raise funds for your business. This will help you to grow your business from the ground. Your network will also help to find new customers in the beginning.
Networking will play an important role for you to become a successful entrepreneur.
Selling product or idea
You have found out your target audience. Now your job is to sell your product to your target audience. Consumers always compare products before they purchase, and it’s confusing for them to choose the right product.
Your job as an entrepreneur is to convince people about the quality, specifications, and features of your product. You have to explain why your product is the right choice for them, and it’s the best option available in the market.
You have to find out what makes your product unique from others and how you could use it to add value to your product.
Market your product/idea
You should have a focus on your marketing before, during, and after the launch of your product and business.
For example, You may have the best restaurant in that location, but nobody will visit your restaurant until they get to know about its existence. You have to make your brand presence in the market.
Marketing is a tricky thing, but if you are to focus on your target audience and make essential marketing efforts, it will make your brand value in their life. You can focus on digital marketing than traditional marketing, which will give you more results economically.
There are many people who fail to become the successful entrepreneurs. They somewhere or the other fail in the above said points.
So, you must keep in mind these important points in your journey to become a successful entrepreneur. These points will prove to be very helpful to you.
Frequently Asked Questions (FAQ)
Every business does need a different kind of license according to the field. There are different criteria for licenses in different regions of the World.
Yes, anyone can become an entrepreneur, but every entrepreneur didn’t have the same success level. It depends on determination, experience and education.
It’s not a necessary thing, but it will help you a lot. If you are opening a Digital marketing agency, then it will require a lot of experience to make the customer believe in your product.
There is nothing defined actually regarding this. Every entrepreneur is connected with different level of knowledge and experience. Even entrepreneurs having the best business idea get fails.
Experience, knowledge and proper planning will increase your chance of succeeding. You must follow the rules strictly which will help you to become a successful entrepreneur.
If you will follow your best and arranged a business plan and you notice a growth in your business, then you are doing well. This doesn’t mean your business is making a good profit as businesses take time to start earning.