Back to Basics: How to Become An Entrepreneur 101

Sometimes the job you want most doesn’t actually exist in this economy so many have found that they have to make one for themselves.  That’s what, in essence, being an entrepreneur is all about.  Often people find it daunting to take the first step towards entrepreneurship and go out and create something from the ground up and take a passion or hobby and turn it into a thriving business that gives you a feeling of success in the workplace.  Don’t worry, you’re not alone.  That said, many have come to the conclusion that they would rather create work they love, constructed to fit with their own life goals than be a slave to the corporate world.  And, believe it or not, you can do it too!

First and foremost, think of a great idea!  Remember, you always have family, friends and other colleagues you can reach out to help you brainstorm.  And of course, networking is key.  It’s a great way to get help from those who’ve come before you and have done what you are looking to achieve.  When you do come up with that “great idea,” evaluate it to see if it’s actually realistic and can be implemented successfully.  What will its popularity be?  What is a reasonable timeframe to get it off the ground and running?  Think of what your target market will be.  Brainstorm where that target market shops, things they like, etc.  Narrow your idea down and focus.

Next, write a business plan.  Include every detail and description you can think of for your idea.  Take your time and evaluate all the possibilities and potential risks.  Think about how you would develop your product and what it would look like.  Think about how you can market it and make it appealing to your target audience.  Do a market analysis of your customer and your competition.  Think about how you’ll sell your product and your estimated sales forecast.  Think about how you’ll make your product and how you’ll manufacture it.  Most importantly, think of financing and how much it will take to make your product and how much start-up capital you’ll need to get things moving forward in the right direction.

Pitch your idea to potential investors.  If you have a really sound, solid idea with a smart business plan in place, you greatly increase your chances of enlisting those with money to invest in your company.  Make a detailed presentation that shows off all the things you’ve laid out in your business plan.

Hang out with like-minded entrepreneurs.  By meeting them socially, you’ll gain contacts and hear about opportunities that might help you succeed.  You can never do too much networking!  Most importantly, you’ll learn what the mindset of a fellow entrepreneur is and that’s invaluable.  You’ll pick up their attitudes and willingness to explore every potential opportunity that comes their way.

Lastly and most importantly, get the word out about your new venture.  Embrace social media platforms like Twitter, Facebook, LinkedIn, YouTube, blogging, etc.  Jump on any marketing or advertising opportunity you come across.  Don’t forget to use basic advertising and marketing tools like word of mouth. 

If you take these steps to heart, you’ll be well on your way to becoming your own boss and finding a niche idea that makes you happy and successful.  If you really do have the right idea and right mindset, you can walk away from corporate America with confidence and really make a go of your idea.  Being a successful entrepreneur isn’t easy – it takes time, careful planning and confidence, but it is, as most things usually are, indeed possible.

Here are some articles you might want to check out on how to truly become an entrepreneur successfully:

“Best Career Advice for Aspiring Entrepreneurs”: http://www.inc.com/jon-burgstone/best-career-advice-for-entrepreneurs.html

“Becoming and Entrepreneur: Four Steps to Entrepreneurship”: http://www.growthink.com/businessplan/help-center/four-steps-entrepreneurship#

“How to be an Entrepreneur: 10 Start-Up Launch Lessons”: http://theyec.org/startup-launch-lessons/

“So, you want to be an Entrepreneur”: http://online.wsj.com/article/SB123498006564714189.html

Until next time…