How to become an entrepreneur : 10 steps to success

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Becoming an entrepreneur in the middle of a pandemic is more challenging than usual, but for those that crave for the adventure that build your own business is, that is not an impediment to start their journey.

I know you heard about the word “entrepreneur” many times while checking your Instagram or TikTok account, but, have you wonder what is an entrepreneur?.

An entrepreneur understands the significant risk and yet still takes the initiative to turn their unique idea into a reality. This kind of person isn’t looking for a comfortable, stressless lifestyle. They are willing to take on a significant life change, and one that won’t be easy. It will be exciting though, as there are many twists and turns that no rollercoaster ride can compare to.

If you are getting exciting while reading this, read till the end to get some extra dessert.

1.- It is entrepreneurship a right fit for me?

Beyond this topic being the latest trend, the reality of being an entrepreneur is not walking in a garden full of daisies. However, some of these known entrepreneurial perks are quite true, such as taking on a very high risk for hopefully equally as high of a reward and running your solo career.

before to start looking for startups ideas answer these simple questions to see if being an entrepreneur is right for you:

ou are passionate about your vision and motivated to see it through.

Are you passionate about your idea and motivated to see it through?

Are you naturally a challenge-seeker.?

Are you realistic and have a good idea about whether or not a business concept will be profitable?

Are you confident and fearless no matter what opinions others may have?

Are you resilient about your business and your emotions associated with it?

If you feel not ready to start with your project, go step by step, is not a race, taking your time will build endurance, organization skills, and knowledge.

2.- Choose your favourite idea and educate yourself

Choosing an idea makes you put your feet in the business pond, even if you decide to do something straightforward as opening a beauty salon, its essential that have your twist on the concept, that’s what will make your business stand out and your own.

On top of finding your competitive edge, think about what it is that you love doing. What passions in life can you focus on without feeling like you’re putting in the effort? Or another way of looking at it, what problems are you passionate – or nearly feel obligated – to solve. Such as replacing plastic straws with one built right into the cup (we’ll leave the creativity up to you here). Sticking to what you love, what you know best, and what you feel the world needs, is a recipe for success.

If you’re still looking for some fresh insights, you can browse this list of 21 small business ideas from home and see if any of them pique your interest. And of course, twist these practical ideas into something unthought of by blending in your originality. 

Finding an idea is exciting, make a business from that idea, is even more. Educate yourself, that’s key when starting a business, depending on what type of business you want to build, it is good to have some knowledge under your bel.

Sign up for courses, or go online, there are so many free courses available for pretty much all industries, and if you can’t find anything jump on youtube is one of the biggest platforms to learn for free. Do you want to know how to set up your first business check out this tips Setting up a business from home

3.- Find your target 

You must be thinking let’s do it., Before you start shopping all your equipment or setting up your social media accounts, make sure that others are willing to pay for your product or service. Make business research is fundamental before to start a business. Taking some time to picture who your audience is will allow you to see the profit potential. In addition, you will also understand your clientele’s needs when it comes to marketing to them and providing them with what they are looking for in the best way possible. 

4.- Launching your business

Plan and take this step slowly. Planning and launching your business involves building your concept and understanding it to turn your idea into a reality.

We talk that business research is fundamental. It is part of your business plan. This document will allow you to walk through all of your idea’s core components as in-depth as necessary, from your mission statement to your marketing and operations plan and more. Writing these down enables you to visualize your goals and understand how you plan on carrying them out.

Even thou a business plan is fundamental, try not to forget to do an executive summary. When looking for partners, requesting funding, and giving a brief overview of your business, this report is essential. 

5.- Hire a great partner (s) 

Now that all of the administrative parts are behind you, you can get right back to business. However, I advised that you don’t do this alone. Flying solo is excellent, but having a partner to support you will help you see different challenges and opportunities that you might miss alone. Starting your own business can get lonely at times too. It’s nice to have a companion that completely understands first-hand what you’re going through on a day-to-day basis. 

6.- Build your network

Your team or partner offers a great support system, but you could use all of the help you can get, especially at this stage in your business. Mentors and other professionals who can provide you with value and guidance will always have valuable connections. Is especially true for working with them one-on-one, as it will provide you with more focused help.

7.- Test your idea

A trial period is essential for gaging the interest around your product or service, and seeing where you can make improvements. You should treat this stage as if it’s the first step in selling your idea.

It’s an opportunity for you to begin engaging with your potential customers and get a first-hand experience understanding how you can best serve them with your offerings. Getting their feedback is crucial to your success.

There are many ways to do so, whether sending out samples, hosting focus groups, or working with individuals one-on-one. Figure out what best serves your product or service. For example, if you are selling something expensive, free samples will not be in your best financial interest. However, keep in mind that the more ways you can get your idea out into the hands of consumers, the more able you’ll be to build on your concept and create brand awareness.

8.- Plan your finances

Plan your finances might not be the most exciting step, but it is mandatory. Therefore, it’s a good idea to dive into it focused and get it checked off your list in as timely of a manner as possible. As we recommend in our set up business blog, separate your personal from your business financials.

Once you have a good idea of how much funding you’ll need, check in with your financial situation. How much of this are you able to sustain by yourself? Even if you reach out to investors for help, showing that you took on the risk will impress them and make them more willing to support you and help your motivation by having skin in the game.

There’s always the option to get investors, check the options available in your community.

9.- Develop your brand

The way that vibrant green and black distinguish Spotify from its competitors or how Dove prides itself on promoting real women, a brand identity is present in both the most subtle and the most obvious ways.

Verbally, it comprises your core values, language, employees, and customers. Aesthetically it involves your brand colours, font choices, logo and more. When used consistently and over time, these different components generate recognition and build trust amongst customers.

10.- Create value in your market

Now that you have the right funnels for promotion between your website and social media accounts, and you’ve taken the time to test your idea – you’re ready to sell it.

For that to happen, you need to create value behind it. Give your customers a reason to choose you. Use the power of social media and your website to raise your voice and allow more people to hear you. Set up social media accounts, promote your brand, engage with your followers, and be organized, constant and genuine.

Tips for success:

Beyond following a set of steps, know that the business world does not fall under a ‘by the book’ structure. There are obstacles which are unpredictable at all times. 

As an entrepreneur, keeping yourself in track and positive can be challenging and more in these difficult times, ill let you these ten tips that will help you keep walking towards your goals.

  • Forgive your past:
  • Practice gratitude 
  • Know your worth 
  • Have faith 
  • Respect and value money 
  • Take small steps
  • No more complaining 
  • Visualize your success
  • Never stop learning
  • Action over excuses 

Please don’t give up on your dreams, walk toward your goals; We are here to help you all way trough.

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