First of all, you should know why you have to read this article. Most of the entrepreneur believe starting a business means to become an entrepreneur but you will become an entrepreneur if your business will exist in a long run. In order to become a successful entrepreneur, you need to work few areas which mostly people ignore or unaware about the facts.
How to become an entrepreneur, through the power of your skills and talents
An entrepreneur defines the risk factor of the business itself. If you want to become an entrepreneur then you should always know the risks on the role. But if you play smart then you can reduce the risk. There is always a risk in any business, but successful businessman prepares it before planning a plan. You will learn a lot of new things, which you have never read before and if you are serious about becoming a successful entrepreneur then it can be an exciting one.
Myth …. I have been asked a lot of times – is it necessary to complete an MBA before starting a business? Most people think that to become a successful entrepreneur, MBA should be a degree. I mean that for long-term success, an MBA is required before starting any business.
MBAs can add significant value to your business’s idea, which you can find a little easier to run your business. But I have seen people after receiving an MBA degree; they are still not successful in their business. The reason is that most people go to MBA degree only. So if they fail on business, they choose to work. And some people are doing an MBA to get a better job. MBA is not just about achieving high qualified degrees. Understanding this business basically and organizing any business on a specific stream is equivalent to becoming a master.
Now .. What will you do if you are not an MBA? How can you understand the full fundamental knowledge of MBA courses? Do you have any options left? So my answer will always be yes. There is no need for MBA to become an entrepreneur. Nowhere has written that you should have an MBA degree.
The good news is that you have an opportunity to know this whole thing, you only need one thing, a little attention, seriousness, some ability to learn, good path performance knowledge, so that you can easily gather information, most people There is a problem learning on the Internet. This happens because they do not show any guidance (here guidance means to get accurate information from the right sources). It is just an information that has no concern with its entrepreneurship
While reading this article, you assume that you are an entrepreneur. If you are an entrepreneur then after reading this article, think about where you are standing at this moment and how you will perform after these great thoughts.
Now we will discuss today – according to your skills and talents how can you become an entrepreneur?
“Winners don’t do different things, they do things differently” – By SHIV KHERA
If you are reading this article then I think that you know what the basic definition of entrepreneurs is. If you want to be an entrepreneur then ask yourself – are you suitable for this? The reason is that most people do not analyze the work of the business, especially young people. Not all people are compatible with a business, which is why most people choose to go for a job. But some are brave enough to choose their own business instead of working for someone else.
Now the thing to understand here is that selecting a business as a profession is not enough, to become an entrepreneur, you need to fulfill the following things: –
Recognize your personality
- Think about your priorities- (what is important for you? How will you sacrifice if certain things when your business need your attention )
- Decide whether your personality is good for entrepreneurship or not
- Make a List of your strengths
- Set the direction for success
You have to Establish your foundation
- Brainstorm a great idea- (your idea can lead you to success but you should know your customer need because there are thousands of competitor in the market and they are not doing anything different but to keep an existence on the market they continuously generating new ideas. You have to do the same thing if you want to exist in the market.)Research your market
- Engage with potential customers/clients.
- Decide what type of risk you can accept
- Try to understand the idea of “acceptable loss”
- Keep your commitment to a goal, not a plan
Writing Your Business Plan
- Create a business plan
- Write a company description.
- Present your market analysis.
- Include a section on organization and management
- Provide information on your service or product.
- Describe your marketing and sales strategies.
- Outline a funding request.
- Outline your financial projections-(Financial projection means project financial structure properly if you are looking for loan or lending money from any private sources. Make sure you do your homework properly before you apply.)
- Include appendices, if necessary.
- Write your executive summary.
Preparing Your Pitch
- Develop an elevator pitch (elevator pitch could be your presentation part of well-developed portfolio about your company. So when you explain some they easily understand your intention of approach, your goal, your vision, and how you will get benefited to them if they tied up with your company.)
- Create a PowerPoint that summarizes your business plan
- Practice your pitches.
- Ask for feedback.
Taking Your Ideas to Others
- Build powerful Network-(create a contact so people can recognize your company brand or your individuality)
- Develop a strong brand)
- Ask network contacts to refer you to investors
- Acquire investors.
Some points are self-explanatory and I have explained the reason for some. If every point is explained then it will be too long.
Some points have been collected from the wikiHow, if you want details of this point, you can visit the WikiHow website.
After doing all these examinations you need to analyze your business personally in order to find out the area of opportunity. After all these homework you will be confident enough to approach an investor. Looking for a loan or putting your own saving is never a good idea to any entrepreneur. As already said become an entrepreneur means risk though the risk is a part of an entrepreneur but it doesn’t mean you will put yourself in trouble.
Nowadays for there is numbers of investor ready to invest money in the new startup business. Venture capitalist, angel investor, startup fundraiser are kind of institution love to spend money on new ideas. The best part is that your liabilities will be low and they also help you to grow your business with their quality resources. They don’t care whether you have MBA degree or prior experience. what they are looking for… just an awesome business idea and proper business planning. Following all the information and tips above you will not go in the position of no. definitely, you will get the investor for your startup.
These are the basic thing which you need to keep your list when you are trying to open a new business.
Keep one thing in your mind… Anyone can be an entrepreneur, but to become a successful entrepreneur, some structures, and organized plans are required.
Now put yourself in this methodology and think of yourself where you are standing at this moment what you need to improve and what all things will you implement on going forward.
Note- If you want to become a successful entrepreneur then continue learning because when you stop learning new things, it ends. Try to read various business blogs, collect some technical and business inspirational books, which can boost your motivation.
Just get an idea through infographic of business presentation for your client.
Scope of opportunity:
Now the demand has become overwhelming, even if there is a product or services … business is increasing day by day. If you start any type of business you have a full chance in the market. If you are doing online or offline, you have to increase your target, as soon as your business will grow. Initially, you need to work hard. Once you establish yourself, keep your pace according to the demand of the market.
You can sell groceries in a small shop or in a big superstore. It is completely dependent on yourself where you want to stand yourself – in a small shop or a large superstore, it depends entirely on your business plan.
Pros and cons to becoming an entrepreneur
- Income can be infinity. A sky is a limit.
- You can become your own boss.
- Will be able to manage your time according to your own convenience
- Chances to get fame, name, and money.
- Your credibility will be high in the society as compared to others.
- May get a strong financial hold.
- Stability issue- most of the time an entrepreneur find difficult to maintain the stability on the market. At the end, they end up closing business.
- Loss of money
- Due to financial problems, personal life is also affected
- Liabilities always high
- Some of the entrepreneurs may take a long time to grow their business.
Conclusion: – If you want to be present in business then you can not ignore these fundamentals. It does not matter if you are a fresher or experienced person. Your business does not care that you have a master’s degree or you are a college dropout. Business wants your full attention and proper planning. If you follow the entire strategies, then no one will be able to beat you. It may take time but you will surely move forward.
“Key to Become a successful entrepreneur is to stay up to date in the market and understand the market demand “