Who is an
Entrepreneur
An entrepreneur is someone who has a business idea, from which a business is
created by taking risks and bearing all the rewards or losses.
Difference between Freelancer
and Entrepreneur.
People
often confuse the two as same. In today’s digital world, more than ninety
percent of the population have taken their skills over the internet and become
freelancers. They take jobs online and finish them in their own time. While the
two terms seem the same to many people but they are different in many aspects.
The two terms carry many same aspects but a freelancer is not getting any
income if they don’t work while an entrepreneur after having a successful
business can enjoy all he wants and still earn without doing the hard work.
Becoming a
successful Entrepreneur.
A
few risks are needed to be taken to start a business but if someone is skilful
and hardworking, they will taste the success for sure no matter the time.
About
50% of the people in the U.S are entrepreneurs. They are the blood of the U.S
economy. From small businesses (like grocery stores) to big enterprises, all
were started by entrepreneurs. Business giants like Microsoft, Facebook, Apple,
Etc. they all were just an idea to some entrepreneur once but they worked hard
and made it all possible. Although, more than fifty percent of all the
businesses started by entrepreneurs are not able to sustain the market and
fails to even complete five years. The basic reason behind the failure is the entrepreneur
not following the process required to be followed to become a successful
entrepreneur.
According
to the Fortune magazine, nine out of ten startups will eventually fail. Those
numbers are discouraging but it doesn’t mean one should not consider
entrepreneurship for a career. With hard work, passion, a good idea and
learning ability, anyone can become a successful entrepreneur.
There
are some traits which most of the successful entrepreneurs share although they
don’t certainly guarantee success. Most importantly, an entrepreneur never
likes a boss, they want to be their own bosses, although they are governed by
thousand of bosses which they call as customers. They enjoy the independence
they get. But that’s not certainly a key, many entrepreneurs work a second job
until their ideas become a successful business. The most important trait an
entrepreneur should have is keeping a positive mindset as if one’s thinking is
negative, they will never be able to think right about their business. A good entrepreneur
always has a learning ability which means they always learn about the new
market trends and follow them. Hence, evolving and working towards the improvement
of the business. A successful entrepreneur always keeps their personal and
business finances separated because a personal loss doesn’t need to affect the
business.
There
are a few steps to become a successful entrepreneur which are as follows:
1. Have a business
idea
The
first and the foremost important thing is to have an idea of a business. It is
not necessary to have something unique in mind. A simple idea might also become
successful if it has worth. As per as an example, there are thousands of
brands in the styling and clothing line but doesn’t mean there is no scope of
becoming successful in the industry. If your idea is evolving and you have the
skill set of standing out, you still can do good in that business. Although it
is necessary to add that having a unique business idea gives one advantage over
the others who seem to work on the same ideas.
2. Educate yourself
about the business
This
is also an important step, an entrepreneur needs to educate themselves about
the business they are stepping in to. They need to learn how to handle the
market. They need to understand that their product does serve the purpose they
want it to serve or not. An entrepreneur should understand all the risks before
starting any business. One should always need to educate themselves about the
situation and pitfalls they need to avoid.
3. Make a business plan.
After
successfully educating oneself about their business, one should make a strategy
how to start the business, what audience they need to target, how to reach the
audience and what risks are laying ahead of the business. One needs to plan If
inventory is needed, how will they get it and how much do they need. There
are always big sharks who are willing to invest in your business if your
business idea is good but an entrepreneur needs to understand whether their
business needs those sharks or not because they surely will take quite a share
from the business.
4. Study the
market.
After
successful planning, an entrepreneur needs to study market trends. One
needs to understand in which region, conditions, weather, country and all the
aspects which govern their market and product does it work and which factors
do they need to avoid.
5. Monetizing the
business.
This
is the most vital and crucial step in making a successful entrepreneur. Many
entrepreneurs have good products and services but they don’t how to monetize
their business ideas. An entrepreneur should always learn from experts how they
can sell their ideas and make their business money worthy. Although many
business ideas come with monetizing from the start but some needs a lot of time and sense to
make money out of those businesses.
6. Hiring the
experts.
After
an entrepreneur is done monetizing their business, they should always look
forward to increase their income either by expanding the business or by
targeting different audience and in more than ninety percent of the cases, it
requires a well-qualified expert to do the same. Hiring an expert will
certainly, take the load off the shoulders of the entrepreneur. After all the
hard work, they also need to take some rest and let it rest on the shoulders of
others.
7. Growing the
business
Many
entrepreneurs lack the trait of expanding, after a while they get fed up of the
efforts and let the business income as it is which will result in the downfall
of the business after some time as the market trends are always changing in
today’s world. Many entrepreneurs are afraid of the risks laying ahead of
expanding as to build a business is a different thing and to grow one is
different thing and for that, an entrepreneur needs a piece of expert advice.
Even after following all this process, nobody
can guarantee success but there lies a huge chance that you will become a good
entrepreneur.
A few things to
avoid:
There
are a few things to avoid being a successful entrepreneur. Some come before
you even start your business and some come after your business is successful.
One of the biggest pitfalls is debt, an entrepreneur should always avoid debt
in order to be successful. According to many successful entrepreneurs, debt is
the doom of your startup. Although if there is an absolute need, try keeping the
debt to a bare minimum. Having a negative mindset towards the business and to
think it will never achieve the success one is dreaming about is another
pitfall to avoid. After the business is successful, the traffic or the demand
becomes high, which might lead breaking of the system and lost of orders which
might result in the downfall of the organization, another pitfall to consider and
avoid. Another pitfall to avoid is too much dependency on a single business
which can lead to expensive problems. There are other obvious pitfalls to avoid
like business management issues, internal conflicts etc. but with good
management and expertise, they can easily be avoided.
An entrepreneur should never give up on his dreams. If one idea fails, you learn
from it and work on it. Make it fool-proof and try again.
We
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