Business 101: Introduction to Entrepreneur

Last Updated by Ravindra 02-Aug-2020

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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 hope you get a better understanding of the topic. Please free to let us know all your suggestions in the comment box below. Visit again for regular update.

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