Calling all the shots, being your boss, hitting your goals is the ultimate career goal for most people out there. How difficult do you think being an entrepreneur is? 75% of the start-ups do fail. Starting your own business sounds amazing but it is equally hard to start a business that is profitable for you. Entrepreneurs experience more stress and are more anxious than other people. This is bound to happen when every setback falls on you.
If you’ve made up your mind on being an entrepreneur, use these strategies and steps to become an entrepreneur:
1. Identify a profitable start-up idea:
It is quite impossible to build a start-up without an idea. So, how can you think of a product or service that is useful to others?
- Find out what annoys your friends: Most people get inspiration from their frustrations. Many of the successful entrepreneurs today started their business based on what they found frustrating. Keeping this in mind, ask your friends and family to keep track of what annoys them and then go through that list.
- Prepare for the future: With the changing world, people’s needs are constantly changing too. Start reading the trend predictions for the industry that you are interested in and ask yourself if you think these predictions will come true?
- Look online: Looking into what other businessmen have come up with is a great start for you too. This is a great way to kick your process into gear as well.
- Make something better: It is not always necessary for you to come up with something that is not yet available in the market. You can develop and innovate the existing products r services and offer them at an economical price. You’ll end up having plenty of customers. Find things you can improve and work on it.
- Focus on a growing category: You need to pick a category that is fascinating to you but at the same time something that isn’t overly competitive and challenging. Too many cooks spoil the broth, right? Similarly, too many businessmen working in the same industry are not beneficial to you nor them.
- Fill an undeserved demand: When you notice a gap in the market, it is your duty as a businessman to fill it. Focus on your strong points, be it sales development or account management and use it to your advantage.
- Network with other entrepreneurs: Find out the current events in the start-up community. Build valuable relationships with other entrepreneurs that will be useful for you in the future.
2. Validate your start-up idea: Once you have an idea, it does not mean that you quit your idea and go all in. it might seem like a great idea to you and your friends and family. However, you need to find out whether other people are interested in your products or service. Create an MVP. A minimum valuable product is the simplest and basic version of your product which you can create to show your customers the product. It is great for assessing the satisfaction your product generates as well as the improvements you can make.
Even if it an online app that you are starting, you can develop a blueprint and invite a minimum number of people and see how it works out. If you are not able to get at least 150 users to use your app then it is time for you to rethink the idea and start fresh. Whatever happens, don’t give up. Another great option for you is by interviewing your customers. Show them a demo of your product and how it works. Find out what they liked about your product and what they did not. Find out the price that they are willing to pay for a particular product. Feedback is the most essential before you complete invest yourself in the idea.
3. Find a co-founder:
It is ideally suggested that you need to find a co-founder before jumping into a new business. Having a co-founder beside you has its advantages. Firstly, easier funding. All the burden of financing will not be on you, you have a partner to share this burden with. Secondly, you have emotional support. During stressful, anxious or exciting times, it is better to have someone beside you to share those feelings with. It’s better to ride the emotional roller coaster with someone by your side. And lastly, they can provide different skills that you don’t have. This means more knowledge and more connections. Picking someone with a complimentary resume is an excellent way to increase your chances of success.
Having a co-founder does have its disadvantages as well. But, looking on the bright side, the disadvantages outweigh the advantages.
4. Funding to start a business:
Once you have an excellent idea, how do you get the funds to put this idea into motion? You can ask your friends or family to invest in your business or you can apply for a small business grant. Another way to go is pitching your idea to angel investors or venture capitalists. Getting funds is an easy step if you have an excellent idea in your hands.
5. How to incorporate your business:
At one point in time, you will have to decide to incorporate your business or not. Being a sole proprietor, you and your business are said to be the same entity. If you incorporate, your business gets its separate legal entity. It can now buy and sell property, sue and be sued and also set up contracts. Being a corporation, your business can also transfer shares now. This means that you can sell a part of The Bottom Line
Following these steps and strategies, you can build a successful business. Hardships are bound to come your way, but you need to find the right way to confront them.
Always remember, entrepreneurship is all about enjoying the thrill. Learn and grow yourself while you are building your business.