How to Become an Entrepreneur

How to Become an Entrepreneur

Fifty years ago, it seemed that the only viable career option was to work for someone else for 5 day and 40 hours per week. How times have changed! With the rise of social media and remote work, the idea of working a typical 9-to-5 is quickly becoming outdated.  Even precautions related to COVID-19 have taught us the working from home is a viable option for many people. As the typical career ideas fade, entrepreneurism has become extremely popular and many people are asking: How do I become and entrepreneur? This is not a surprise because developing a business that you are passionate about, being in control of your work life and career, and having flexibility are coveted advantages for many people.

The first step to becoming an entrepreneur is figuring out what you want to sell. A good way to make this decision is to ask yourself: What is a problem that needs a solution that I also care enough to work on? Answering this question does two things: 1) it identifies a gap that you can fill, and 2) identifies something that you care about enough to invest in. It may take a try or two until you figure out what niche fits your interest and skills, as well as provides a product or service that people want. Don’t be discouraged. Figuring what you want to do as an entrepreneur is the single most important step in the process, so it's well worth however much time it takes to find an honest conclusion.

Research Your Entrepreneur Niche

Once you decide what you want to do or provide, spend some time researching the industry. How are services similar to yours sold? Who is utilizing this type of service? Who are your specific buyers/target audience? This research will not only help you in developing a top-notch product or service, but it may give you additional ideas for your budding business.  Spend this time deciding if you want a business that is solely online or if you want a brick-and-mortar storefront as well. Deciding the specific format of your business will help you move forward in your entrepreneurial endeavor.

Start small or test your idea before you put all of your investment resources into a business. You want to make sure that your product/service is in demand and that you have an avenue to get it in front of your target buyer’s eyes. This test drive could be offering your services to a few acquaintances that could use your product or asking the opinion of a community in a local business group. Once you are sure that the demand is there and that your idea is the business plan for you, you can start marketing, networking, and selling.

Do you need Education to become an Entrepreneur?

It used to be that the only way to a great career followed a particular path: graduate from high school, go to college, get a job, and then spend years climbing the cooperate ladder. Fortunately, this is not the only path anymore. You can become a successful entrepreneur with or without a formal education. However, depending on the industry you're going into, a specialized form of education for that market may be necessary or helpful.
 
If you have a service or skill that you can already perform, you probably don’t need any formal training in that field unless you want to grow your skills. However, regardless of the industry you're going into, educating yourself about sales and marketing will be vital to growing your business. Ultimately, businesses succeed or fail based on number of sales. If you want to sell enough to pay your bills, you need to have sales and marketing skills. Fortunately, there is a wealth of free information and programs online to help you grow as an entrepreneur and grow your brand.
 
In some industries, like the medical and health industries, formal education is often needed in order to provide accurate information and services to your clientele. A formal education in business or economics may aid you in some processes but it is not necessary. Moreover, there are thousands of industries that you don’t need a college degree to succeed in. The truth to remember is that education itself is important, formal or informal. Find someone in your social circle, online, or through an educational program who's succeeded in areas you want to make money, and learn from them. 
 
The world of business is always changing. The needs of your clients and customers will change. You will change. Success as an entrepreneur relies on keeping an open mind and learning. Just remember that your education does not have to be extensive or significantly time consuming. Little bits at a time. Learn the step you need to take, and then implement right away. 

How to become an Entrepreneur with Little or No Money

You don’t need large monetary backing in order to succeed as an entrepreneur. With this century’s massive online world, you can start a business from anywhere you have an internet collection. Below are some tips for building your empire before you have a dime.

• Sell a skill you already have: If you have a skill that people need, sell it! If you're a whizz with computers, advertise your computer fixing abilities on social media and online forums. If you have some extra time to shovel snow for your neighbor, you could hang up signs, or go door-to-door offering your services. People pay for things that they either cannot do or don’t want to spend their own time doing. Offer your skill in areas where there is already a need.

 

• Use an online freelancer website: There are a variety of freelancer websites, including Upwork and Fiverr, that you can advertise your skillset or product, as well as look at job postings from employers who already need what you have to offer. Being an entrepreneur takes many forms. Even doing freelance work, you're still in control of the jobs you choose and the hours you work. These websites are a great platform if you're just getting started.

​

• Become a middleman: You can get paid by connecting people to products and services that they need - a sliver to deliver. One way to do this is by drop shipping, which is basically developing an avenue for people to buy product (typically online), and then having it shipped to them from a separate company. You set the prices, so you make a profit for the connection (tip: there is a ton of information about drop shipping online). You could also set up a referral plan with local businesses. You can refer people, including family and friends, to a business, and get a referral fee for sending the company customers. It's different from direct sales in that you're just referring people, instead of closing deals. But if you create enough connections, becoming a middleman can be a very lucrative endeavor.