The opportunity exists, but are you willing to put in the effort?
According to FreshBooks research, we live in a golden age for entrepreneurship, with the number of full-time, self-employed professionals potentially increasing from 15 million in 2018 to 42 million in 2020.
Being part of this group can be extremely emotionally and financially rewarding. Still, if you want to succeed as a modern entrepreneur, you must follow the game’s new rules.
How to Become an Entrepreneur
Although the self-made man remains a popular figure in American culture, entrepreneurship has become overly romanticized in recent years.
Unlike traditional professions, with a clearly laid out path to take, the path to entrepreneurship is a mystery to many. What works for one businessman may not work for another, and vice versa.
Still, we somehow cracked the code: Most, if not all, successful entrepreneurs have followed these seven general steps:
- Maintain Financial Stability
- Obtain a Diverse Skill Set
- Consume Content Through Several Channels
- Determine a Problem to be Solved
- Solved That Issue
- Network, Network, Network
- Set a Good Example
1. Maintain Financial Stability
Even though this is not a mandatory first step, it saves you a lot of trouble in the long run. While entrepreneurs have started successful businesses while being financially strapped, starting with an adequate cash supply and ensuring ongoing funding is highly beneficial. It gives aspiring entrepreneurs wind on their backs by increasing their runway and giving them more time to work on building a successful enterprise rather than worrying about making quick money.
2. Obtain a Diverse Skill Set
Once an entrepreneur learns in and outs of financial management, developing a diverse set of skills is the next logical step. The beauty of step two is that it can be completed alongside step one.
Building a skill set can be accomplished by learning and attempting new tasks in real-world situations. When entrepreneurs develop a diverse skill set, they have a toolkit on which to rely when faced with the certainty of difficult situations.
3. Consume Content Through Several Channels
Building a diverse skill set is important, but so is consuming a diverse array of content, including podcasts, books, articles, lectures, etc.
Aspiring entrepreneurs should always be familiar with the world around them so that they can approach industries with a fresh perspective, allowing them to build a business around a specific sector.
4. Determine a Problem to Be Solved
An aspiring entrepreneur can identify various problems to solve by consuming content across multiple channels. According to one business adage, a company’s product or service must solve a specific pain point, either for another business or for a group of users. An aspiring entrepreneur can create a business by identifying a problem and then solving that problem.
Combining steps three and four is critical so that an outsider can identify a problem to solve by looking at various industries. This frequently allows an aspiring entrepreneur to see a problem that others may not.
5. Solve That Issue
Successful startups address a specific pain point for other businesses or the general public. This is referred to as “adding value to the problem.” An entrepreneur can only become successful by adding value to a specific problem or pain point.
Assume you discover that the process of making a dentist appointment is difficult for patients and that dentists are losing customers as a result.
The value could be in developing an online appointment system that makes scheduling appointments easier.
6. Network, Network, Network
Most entrepreneurs cannot succeed on their own. The business world is a buzzing hive, so any assistance you can get will help shorten the time you reach our milestone.
Networking is essential for any aspiring entrepreneur. Making valuable connections in your industry, such as suppliers, financiers, and even mentors can mean the difference between success and failure tomorrow.
Going to conferences, emailing, and calling people in the industry or a similar niche will help you get out there and meet people who can help you. Leading a business becomes much easier once you have a foot in the door with the right people.
7. Set a Good Example
Every entrepreneur must be a leader within their organization. Simply carrying out the day-to-day tasks will not result in success. As a leader, you must work hard, motivate, and inspire your employees to reach their full potential, ultimately contributing to the company’s success.
What Makes an Entrepreneur Successful?
Successful entrepreneurs have a wide range of skills, talents, and characteristics that enable them to thrive. Success can’t be fully defined, but it is useful to recognize that certain traits that you, as an entrepreneur, can have will help you create great and meaningful businesses along your journey.
Although not exhaustive, the following are seven key characteristics of a successful entrepreneur:
1. Having a Distinct Vision
Entrepreneurs with a clear vision are at the heart of every successful startup or business. What are you hoping to achieve with your company? What kind of change do you want to see in the world?
Once an entrepreneur has a clear vision of what they want to achieve, they can take the necessary steps to achieve their objectives.
2. Being Confident in Yourself And Your Abilities
Being confident in your ability to bring your product or business to success is a sign of being a successful entrepreneur.
This trait, more than the others mentioned, is the result of self-reflection and development. Entrepreneurs are not born with confidence in their idea or product; rather, it is developed.
With obstacles bound to appear on an entrepreneur’s path, faith in the vision can carry them through all difficulties.
3. Readiness to Take Calculated Risks
Failure is an unavoidable component of the equation. Regardless, entrepreneurs who actively take calculated risks and ignore their innate fear of failure are doomed to success.
Even after a total project failure, the entrepreneurial spirit thrives on the ability to take risks and rise if/when those risks fail.
Entrepreneurs can take the time to assess what went wrong, learn from their mistakes, and continue to take risks due to their failures.
4. Unwavering Regarding the Pursuit of Success
To be relentless in your pursuit of success means to imbue your vision with enough motivation to persevere in your endeavors regardless of the outcome.
Building your business is no easy task, and being committed to it, making sacrifices, and remaining vigilant is a defining characteristic of a successful entrepreneur. Being relentless in your pursuit of success means remembering an important fact: never give up.
When confronted with a problem, an entrepreneur’s willingness to remain steadfast is the ultimate testament to their entrepreneurial prowess. Your desire to see your business succeed directly determines how successful you will be as an entrepreneur.
5. Prioritizing Solutions Over Problems
Successful entrepreneur devotes their time and energy to developing meaningful solutions rather than focusing on the negativity that can accompany problems with their venture.
The inevitability of problems necessitates an entrepreneur’s constant search for solutions, and success follows a consistent focus on solutions.
6. Enthusiastic About Work
Successful entrepreneurs must be passionate about their projects because they devote much of their lives to them.
Successful entrepreneurs believe that people will buy what they sell, whether it is a brand-new invention, a refurbished existing product, or a revolutionary service.
They can easily convey their passion to others when they have great passion as a foundation for their venture.
7. Constantly Learning And Expanding Knowledge
The final characteristic of a successful entrepreneur is a willingness to learn and broaden your knowledge base. Even if you’ve become an expert in your field, there will always be something new to learn.
Recognizing that you don’t know everything is essential for keeping your company flexible and valuable.
By encouraging yourself to keep learning, you keep the fire burning brightly.
Are You Cut Out For The Grind?
While you may believe you have the right personality and passion to succeed as an entrepreneur, you must be ready to accept some degree of uncertainty.
The rules of the game change quickly; what worked for you yesterday may not do so tomorrow. However, if you’re persistent in networking and adapting your strategies to test the waters, you’ll have a good chance of breaking through.
To become a modern entrepreneur, all you need is an idea you’re passionate about and a path to profitability, and you’ll be well on your way.
At UNZA ECAMPUS, we encourage students to cultivate the skills and qualities that will enable them to thrive as change-makers in the world of entrepreneurship.
Our mission is to provide you with the proper education required to create and develop your business through our online MBA in Entrepreneurship cutting-edge curriculum that is catered to the growth of yourself and your business.
To learn more, download our prospectus or contact us with whatever questions you may have.