Nine steps to becoming an entrepreneur
In theory, being your own boss is divine. However, there’s less fun and more work required when you become the person in charge. Heavy the head that wears the crown, am I right? To make the journey a little easier for you, here are steps every entrepreneur should take.
Identify The Business Type
Because you’ll be dedicating a lot of your life to this project, it should be aligned to your values and interests. Additionally, you also have to like the industry that it will grow in.
It may be born out of passion, but it also has to be a feasible plan. Do your market research to see if the raw materials, necessary skills, potential customer base and investment opportunities actually exist.
Delineate Your Goals
You can’t develop your expectations and revenue targets until you know what your goals are. Do you want to create a business that meets or surpasses the income you’re getting from your current job? Or are you looking to create a venture that grows into a powerhouse complete with multiple branches?
Build Your Strategy
According to Educba, creating a business plan means putting down on paper the amount of investment needed, the sources of the investment, the raw material, plant and machinery required, the marketing and sales strategy, as well as, the management schedule your company will utilise. Enlist the help of experts such as mentors, accountants and small business attorneys, to help you draft the plan and offer start-up advice.
Work Out The Numbers
Money is a big part of running any business. INC magazine advices, ditching the optimistic financial assumptions, and work out not only what the true costs will be, but also what you’d need to survive if the worst possible thing happened to your business.
Build Your Dream Team
Take your time to know the people you want to hire, what skills they certainly possess and if their personality and values are a good fit for you.
It’s About The Culture
Company culture plays a big role in creating an environment that employees will love working in, as well as, present growth opportunities. Defining this and the incentive metric you’ll ascribe to, will ensure you have a motivated team.
Test Then Act
It’s all about baby steps. When starting a new business, you’ll encounter facets of change. Try out one thing at a time through pilot programmes to see how they fair before committing the entire company to the change. If the results are favourable, adopt it. If not, prune it out of the system.
How will you convince others that this idea is the bee’s knees? An entrepreneur has to be able to successfully promote themselves. From there, they can build a reputation that ensures people know about the business and gain their trust.