How to Become an Entrepreneur: Steps and Tips

Ten steps that can be used as your personal checklist for setting yourself up for success.

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By Jennifer Kaplan

An entrepreneur is someone who understands the big risk and yet still takes the initiative to turn their unique idea into a reality. This kind of person isn’t looking for a comfortable, stressless lifestyle. They are willing to take on a major life change that won’t be easy. It’s exciting though, as there are many twists and turns that no rollercoaster ride can compare to.

Steps and tips on how to become an entrepreneur

1. Decide if it’s the right fit for you

The reality of being an entrepreneur is not necessarily swimming in a pool of cash or enjoying a surplus demand for your products and services. Consider your personality type and see if these entrepreneurial skills resonate with you:

  • You are passionate about your idea and motivated to see it through.
  • You’re naturally a challenge-seeker.
  • You’re realistic and have a good idea about whether or not a business concept will be profitable.
  • You’re confident and fearless no matter what opinions others may have.
  • You’re resilient when it comes to your business and your personal emotions associated with it.

If you’re not quite ready to follow through with your plan, take it slow. There is no rush when it comes to completely changing your lifestyle. Instead, start with adjusting a tiny part of it at a time and when the time is right, you can come right back and pick up where you left off.

2. Choose an idea and educate yourself

When trying to understand how to start a business, choosing an idea for your new venture is all about setting yourself apart from others. Even if you decide to do something as straightforward as opening a restaurant, it’s important to have your own twist on the concept.  

On top of finding your competitive edge, think about what it is that you really love doing. What passions in life are you able to focus on without feeling like you’re putting in the effort? Sticking to what you love, what you know best, and what you feel the world needs, is a recipe for success and the key to great entrepreneurship.

3. Find your target audience

Although an idea can sound genius in your head, before you pat yourself on the back, make sure that others are willing to pay for it.  Taking some time to picture who your audience is will allow you to see the potential for profit.

In addition, you will also be able to understand your clientele’s needs when it comes to marketing to them and providing them with what they are looking for in the best way possible.

4. Plan and launch your business

Take this step slowly because there are many components to it. Becoming a small business owner requires a lot of planning. First, you’ll want to get started with an organized business plan. Creating this extensive document allows you to walk through all the core components of your idea as in-depth as necessary.

5. Hire great partner(s)

Flying solo is great but having a partner to support you will help you see different challenges and opportunities that you might miss alone. Starting your own business can get lonely at times too. It’s nice to have a companion that completely understands first-hand what you’re going through on a day-to-day basis. Beyond having a partner, it’s a great time to start thinking about the qualities you would look for in an entire team.

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About the Author

Jennifer Kaplan is a Small Business Expert and Writer.

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