We have been reading the word “entrepreneur” very often but actually, what is the definition of an entrepreneur. An entrepreneur is a person who starts a business and is willing to risk loss in order to make money or one who organizes, manages, and assumes the risk of a business or enterprise. Bill Gates (founder of Microsoft), Steve Jobs (founder of Apple) and Mark Zuckerberg (founder of Facebook) are some of the known and famous entrepreneur. Entrepreneurship is the process of designing, launching and running such business. Entrepreneurs do not have any managers, they are their own managers. They own and operate everything from a small company to a large multinational company; in fact there are entrepreneurs behind every business and private company in any country.
However, not all entrepreneurs succeed, 50% of them fail. In this blog we will learn about some of the characteristics of successful entrepreneurs, what do entrepreneurs study, what skills are required to become a successful entrepreneur, how much is the potential earnings can entrepreneur earn and what are the different type of entrepreneurs.
How to be a Entrepreneur?
Below are some of the easy steps, which can be followed to become a successful entrepreneur.
Select your Audience
Do a detailed research
Advertise and market
Training
Select Your Audience
Before you start a business, you need to select
your niche or audience. You need to find out which product or services
are suitable for which class of niche. For eg, if am planning to open a
grocery store, my niche would be housewife, homemakers and retail grocery
wholesalers. Unless and until you have a good niche, you will not be able
to market or advertise your product or services.
Do A Detailed Research
Once you have selected your business plan, you need to do a
detailed research to check the current demand and supply. Either you can
manually do a research or this can be done by a 3rd party service provider
which will be a paid service. Research can help you to find unique
features of your product or services.
Advertise and Market
Advertise your product or business on social media platform
which is free or use a free SEO. The better you advertise and market your
product, the better the sales will be. You can either choose a free
marketing plan or go for a paid marketing plan. Normally, advertise and
marketing is done for the niche but this can go beyond that.
Training
Normally training is done once your business has been setup. Training related to continuous improvement related to company’s product and services should be mandatory for every employee in the organization. You can create your own training videos related to your business.
Apart from steps you will be need some
qualities also which will help you in becoming a successful entrepreneur.
Self-Starter
Every successful entrepreneur knows that if something has to be
done, it needs to be done by themselves. Parameters are set by them, and they
ensure that the projects are following that path. They do not wait for someone
to permit them and are highly proactive.
Open
Minded
There are new ideas that continually come out regarding new
potential businesses, people skills, efficiency, and workflows. These people
have the capability to see all that is around them and direct the focus towards
their objectives and goals.
Confidence
A successful entrepreneur never asks the question or keeps
doubts in their mind about if they can succeed or if they are even worthy of
success. They are normally confident enough that their knowledge and their
expertise will help them make their business idea a success. And they radiate
this confidence in everything that they do for the business.
Disciplined
Successful entrepreneurs always focus their energy on making the
business work, and for eliminating the distractions or obstacles to their
goals. Their overarching strategies help them to reach the goals they have
while they outline the plan to achieve the final outcome. Moreover,
entrepreneurs become successful as they are disciplined to always make new
steps every day towards the accomplishment of their goals.
Hard
work
Entrepreneur work very hard to achieve their goals, a successful
entrepreneur is who utilizes the maximum efforts.
Strong
people skills
A
successful entrepreneur is someone who has excellent communication skills for
selling the products to customers and motivating the employees. Yes, most
entrepreneurs who have the power to motivate their employees can see their
business grow within no time. These entrepreneurs are also great at instructing
others to be successful and highlighting the advantages of any situation.
Delegation is one of the important quality which an entrepreneur should have.
Tips on Becoming a Successful Entrepreneur
Some of the tips which can help you to become a successful entrepreneur are mentioned bellow;
Entrepreneur should be multi-talented, he should be good in technology, good in advertising and marketing. Required trainings are available on internet to boost some of the qualities. Apart from these qualities, he should have good delegation traits, which will help in managing the business.
Entrepreneur should be active on social medial platform and should improve his network marketing skills. If both these qualities are available then there is no need to pay for advertising and marketing fees. He also should have good political and legal connections.
How much an Entrepreneur can earn?
It is very difficult to predict as to how much and entrepreneur can earn. It is up to the business, some entrepreneurs earns more than $10000 in a month and some earn close to $100 in a month. Entrepreneurs like Bill Gates and Steve Jobs are millionaire, but some of them have ruined there life’s and are now bankrupt.
What to Avoid?
There are many pitfalls that entrepreneurs need to avoid, and while some of them are obvious, some of them can sneak up and ruin your success. These pitfalls can come before you have even made your first sale, or they can come after you have finally started to build your success.
Practically across the board, successful entrepreneurs will tell you to avoid debt whenever possible. If you are starting a business by borrowing money, you are already doomed to fail. Other entrepreneurs will take a more moderate stance on debt, saying instead that debt should be kept to a minimum. Becoming an entrepreneur with no money is hard but possible, but high amounts of debt is a pitfall for entrepreneurs.
It might sound counterintuitive, but rapid success can actually be a pitfall for entrepreneurs when it is not managed properly. When a business gets too busy, they may not be able to process all the orders, flaws in management may begin to reveal themselves, and communication may begin to breakdown. The result? A steady drop in revenue until the bottom falls out. Being prepared for success with scalable management models and quality control is essential.
Another pitfall to avoid is over-dependence on a single income source. A good entrepreneur will avoid over-dependence by not letting a single client represent more than 25% of their income. If a single client or customer represents too much of your sales, what happens when they decide to stop doing business? You lose a significant portion of your income.
There are other pitfalls to avoid, including internal conflict and high employee turn-around, but with good management, a solid business plan, and quality support, a good entrepreneur can keep moving forward.
I will close this blog by concluding on some points. Do not make entrepreneurship as a second income or a source of passive income. If you are confident, then ensure this is your main income source and not a second source of income. Read out articles of some of the successful entrepreneurs who left their job at a later stage and became entrepreneurs. Becoming an entrepreneur is not easy but it is possible with risks. It can takes days, months and years to become an entrepreneur, one has to sacrifice weekends and quality time with family. It is up to us if we want to take that risk!
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