Are you a rebel, highly opinionated, and at times loud mouthed. Do you seek the thrill of risk, change, constantly eager to try out the next new thing, venture. You despise the idea of security, becoming a victim of corporate culture.
Are you fiercely independent, who’s able handle the uncertainty which comes with being responsible for your own financial survival. To face a brave new world on your own. These are the most common traits of being an entrepreneur. Do you have it in you, do you have what it takes to control your own destiny.
The stories persists of those with started with just $100, working out of their garage, with limited experience, being sick and tired of the corporate structure. They start small with a plan, the business gains enough momentum so they could finally quit that day job.
Is there a secret formula, or is it commitment, passion, luck, having an intuitive vision. The hunger and the need for the thrill as well as the independence that it takes to become an entrepreneur. Having the stones to follow through on a vision.
You need to have a plan where you’re going, which requires accurate research on your chosen industry. Identify the types of businesses which matches your passion, aptitude, and perception.
Explore the areas which shows growth potential in an evergreen market. Use your intensity and insight, be looking to fill a need where a void currently exists.
Find a company or an individual that’s similar to the one that you envision creating, then emulate it, take it apart and analyze how they began, how it grew. Learn about the entrepreneur behind it.
Have The Vision
You need strong leadership skills. You need to be a bold visionary, seeing what others can’t see, while willing to follow that vision despite all the naysayers.
It’s found that most entrepreneurs never finish college, but that hasn’t stopped them from starting a business in their basement, or a small company, eventually growing into a large corporation. They follow their vision, and not what they learned in MBA school.
Entrepreneurs handle ambiguity proficiently. They thrive in leading the way into unknown territory while thumbing their nose at failure. This fearless breed are also aware that they may be weak at operations and management skills.
As a leader, what they have is a knack to focus on the big picture, and trust others, the hired management to focus on the details. Those who are capable of doing everything are considered to be self-employed, and not entrepreneurial.
You need to be a strong director to get things done, this by delegating, outsourcing, and leveraging the talent of others. You’re innovative and determined, willing to tirelessly put in 12-hour days for the glory of independence, freedom, and reaching financial gain.
You need to have marketing savvy as everything is marketing, a projected image, from how you say “good morning,” to networking, to the content that you provide on your website.
You sell ideas, services, to potential buyers by getting inside their heads and then creatively and successfully communicating the benefits to them. You solidify reasons why they should buy.
Above all, you need to make a profit. Those who say, “I love doing this so much that I’d do it for free,” aren’t entrepreneurs, they’re wantrepreneurs, they’re volunteers. Most entrepreneurs start small, grow slowly, but their final destination is making a profit. There’s nothing noble about being broke or failing financially.
Having A Strategy
Once you know you have the courage to act, then what’s missing is a plan, a strategy for getting you there. This is your biggest conquest. Jumping into business without a plan is similar to jumping into a lake without knowing how to swim.
Develop a strategic plan, envision exactly what you want it to be. Write down your goals, your objectives for achieving this vision. For each goal, create a strategy plan along with a target date for achieving it.
Assess all of your strengths. You already possess the knowledge, the skills, the drive, and the experience that your enterprise can draw on. Be persistent, don’t quit, go all in, go all the way.
Know What You’re Up Against
Appraise all of your challenges. Be it market penetration, expertise, profitability, location, your competition. These challenges will change as your vision changes.
Know what your weaknesses are or you’ll never reach your end game. Find those who support it, supports you, realize how these challenges impacts your goals.
Create an income plan. Know where your money is going, know every expenditure, always keep your cash flow positive. Take in more money than you pay out, adjust accordingly. Make a strict budget and then stick to it.
Act Like A Boss A CEO
What a CEO does is they get things done through delegation, creating a framework so others could see and follow their vision. Even when working solo, they benefit from outsourcing.
Eventually, to reach the bigger vision, you may needed employees. Expect the framework to adapt as your vision grows, while building it as big as you need to.
Make sure that you stay afloat. Unexpected changes and events will occur when least expected, so be ready for them. Through your strategic planning and framework, make sure that you have all the necessary safety measures in place.
Becoming An Entrepreneur
Becoming an entrepreneur is a special breed, and is not suitable for everyone. Some don’t have the heart, the strength of character or conviction to take a calculated risk and then follow through.
You’ll be constantly challenged, bombarded, depleted, question if you’re doing the right thing, if you’re on the right path. But what persists is that drive, that hunger which makes all the difference.
So if you’re opinionated, independent, are a bit rash, and you have a high threshold for adventure and yearn for a better life, this can lead you to entrepreneurship. Prove that you have it in you and never look back.