Three Steps to be an Entrepreneur

Three Steps to be an Entrepreneur

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You may have given it some thought, but you always hesitate at the last moment.

Becoming an entrepreneur is not an easy task. Even more so during these difficult times we are living in. Things are changing faster than ever.  New market conditions demand doing a lot of things well. No doubt, it is a challenge!

However, it is also true that, despite all that, there are great opportunities for creative individuals willing to work. New ideas are taking off and people are still ready to pay for well thought out services or products.

Having a good idea is not enough though. Many businesses close down every year. Many of these owners still believing that it was a good idea, but it simply did not work out!

If we are going to be a successful entrepreneur, we have to take up the challenge seriously. We want to make it work!

Each person is different, but turning from employee (or unemployed) to entrepreneur requires at least three major steps, the first one being state of mind.

  • Being determined to have your own business, come what may.
  • Having a viable project with good chances of success.
  • Obtaining the skills, knowledge and aptitudes to turn your plan into a reality.

MAKING YOUR MIND UP

There can be many reasons for which someone may want to have his own business: being your own boss, financial reward and increasing life-status, working on what you like, personal realization, etc.

Apart from these personal goals, there are other objective reasons that make having your own business worth-considering. Perhaps answering these questions will help,

Are we living in a world that no longer exists?

The idea of a secure, permanent job is gone. Nowadays, not even civil servants can count on this! In the mind of many, being paid weekly by a company may look like a guarantee of continuity. However, in a time of so much instability, thinking that things will remain unchanged for long is an illusion. Companies are going in to liquidation and others are being formed, last years fashionable place may not do as well this year.

It may be hard to break out of the pattern of being an employee. (Or wishing to be employed). For years we may have had a job and seen others also employed. After a time struggling, we may be waiting on someone to rescue us. But the right question to ask is: What can I do?

How many clients do I need?

As a business person you may have a number of clients. Some will leave, for whatever reason. (Hopefully not due to a bad service). Others will stay longer with you. This is surely going to happen! The matter is not keeping the same clients (that might be impossible) but keeping the same number of clients (or even increasing it).

And another thing is sure too: It is better to depend on a number of small clients than on a bigger ones. When the one big client that finances nearly all your life leaves you… that hurts! Having considered this…In some cases…Is not being employed just as risky as having one big client?

DEVELOPING YOUR BUSINESS

Not all good ideas are necessarily business opportunities and not all of these ones are suitable for us. Think of the number of businesses that open up and shortly after close. All these people thought they had an idea. What happened then? They were not viable ideas.

For an idea to become a real business opportunity, there are some factors that we have to consider first:

  • There must be a problem that you can solve or a need that you can satisfy.
  • You must be sure that you can do this efficiently, either yourself or though your employees or partrners.
  • You should do that at a lower cost, so that you can function and grow within the margin.

Factors like these should be considered in our “business plan”. This will allow you to determine if your business idea is realistic.

Additionally to this, you must like what you do. It is well established that if you like what you do you have much more chance of success.

TURNING YOUR PROJECT INTO A REALITY

A common mistake is believing that, since we are good at our profession, we have a great chance to become a successful business owner.  But a good builder won’t necessarily create a successful building company. Indeed, these two things have nothing to do with each other.
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