What are the steps to becoming an entrepreneur?
Becoming an entrepreneur is a journey, not a destination.
Before you start your journey, it’s a good idea to get familiar with all the different types of entrepreneurs out there and how they work. We’ve put together some general guidelines for how each type of entrepreneur works:
- The serial entrepreneur is someone who has several businesses under their belt and can use that knowledge to build new ventures.
- The accidental entrepreneur is someone who starts a business without really knowing what they’re doing, but manages to make it work anyway!
- The hustler has been working hard since their first job and has learned along the way how to make money in any situation. This comes from years of experience and being willing to take risks on new opportunities when they come up!
Once you have an idea of what type of entrepreneur you want to become, it’s time to start thinking about what skills and knowledge will help you succeed in this field. You’ll need both technical skills (like coding) and soft skills (like leadership). If you don’t know where to start with either type of skill set then check out this article on how professionals think about learning new skills: [link here] It.
Entrepreneur How To Become
7 Steps to Becoming an Entrepreneur
Step 1
Find the right business for you.
Entrepreneurship is a broad term, and you can be an entrepreneur in just about any area. However, you will have to pick a field to work in and business to start. Find a business that won’t only be successful, but is something that you are passionate about. Entrepreneurship is hard work, so you want to focus your attention on something you care about.
Step 2
Determine if you should get an education
You don’t need to have any type of formal education to be an entrepreneur, but that doesn’t mean you should ignore education entirely. If you want to start a tech company, experience in business, computer programming and marketing could all be valuable. Also, some industries will likely require some type of education, such as your own accounting or law firm.
Step 3
Plan your business
Before you begin your business, you need to have a business plan. A business plan lays out any objectives you have as well as your strategy for achieving those objectives. This plan is important for getting investors on board, as well as measuring how successful your business is.
Step 4
Find your target group/audience
Not every business appeals to everyone. The age, gender, income, race and culture of your target group will play a large role in determining where you open up shop – or if you even need to have a physical address for business. Research which group fits your business model best, and then gear everything to attract that demographic.
Step 5
Network
While networking is important in all fields, it may be most important for entrepreneurs. Networking is how you meet other people that might have skills you can use in your business. You can also find potential investors through networking to help get your business model off the ground. Your network can also support your business once you open, helping send new customers your way.
Step 6
Sell your idea
Consumers want products, but they don’t always know which product to pick. Your job as an entrepreneur is to convince people that whatever you’re selling is the best option available. You’ll have to find out what makes your product unique and then sell it based off the value it adds.
Step 7
Market
You should be focused on marketing before, during and after you start your business. You may have the best restaurant in the city, but nobody will visit if they don’t know it exists. Marketing is tricky, but if you should be able to focus your marketing efforts on your target audience. For example, millennials may be more likely to see an ad on social media than on a billboard downtown.
FAQ on Becoming a Entrepreneur
- Collapse All
- Expand All
How do I pick my field?
Do I need to get a business license?
Can anyone be an entrepreneur?
Do I need experience in the area I want to start a business?
What’s the best way to become an entrepreneur?
How do I know if my business is successful?
Entrepreneur Salary & Job Growth
With tons of tech millionaires and billionaires, many people have wild expectations when it comes to entrepreneur salaries. But the reality is that entrepreneurs’ annual salary varies wildly – perhaps more than any other field. There’s also the very real possibility of a business failing, and that can mean a low salary or no salary at all.
All that being said, plenty of entrepreneurs find success and make well above the national median salary of around $60,000 a year. Successful businesses can also grow, and that means more money each year. This can take a year or two, so there is the possibility of losing money over the first few years before a business becomes successful.
| STATE | ANNUAL SALARY |
|---|---|
| Alabama | $57,360 |
| Alaska | $57,360 |
| Arizona | $40,436 |
| Arkansas | $57,360 |
| California | $64,117 |
| Colorado | $72,022 |
| Connecticut | $57,360 |
| Delaware | $57,360 |
| Florida | $62,204 |
| Georgia | $70,750 |
| Hawaii | $57,360 |
| Idaho | $57,360 |
| Illinois | $52,616 |
| Indiana | $40,978 |
| Iowa | $57,360 |
| Kansas | $57,360 |
| Kentucky | $57,360 |
| Louisiana | $57,360 |
| Maine | $57,360 |
| Maryland | $57,360 |
| Massachusetts | $42,000 |
| Michigan | $61,106 |
| Minnesota | $71,031 |
