Answering the question “How to Be an Entrepreneur” is a somewhat complicated one. There’s really no simple way to answer it.
The first thing I will tell you: being an entrepreneur is easy, but being a successful entrepreneur is not.
Here’s a few simple steps to think about. It’s not everything you need to think about, but it will certainly get you on the right track.
1 – Decide what type of business you’re interested in. There’s obviously a wide range of offering in a variety of areas that you could come up with. Your business could exist only online or it could be an exclusively offline.
An online business is often recommended these days as there are so many advantages in cost and scalability. Many online business can be started for only a few dollars for a website and hosting service. Beyond that, it simply costs you the time and effort to get going. Many have already taken this route to successfully build viable companies.
If you’re going to be an offline entrepreneur, definitely consider offering services that can be sold for a premium price while utilizing less time. Many consultants charge hundreds of dollars per hour and enjoy the luxury of working when they want and (hopefully) with their choice of clients.
2 – Do some research on competition. There are many ways to do research on your competition as well as some sites to find their business information. This is a great way to get familiar with the aspects of their business to figure out what you’ll need to make your business successful.
It’s important to note that competition is not always a bad thing. While it’s going to be extremely tough to compete with large companies like Apple or Google, the presence of competition indicates that there’s a market for what you’re looking to sell. Sometimes no competition means that there won’t be any buyers for your product or services.
3 – Start by creating a minimum viable product. The best approach is creating a minimum viable product as quickly as possible to put on the market and see if it sells. This means selling one thing that’s simple to produce and for others to buy without extensive marketing and testing. This means you should delay developing a whole line of products with a fancy marketing campaign. Just get something out there and see how it does.
4 – Repeat the process. If your minimum viable product is a success, great! Look to the next steps of developing a better or multiple offerings. Check out others’ strategies for marketing, pricing, and sales. Make sure to get all of your can out of your product before moving onto something else.
If your original idea failed or you’ve done all you can, work on a new idea. Many ideas will fail, and it make take dozens of tries before you get things right. Don’t get discouraged; that’s simply part of how you must be to be an entrepreneur.
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photo by: U.S. Embassy Pakistan