An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise.
1. Entrepreneurs are born that way.
"Some people believe that there is an entrepreneurship gene. This is misguided and defeatist."Most people have the capacity to become successful entrepreneurs--it takes will, and willingness to learn. "There are concrete skills that increase the odds of entrepreneurial success, such as management ,sales, and product conception. These skills can be taught and learned". "So don't let yourself be dazzled by the so-called entrepreneurship gene. This gene has not been and will not be found."
- All businesses involve risk taking.
Taking risks is closely linked with entrepreneurship. Leaving a steady-paying job to start your own business is a risk in and of itself and often, requires a substantial amount of money. If your product or service has never been on the market before, you also put your reputation at risk.
On top of that, there are risks involved in hiring employees, marketing strategies, and even customer service. Entrepreneurship overall involves a great deal of risk, and you need to be ready to take these risks on before deciding to go into business.
- Risks are calculated, not random gambles
“Entrepreneurs are not risk-takers. They are calculated risk-takers.”
Calculated risk takers are those who carefully take steps toward their goals. These individuals do not just gamble everything into their venture—they find ways to reduce risk as they move forward with their business.
- Risk-takers may be more content and satisfied with their lives
Most people are not willing to take risks, but a study on risk taking revealed that there is a link between willingness to take risks and personal satisfaction.
- You learn from taking risks.
Some risks may not pay off, but an optimistic risk-taker will always look at failure as an opportunity to learn. The willingness to experiment with new ideas is key to business growth. “Nothing ventured, nothing gained.”
Failure will teach you how to think and plan strategically. Just remember that not all risks are good ones, and when you fail, learn from it and move on.
- Innovation cannot take place without risks
Innovation involves changing how people do things. It is about sharing and teaching what we know, and putting new ideas into practice.
Innovation cannot happen if you will not accept the risk that your undertaking might fail. The level of risk may be lessened, however, if you make all possible calculations and evaluate which option is best before proceeding to the next step.
2. Entrepreneurs are super smart.
Don't assume good academic grades or other indications of general intelligence are indicators of future entrepreneurial success. They're not. "Focus and dedication make for successful entrepreneurs".
3. Individuals start companies.
"While the entrepreneur as a lone hero is a common narrative, it's just that--a narrative".Take a closer look at most success stories and you'll find a diversified team of founders who made it happen together. (We tend to think of Steve jobs as the iconic genius entrepreneur, but without Steve Wozniak, Apple would never have gotten its start. And Jony ives and Tim Cook were instrumental in the company's later success.)
"Teams start companies". "And a bigger team can often increase the odds of success.So201 putting together a "dream team" that combines the talents you need for your new company to grow and thrive.
HERE ARE SOME STEPS:
Step 1: Find Your Industry or Niche
The most obvious first step it to find your specific niche. Many people want to become entrepreneurs, but they don’t know what industry to get involved with.
More often than not, your niche will be something you have worked in for years. If you have been a carpenter for a local construction company, home remodeling and restoration may be your area. If you have worked at a restaurant for many years, you probably have a good understanding of how to run a food service business. Your current experience is a great place to starting looking for your niche.
It will also help if you love your niche. To have years of success, you have to love what you do. Eventually, money won’t be a big enough motivator to keep you working sixty to seventy hours a week to sustain the business. You’ll need more than money to keep you motivated, you’ll need a purpose.
Step 2: Research Your Market
You should also research the available market, analyzing the area for demand and need.
Maybe, you want to open a fine Italian dining restaurant in your hometown. Are the other restaurants succeeding? Is there another fine dining in your area? Can the local customers afford to eat at a high-end restaurant, or would they prefer a more-moderate place to eat? Do they even like Italian food?
Finding the answers to these questions, and more, will be essential to your long-term success.
Step 3: Educate Yourself
There is a common myth in popular culture that successful, self-made entrepreneurs never graduate from college.
- Entrepreneur Education & Training
There are three types of educations that you should consider when looking at a life as an entrepreneur. While these may not be essential to your work, they certainly won’t hurt your chances of long-term success.
- Education in Your Industry
The first type of education to consider is something directly related to your field. If you are looking opening an auto shop, you will obviously need some education and certifications related to car repair. If you are thinking about being a self-employed electrician, you will need the latest education and training with wiring and circuitry. If you want to run a restaurant, training in food service will be useful.
- Entrepreneurship Degree
Once you’ve got your industry education down, many prospective entrepreneurs consider an entrepreneurial certificate or degree.
- Education Related to Business and Finance
Every entrepreneur, from owners of roadside cafes to global startups, needs to be versed in management, finances, taxes, and other business-related topics. You don’t necessarily need a master’s degree in economics, but an educational foundation in business will certainly help. An entrepreneurship education could mean an actual entrepreneurship degree or a more general business education that will prepare you to meet the day-to-day challenges of an entrepreneur career.
Step 4: Build Your Business Slowly
Many aspiring entrepreneurs think that fast, rapid growth is the sign of a successful business. However, most businesses are built slowly, over years and even decades. Whenever possible, entrepreneurs will build slowly, starting with the very first sale and crawling forward. Building slowly allows you to learn and make adjustments before plunging headfirst into the business. Dealing with new situations provides valuable on-the-job entrepreneurship training you won’t get from any formal degree. In many cases, entrepreneurs will keep their day jobs while building the business in their spare time.