Becoming an Entrepreneur

Becoming an entrepreneur means starting your own business. Anyone can become an entrepreneur but being successful is not as easy. Many have tried and failed, in fact show me a successful entrepreneur and I will show you a person who has failed but gotten up and tried again and again until finally succeeding. That is the difference between failure and success. You must be willing to keep trying until you have success, you must persevere and you must learn from your mistakes.

The first step to becoming an entrepreneur is deciding to have your own business. The second step is coming up with the idea for the business. The third step is developing a written business plan. In the business plan you define your business model and lay out all of the processes for achieving success with the business model. The last step is actually launching the business.

The first step is probably the easiest, you consider what it means to have your own business, to be you own boss, but also to be responsible for the services or products you provide, being willing to put the time in. If your answer is yes, then move on to step two which may be the most important. In step two you need to figure out what you are passionate about, what is it that really excites you, that you can get up every day and work on diligently without fail unless you are seriously ill. Finding what you are passionate about is the key to a successful business enterprise. If you are passionate about what you are doing you will find a way to succeed or die trying.

How do you find what you are passionate about? Ask yourself what is it that you enjoy doing? Enjoy so much that you would do it every day and not get tired of it, something that you would be proud of being an expert about. Once you find what this is you have found your passion. Now it is time to start to form your business plan.

The business plan will have several parts beginning with the executive summary which should contain a mission statement. The executive summary is actually the last part you write because it is a summary of the whole plan. So begin with a definition of your product or service. Then conduct some market research, where you identify your market or the customers you intend to sell to. Determine the demand for your product or service and do a competitive analysis to see who you are competing against and how you will market your product or service. You will also need to determine how much you can charge and if there is anything unique you can offer that will complement your product or service or add value for your customers. For example, you may need to offer a pick-up and delivery service to be more competitive and be-able to break into the market.

You will need a financing plan to determine how much capital will you need and where you will obtain it. How long will it take to get some cash flow going and how will you collect your money and under what terms. How will you sustain the business during slow periods, for example, a partner maybe necessary to share the risk and help with the financing. Also, You will need an accounting system that provides adequate records for accounts receivable, accounts payable, tax liability, etc. Their is much to running a business, you may want a business manager to handle the details while you pursue your passion.

A business plan is a road map of exactly how you will start and run your business. It is the first thing prospective partners our lenders will ask for, so you must be ready or you will not have credibility.