How to become entrepreneur in fourteen concise steps

by Ashvini on August 31, 2010 · 3 comments

in Entrepreneurship

It is a lot of fun being an entrepreneur.You work for yourself day and there is no boss to report to. Since it is your own business, you give in your 100% to be successful. I have to confess, it is not easy to become an entrepreneur. It requires a lot of dedication and hard work day in and day out to plan for your venture and take it from ground.

How to become entrepreneur in fourteen steps.

It is said that

“Entrepreneurship to a man is quite close to what pregnancy and child birth is to a woman”.

What it means that starting a venture of your own is almost as fun and painful experience as a childbirth can be. To see your venture grow may provide similar amount of satisfaction as to see your child grow.

Entrepreneurs is also a lot challenging in terms of handling multiple things at a time, tackling financial issues and host of problems. When you became an entrepreneur you need to leave out ‘herd mentality’ behind while picking up new skills on the way.

The questions that may come to an new born entrepreneur’s mind are

  • “What does it take to become an entrepreneur?”.

  • “Is it inborn?”

  • “Can it be learned”

Even though I believe some people are more inclined and talented to be entrepreneur(like sports persons in sports, actors in movies, pilots in air force), anyone with right temperament can learn to become an entrepreneur.

The definition of entrepreneur is one who assumes or takes risks for his venture. So there it is all about taking risks and being aware of

consequences or rewards of the risk . With training/mentoring anyone with a desire to learn can become entrepreneur.
I have compiled a list of fourteen steps that will help you start towards your entrepreneurial journey in a broad sense. Remember there are no right way or wrong way to learning here( and failing is fun as well). So let us start understanding,

How to become an entrepreneur in fourteen steps?

#1 : Decide if you want to become an entrepreneur

Being an entrepreneur is about learning about success and failure and looking them in same light. It is about knowing your risks ( such as financial loss) and then making your decisions based on it. It is also about not overreaching the resources that you have. Entrepreneurship require a lot of patience and hard work. Think a lot if you want to go on this ride. It is as if you are Indiana Jones. You are having all the fun but there are also exposed to dangers as well. Once you are ready to take the plunge, do it and don’t look back.

#2 : Start learning about entrepreneurship

Entrepreneurship is not a destination. Once you are successful, you will have more challenges . There is not a time when you will say, I have won. It is about making small victories leading to big success.

To learn more about it, read books on entrepreneurship and articles on internet. Get as much knowledge as you can. Meet entrepreneurs and join groups.

#3 : Develop ideas by learning from others or observing them

When you think of entrepreneurship, you will have many ideas to start with. Observe and listen. You will have plenty of ideas from meeting others, observing where you can make the difference. Write down these ideas in a document or a piece of paper for further analysis.

#4 : Finalize an idea

In your start of the entrepreneurial journey you would have picked up many ideas. However many ideas are not feasible because of the resource constraint, technical issues or any other reason. So you may drop them. Next pick up those ideas that you feel passionate about. Filter them to get the idea that you feel most passionate about.

 

#5 : Develop strategies around the ideas

Think how does your idea fit the market needs. Does it resolve any problem? Does it make things better for someone? Develop broad level strategies as to how would you plan and execute the idea.

#6 : Take stock of your finances

Finance is the most important component of any venture. Do you have enough finance? Do you need a bank loan? Are you going to work full time on your venture? What will be your sources of funding? Take a good stock of your finances and prepare a workable plan.

#7 : Learn basics of finance, accounting, IT etc

  • Accounting
  • Marketing
  • Finance
  • Project Management
  • Domain knowledge

Running your venture require knowledge of multiple areas. I have listed down some of them

Though it is much comfortable to start your venture in area you are comfortable in, you may venture in other areas also. All it takes a little patience

#8 : Get a team

And this does not mean just a hired team. Find out people who are passionate about entrepreneurship and discuss your ideas with them. Persuade them to join you part time or full time

.

#9 : Get your company registered

First step to starting business is to register your company, proprietorship or partnership with government. Get a tax id to start your business.

#10 : Prepare a plan for execution

Prepare a detailed plan as to how would you start and complete your venture. Start with objective of your venture. Write down costs, risks, execution strategies and everything that you would need to make your plan successful.

Project Plan

#11 : Execute the plan

You can start work since you have planned for most of it in previous step. Get out and do the work. Give directions to your team and motivate them.

#12 : Set up for launch

The doomsday is near. Be prepared. BE A LEADER. Motivate your team. Celebrate on launch of your venture.

#13 : Market your product

Attract customers. Network. Advertise. Live your life around your product. Sign up as many people as possible.

 

#14 : Celebrate your hard work

You have done a lot of hard work. Give yourself some relaxed time. Enjoy and celebrate.

 

 

Photo Credit:mage courtesy of supakitmod / FreeDigitalPhotos.net

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{ 3 comments }

Mike Lopez April 25, 2013 at 7:22 pm

Nice list. I think it’s worth mentioning that “Execute the Plan” is where most people start to fail.

Sergio March 13, 2012 at 5:09 am

Great step by step I am currently on step #5 getting ready to develop my idea. Thanks for the info.

Veronica Cervera December 18, 2011 at 1:49 pm

Great tips here. These are the essentials. One has to expect a lot of hard work of course. Nevertheless, being an entrepreneur is all about having fun in what you’re doing. That’s how one succeeds.

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