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How to Become an Entrepreneur
Entrepreneurship has become very attractive as a career opportunity for a lot of reasons. In a world that’s riddled with constant unemployment worries, a lot of people are now preferring to bring their ideas to life in terms of business and are now learning how to become an entrepreneur.
With small businesses becoming more popular and ‘vocal for local’ becoming the new mantra, the perception around entrepreneurship is changing rapidly. In India alone, the World Bank reported that new firms showed significant growth of 12.2% between 2014 and 2018, a trend that is expected to remain on an upward trajectory.
There are a number of reasons why people are now choosing to become entrepreneurs instead of joining the workforce.
Freedom from 9-5
The main reason why people are choosing to leave the corporate world is freedom from the traditional 9-5 working hours. Tired of the redundancy, people now want a more flexible schedule as they find the balance between work and family. This is why a lot of people also now choose to work for startups instead of corporates with rigid schedules.
Be Your Own Boss
This is another reason why a lot of people are leaving the workforce and are starting their own business. People now want to be their own boss and control their own schedule, workload and freedom to work away from an office setting. Wanting to become your own boss is also another reason why a lot of people are choosing online jobs without investment such as online reselling or freelancing.
Solution For a Problem
When starting a business, the first thing a person looks for is a problem to solve and that becomes your core business idea. Similarly, a lot of people are now offering solutions to certain problems in the world. For example, PeeSafe was started by a couple after the wife suffered from a urinary tract infection while traveling. Finding unhygienic conditions for women’s restrooms, PeeSafe offers solutions that can help keep women safe.
Now, that you know the top 3 reasons why people choose to become entrepreneurs, let’s take a look at how you can become a successful entrepreneur.
Reasons why people choose to become entrepreneurs
- Find the Right Niche
Before you can even get started you need to find the right market for you. There are so many different niches where you can build your business, but finding the right one is the most important task.
Pick a market niche that you are familiar with or have previously worked in before. If you have prior knowledge, it is easier to get started. Starting with a market that you have no information about is a sure-fire way for your business to quickly fold.
For example, someone who has experience of working in the advertising industry suddenly opens up an investment firm won’t know where to start from. So, it is often good to start with an industry you are familiar with.
- Research Your Market
Once you’ve picked the industry, you need to do thorough market research to look for places where you can step in with your product/service. Ensure that there is a problem that you are looking to solve. Also, it is important to know if your product/service is even required in that segment.
If you are creating a product, it is important to ensure that you have a ready target market who are willing to buy your product. Also, if you are going to offer a product that already exists in the market, then you need to make sure that you offer a unique feature that will help it stand out.
- Build a Network
Once, you have your market and idea in place of what you want to do, the next best thing is to create a network of people. Ensure you reach out to every friend, family member or colleagues you know who can help you with your business.
At this stage, you will need a lot of help from different people including getting funding, finding the right manufacturers, investment, workers, researchers, etc. For this, it is important to meet the right people.
- Create a Prototype
Even before you go looking for funding, it is important to have a prototype of your product/service. You need to show that your idea works and is viable in the market. The best way to do this is to create a sample of your product/service. You can also use this to demonstrate your product to customers and investors.
- Market Your Idea/Product
Finally, now that you have a prototype, you can easily show off your product/service to potential customers and investors and see if they like it. You can also do a soft launch and see if customers like your product or tweak it depending on feedback.
Starting a business or becoming an entrepreneur is not an easy task, it is rather a more difficult path. However, it might be a more satisfying route to take especially when you see how your product or service is helping people. You can also take a much easier route to become an entrepreneur by using Shop101 and start your own business without any investment. In just 3 steps – pick, share and earn – you can start your own business and earn quickly! We hope this article helped you learn how to become an entrepreneur.
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My name is Dhruv Vagadiya. I am an Indian blogger and pursuing the computer science field in L.D. College of Engineering.
I am the CEO of thetrendybusiness.com website. I like to write and aware you about different business ideas.