How to Become an Entrepreneur

This article provides in-depth information into What is an Entrepreneur? What Entrepreneur do? Degrees for Entrepreneur, Steps to become Entrepreneur and much more.

Entrepreneur

An entrepreneur refers to a person who has an innovative business idea, who is willing to take the risk of implementing the idea, and who also takes on the role as leader of the company or organization - assuming full responsibility for its execution, success, or failure. A modern interpretation may associate being an entrepreneur with innovative and creative ideas for online use, and with someone who can use the power of the internet to fill a niche.

What does Entrepreneur do ?

An Entrepreneur acts as an organizer, he performs a number of managerial functions like planning organizing, staffing, directing, communicating, co-coordinating and controlling.

  • Perception and identification of business opportunities

  • Planning and directing the operations of a company

  • Assembling of key resources

  • Create policies, set goals and meet with potential investors and clients

  • Implementation of plans

  • Assign groups of activities or work to individuals

  • Recruitment, selection, and training of staffs

  • oversee all activities involved with the company's products and services

  • Making money

  • Bearing risk

  • review financial statements to determine ways to increase profits and reduce costs

  • Coming up with creative ideas

  • Innovation

  • Creating employment

  • Boosting the economy

  • Redistribution of wealth

  • Establishing standards of performance


Steps for becoming Entrepreneur

1

Find Your Industry Or Niche

The most obvious first step it to find a specific niche. Many people want to become entrepreneurs, but they don’t know what industry to get involved with. More often than not, the niche will be something a person has 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. Current experience is a great place to starting looking for your niche.

2

Research Your Market

The key to starting a business is to know whether there is a demand for your product or service. A person should also research the available market, analyzing the area for demand and need. Knowledge of relative market is essential for long time success.

3

Education

A formal education is not necessary to become an entrepreneur, however, a bachelor’s degree or master’s degree will greatly help a candidate in planning and understanding the business. A bachelor’s and Master’s degree in business administration is most common among the entrepreneur.

4

Have An Early Client Base

Attend trade and industry shows in your field and talk with exhibitors. Join relevant professional associations. Build a strong social network with other entrepreneurs, both online (using social media and professional sites like Linkedin) and in person. Attending networking events such as local fairs hosted by your chamber of commerce is a great way to connect with other entrepreneurs in your area. These connections can provide you with support, ideas, and opportunities.

5

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.

6

Develop A Strong Brand

You need to be able to effectively communicate your business to others in person and online, and that means having a strong brand presence. Professional-looking business cards, a website, and social media accounts (Twitter, Facebook, Pinterest, YouTube, etc.) that provide information about your business in an attractive, cohesive way will help show that you’re serious about your venture. It will also give people the opportunity to look you up and learn more about you.


Entrepreneur Degree Levels

Bachelors

Although many would-be entrepreneurs dive into the business world without any credentials, a bachelor in entrepreneurship degree program can be the deciding factor as to whether or not your new business venture sinks to the bottom or rises to the surface. These offerings teach enrolled students the ins and outs of opening, marketing, and managing a business while simultaneously equipping them with the soft skills they need to succeed in the professional world.

Managerial Economics
  • The Economic Way of Thinking

  • Demand Analysis

  • Production & Costs

Objectives
  • Understand the different sub-markets making up an economy

  • Explain who the main actors in most markets are

  • Explain what considerations go in defining the relevant market

Marketing a New Business
  • Marketing Your Company

  • Networking and Marketing

  • Selling Your Marketing Plan

Objectives
  • Learn how to implement basic marketing principles

  • Learn networking and marketing strategies

  • Understand the importance of CRM

Business Finance
  • Introduction to financial management

  • Financial statements basics

  • Analysis of financial statements

Objectives
  • Acquire and exhibit an understanding of finance

  • Understand financial statements and their components

  • Understand calculation of different computations that provide valuable financial information

Masters

A Master’s degree in entrepreneurship is ideal for those who wish to be self-initiators in a busy world of startups and small businesses. This degree, although not absolutely a prerequisite to starting one’s own business, sets the foundation for assessing various business risks and incorporating new technology into one’s business strategy.

Entrepreneurial innovation
  • The Entrepreneurial Process

  • Creativity and Innovation

  • Ideas, Opportunities, and Innovation

Objectives
  • Discuss the attitudes, values, characteristics, behavior, and processes associated with possessing an entrepreneurial mindset

  • Engaging in successful appropriate entrepreneurial behavior

  • Discuss what is meant by entrepreneurship and innovation

Financial accounting
  • Overview of Business Activities

  • The Balance Sheet

  • The Income Statement

Objectives
  • Learn the relation between accounting and economics

  • Obtain an overview of the principal activities of business firms

  • Observe the types of information provided by the three principal financial statements

Legal issues for entrepreneurs
  • Organizing the Business Entity

  • Early financing

  • New technologies, business models, and intellectual property

Objectives
  • Understand legal aspects of entrepreneurship

  • Seek appropriate legal advice

  • Display a broad understanding of Commercial Law