How to Become a Successful Entrepreneur

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Wouldn’t it be great if you could stop taking orders, and finally be the one giving them?

Well, it’s possible!

Becoming an entrepreneur can give you much more freedom and flexibility.

You’ll be able to follow your passion, set your own working hours, and be your own boss - who doesn’t want that?

As enticing as it may sound, becoming a successful entrepreneur isn’t always easy.

But don’t worry, this article will provide you with all the necessary steps to help you become the accomplished entrepreneur you have always wanted to be.

1. Find the Perfect Business Idea

How many times have you been told that the best way to become an entrepreneur is to create a completely original idea?

Probably too many times to count!

According to Aurelien Amacker, multi-millionaire founder and CEO of systeme.io, there is a much better way of approaching this “original idea” problem.

His advice is less risky and offers a far more effective way to start your business.

It can be summarised into the following two points:

Examine the market, and identify which companies are doing well
Copy this business scope, implement changes where necessary, and give it your own special twist

Creating a different and improved version of something that already exists has a lot of benefits.

There is a significantly lower risk of failure, you already know the demand for it, and you know what does and doesn’t work in the industry.

We’re not saying you should never create your own idea, but it can definitely be riskier.

Not only will you be taking a huge risk in an unpredictable market, but you will also introduce a brand new concept that you aren’t even sure has a demand for.

The number one reason why entrepreneurs fail is that there is n o market demand for their business - this is something you can completely avoid if you follow Amacker’s method.

If you are set on creating something original, make sure it is something you’re passionate about!

Original ideas need a lot of work. You will be spending a lot of time working on this idea, so make sure that you won’t get tired of it halfway through your planning process.

You also want to do extensive research and planning if you’re going this route to ensure that your idea is relevant in the market.

A great way to do that is to write a business plan.

2. Writing Up a Great Business Plan

We all know that it is important and beneficial to always plan something first. Your business is by no means an exception to that rule.

Several business failures are due to poor management and inefficient planning. Don’t fall into that trap!

You don’t need to have a business degree to write a business plan, it’s quite simple:

2.1. Add an Executive Summary

This part of the business plan is usually one page long and serves as an introduction to your business plan.

It should:

Summarize your business
Explain how your business is different from your competitors
State why your audience should be interested in your business

It will include information on all sections of your business plan, so it can be left for last.

2.2. Add a Business Description

To write a business plan, you need to know what’s happening in your business.

In this part, you want to set out a few key things about your business like:

Your business name
The business’ history
The business’ address and headquarters
A description of your current tea
Which vacant positions you have to offer
Who you plan on hiring for those positions

2.3. Describe your Product/Service

This is the main seller. This part of your business plan should entail any and all details about the product/service which your business provides.

In this section, you must include:

How your business develops and produces the product/service
How your product/service differs from those already available
The benefits of using your product/service
Disadvantages associated with your product/service
Research and development plans of any future products/services

2.4. Do some Market Research

It is essential that you extensively research your competitors and your target audience.

Knowing your market will result in you knowing when and where to look for opportunities!

This section of a business plan usually includes:

The description of your target market
A list of your main competitors
Reasons for how your product differs from your main competitors’
Your marketing strategies and methods
How you plan on implementing sales and promotional strategies

2.5. Analyze your Financial Strategy

Money is the main reason why most businesses do what they do.

This part of your business plan needs to lay out your business’s financial details.

It is important to include:

How much funding your business needs
Sales forecasts
The pricing of your products
Return on investment
Any plans your business has to expand, and how you plan on funding it

2.6. Things to keep in mind

Always have other experienced business owners review your plan - they’ll be able to spot errors and point out areas that need improving.
Invest in your research - don’t underestimate how beneficial extensive and thorough research can be to your business.
Share your story - numbers are always great to include, but sharing your story can help your audience to humanize your business.
Consider your audience - Who will be reading this? Will it be for a bank loan or are you trying to pitch to investors? Always refer back to your business plan to make sure that it is suitable for your audience.
Provide evidence - showing your audience graphs and other data will make your business plan appear more thorough and legitimate. It is also a good idea to include some extra documentation like resumes and permits.

3. Invest in Yourself

You’re going to be the driving force behind your business, as much as you will be the face of it.

With such an important role, you must invest in yourself.

Improving your skills will help you tremendously. The more you know, the more independent you become.

There are many ways to increase your knowledge, and many platforms to help you do just that! We recommend looking into Skillshare, Alison, and Udemy.

If you don’t have the time to work on online courses, there are other ways that you can also gain knowledge and expertise. These can include things like:

Reading educational books
Listening to podcasts
Attending workshops
Listening to seminars or TedTalks

Moreover, it is always good to have a few significant tools, which can help stay in contact with the right people.

For example, if you are an exporter, who is searching for buyers, then it is best that you start making good use of the tools available for you such as using a B2B platform like Eworldtrade or Amazon, Rakuten or Eworldtrade, which can provide you with the right information along with amazing trading opportunities.

Apart from concrete things you can study to improve yourself, it is also very important to take care of your well-being.

You can look after yourself by:

Eating healthy
Exercising regularly
Getting plenty of sleep
Drinking enough water
Giving yourself a break when you feel like you are overworking yourself

Entrepreneurs naturally have an insatiable appetite for success, but it’s crucial to give yourself a well-earned break in between projects to prevent burnout.

4. Be Smart with your Funding

The biggest risk of becoming an entrepreneur is putting yourself in extreme debt to finance your business.

If you are ever faced with the challenging question of funding, consider all your options and choose the one best suited to your situation.

There are many options available, but usually include:

Taking out a bank loan
Borrowing money from relatives
Using your savings
Crowdfunding
Getting a company to invest in your business

Loans are a scary topic.

Some make loans their solution and can repay all of the outstanding debts, but more often than not, businesses aren’t able to pay back their loans fast enough to curb the high interest rates.

This is why it’s best advised to use savings to fund your business.

Sure, not everyone has a ton of money in their savings, but that’s why you should thoroughly research how to fund your business, without going into debt.

A great way to fund your business is to start investing, especially in property.

5. Networking is Key!

Some of us just really dislike networking events - be it because of social anxiety or the bad food.

However discouraging it may be, we recommend that you make the most of those opportunities.

The only thing worse than not networking is networking with the wrong people.

Don’t spend your entire evening with one person. Embrace your inner social butterfly, and find a bunch of people who work in your industry!

Once you find people who are within your industry, be sure to make the strongest connection to those who are well-respected, successful, and accomplished.

This will ensure that you will be getting top-notch advice, guidance, and insight.

You wouldn’t want to take advice from someone whose business is failing, right?

You don’t only have to make connections with people in your industry. Reach out to anyone who might be helpful to your business!

6. Think Like an Entrepreneur

Your attitude and mindset are super important.

There are certain personality traits and ways of thinking that all successful entrepreneurs have in common.

It’s not always just about one’s technical skillset, but also one’s ability to think in the right way.

You can have as many skills as you want, but if you have a negative attitude and don’t believe in yourself or your business, it won’t be easy to succeed.

If you want to become a successful entrepreneur, you need to start thinking like one!

Here are two ways to do just that.

6.1. Two Heads are Better Than One

Don’t be too afraid or too proud to ask for help.

It’s a great leader trait to admit that you need help. We often become trapped in our own heads and fail to see when we’re creating problems for ourselves.

Failing to do so, is often where entrepreneurs go wrong. They become too stubborn to hear anyone else’s opinions.

As original and abstract as your business idea might be, there’s almost no business challenge that hasn’t been seen before.

There’s always going to be someone who can help you, you just have to let them.

Don’t limit help to only your field of work either.

Bill Gates, the co-founder of Microsoft regularly seeks business advice from Warren Buffett, the CEO of Berkshire Hathaway, and vice-versa.

They are in two different fields, yet still, ask for help and exchange advice with one another.

As two incredibly successful billionaires, it’s pretty safe to say that this must be a good method of problem solving!

6.2. Be Perseverant

Not a single entrepreneur suddenly woke up one day to find a successful business.

It takes hard work, dedication, and commitment.

You may be rejected in the process of pitching your business to investors, or at a bank.

You may even be rejected a couple of times!

But it’s so important that you keep persevering, and don’t become discouraged.

Even JK Rowling, the author of Harry Potter, was rejected an astounding 12 times but persevered and now has a net worth of over $650 million.

You never know just how close you could be to a breakthrough, never give up!

7. Conclusion

Becoming an entrepreneur can open up new and exciting new doors for you, but it takes hard work!

You have to put the effort in if you want to see results.

Making sure that your business, well-being, and relationships remain in check will help you in the long run.

Although it might not be an easy road, it is worth every bump!

Every bump is a new lesson, and every new lesson is a way of improving your business.

There are so many free resources available to help you become a successful entrepreneur, so what are you waiting for?