Life can be mundane and monotonous especially when you’re stuck at a 9-to-5 job that doesn’t offer the sense of freedom you need to live a happy life. So many of us want to get rid of miserable bosses and break the vicious 9-5 work cycle.
If you want to have the freedom of being your own boss, it’s time to think beyond traditional jobs. All you have to do is figure out how to be an entrepreneur and build your own business.
This guide will help you understand what it takes to be a successful entrepreneur.
Before we delve into details, let’s quickly define the term “entrepreneur:
What Is An Entrepreneur Definition?
Simply put, an entrepreneur is a person who builds a new business or company while going through all the excitement, risks, and fears.
Entrepreneurs are innovators who use their skills and initiatives to anticipate a problem and bring their solution to the market.
They have the opportunity to earn profits, fame, and numerous growth opportunities.
Before you send that “I quit!” email that you’ve been fantasizing about, be sure to consider that starting a new business and scaling it isn’t a walk in the park. However, you can dramatically improve your chances of success by finding the right direction.
And if you're looking for a little bit of support to start you on your entrepreneurial journey we have a community of people that can help.
Our community, TEC can help you build relationships and sharpen your entrepreneurial skills. The Entrepreneur Cooperative gives you access to leading influencers, coaches, and entrepreneurs sharing their experience and tools to help you embark on a great entrepreneurial journey.
Join The Entrepreneur Cooperative (TEC) now if you need strategic collaboration, expert guidance, practical skills, and all the resources necessary to grow your business in a competitive environment.
Here is what you get with The Entrepreneur Cooperative:
Lifetime access to your very own coach, Gary Henderson
Immediate access to free pieces of training that are fully searchable using Searchie.io on a variety of topics from mommy entrepreneurs, email marketing, content marketing, how to create Facebook ads and so much more
Instant access to a library of fully searchable online trainings and coaching coals by using searchie.io
Access to a Facebook Group with hundreds of other like-minded people
You have the opportunity to host a training in our Facebook community
Get your questions answered immediately
A place where you can network your business and ideas
Plus so much more for only one payment!
Who Should Be An Entrepreneur
Whether you’re an influencer or a life coach, you can be an entrepreneur, but not all of us will enjoy being one.
Becoming an entrepreneur can be a life-changing decision that requires deep self-analysis.
Since every individual possesses a varying set of skills and talents, only you can answer the question: “should I become an entrepreneur?”
To find the answer, talk to your family, friends, or mentors that know you well. They will help you understand whether or not being an entrepreneur suits your personality.
In addition, answer the following questions with brutal honesty:
Why do I want to start a business?
- Am I disciplined? If not, can I learn self-discipline?
Am I comfortable with being challenged every day?
What do I want to achieve?
Do I have the skills to deal with uncertainty and stress?
Am I naturally motivated? If not, can I find motivation?
Am I resilient enough to ignore the nay-sayers?
Do I have the courage and resources to go through walls?
If you’re still dreaming about becoming an entrepreneur after considering these questions, roll your sleeves up and let the fun begin. Get ready to embrace ambiguity with your unwavering belief.
For more inspiration, take a look at the following must-have attributes of successful entrepreneurs:
Reputation for absolute integrity
Passion and determination
A clear sense of direction
Ability to make decisions quickly
Pros and Cons of Being an Entrepreneur:
Flexibility and control
Limitless earning potential
A great deal of responsibility
No guaranteed paycheck
How To Become An Entrepreneur In 7 Steps
Did you know only 25% of new businesses make it to 15 years or more? If you want to be one of those, you have to do the following 7 things:
Step 1: Identify A Profitable Business Idea
Most people get anxious when they start generating ideas for their business. It’s fun to brainstorm ideas, but it’s hard to find one that you like enough to execute.
If you feel like whatever you think isn’t good enough, you’re not alone. You probably have a friend or two that always tells you about a new business project they want to start, but a couple of weeks later you find out that they’ve already discarded the idea.
Ideas make great entrepreneurs. It’s critical to find what you’re most passionate about. People who already have a passion are more likely to succeed.
This also goes for anyone who has mastered a skillset.
For instance, if you’re a coach, you can use your coaching skills to build a scalable and profitable business. Similarly, an influencer can leverage their influence to start a business.
Here is how to find and test the best business idea that will make you a successful entrepreneur:
Does your idea solve a problem?
Do other people want/need your product or service?
Does it make something better or fill a gap?
Who will it serve? Who will you serve?
What is your promise?
What are your objectives, action plans, etc?
Step 2: Build A Target Audience
Before you even build your audience, make sure to identify it - the business idea or product/service you're going to develop must have an audience.
Ask yourself these simple questions to better understand your target audience:
What problems does your business idea or product solve?
Who will buy your product/service?
Who are your ideal customers?
Do you have competitors?
Creating audience personas is the best way to clearly define your audience. It can be identified by demographics such as gender, age, location, interests, culture, and more. Google Analytics is an amazing tool to find more about your audience.
Targeting a specific group of people doesn’t mean that you exclude consumers who don’t meet your criteria. Rather, it enables you to focus on specific people who are more likely to do business with you. This is an effective and affordable way to reach potential customers and increase revenue.
Keep warming your audience
The story doesn’t end here. To achieve sustainable business growth, it’s critical to keep warming up your new audience so that you never run out of new customers down the line.
There are so many marketing techniques, such as Facebook ads and content marketing, to get new customers and keep the existing ones coming back over and over again.
Follow #R3MAT Method
Don’t overlook small things like crafting the right message and delivering it to the right audience and at the right time with the right expectations.
This is even more important when the success of your business idea depends largely on digital marketing. You have to focus on the right platforms and present your message in a way that excites your audience.
Step 3: Build Relationships And Network
As an entrepreneur, you have to build relationships with a broad range of people from employees and strategic partners to vendors and investors.
Relationships you build are also important from a mentorship perspective. Connecting with the right people and seeking advice from them will help you make the right decisions to set your company up for growth.
No matter how much your friends like to attribute success to an idea, the key to success isn’t your business concept, strategy, or execution process.
You need a strong network to thrive.
What follows are some valuable tips for building and maintaining healthy relationships:
Serve people first: Learn how the principle of reciprocity works in business relationships. Figure out how you can help a potential business partner before you ask them for anything. It’s not a healthy practice to walk up to a stranger on the street or online and ask them for support.
Segment your network: Segmenting your network would help you focus your attention on people that most deserve it. The main types of people in your network may include advocates, affiliates, helpers, etc. All of them deserve different amounts of your time.
Don’t hesitate to reach out: Networking can be challenging for introverts or people who’re naturally shy. If you’re one of them, make sure to overcome your introversion with recommended strategies or join or group here.
Participate in the local business community: One of the best ways to expand your network is to attend local business events and be a part of the community - don’t expect people to come to you. Another great way to participate is to join Facebook groups related to your niche and engage in the communities there.
You have to build real relationships with people who are important to your business. After all, word of mouth is one of the effective ways to get more customers.
Some of the most successful coaches and influencers like Marie Forleo pay considerable attention to networking and relationships.
It's important to build relationships with other like-minded business professionals that can help your business grow and it's important to build relationships with your ideal target audience.
Related Post: What is Mindshare?
Step 4: Make A Business Plan
A business plan is vital to your business success. It’s like a written description of your business’s future, a document that talks about what and how you plan to do.
Anyone beginning or extending a business has to invest resources in the forms of money, time, and energy.
A good business plan usually includes:
A snapshot of your business
Business description or what your company does
Product or service you’re offering
Business and management structure
Marketing and sales plans
According to Harvard Business Review, entrepreneurs who create a business plan are more likely to succeed. However, it’s not a good idea to write a plan first.
Your business plan will play a crucial role during the fundraising process, if you need that. A well-thought-out plan will build confidence and legitimacy among your investors, suppliers, customers, staff, and other stakeholders.
Without a business plan, it would be hard for you to set a budget and understand how to allocate funds for marketing and team.
Also, a plan will help you define how you would outsource work and take mundane tasks off your plate so that you can focus on innovation and growing business relationships.
Step 5: Hire A Great Salesperson
Great entrepreneurs are often great salespeople. And it's said to be hard to be a good entrepreneur if you don’t know how to sell.
Nonetheless, you need great salespeople in your team. It’s hard to do everything single-handedly.
You might not have the budget to hire a sales team in the beginning, but if your budget allows for it then why not. If you want to grow your business exponentially, don’t hesitate to work with people who are smarter than you.
Since you have to focus on a plethora of business tasks, you can’t make sales calls all the time.
To make life easier, hire someone who is an absolute selling machine that can do over 50 sales calls in a shift. So, don’t hesitate to hire the right people and train them to improve your sales performance.
Create value for your customers
Creating value for your customers is probably more important than making cold calls.
While you’re doing everything in your capacity to generate more revenue, don’t forget to ensure customer satisfaction.
Let your prospective customers talk
Selling isn’t all about talking. You have to listen to your customers expressing what they want. Encourage your sales team to develop good listening skills.
This way, you’re selling as well as getting valuable feedback to further improve the quality of your products/services. In other words, adopt a customer-centric mindset. Take the time to know your customers intimately.
Step 6: Pick A Niche
Finding a niche is the key to business success. You want to start a business, but you’re unable to choose the right market niche.
One of the common mistakes startups make is that they go too broad with their offerings. Your business can’t offer or do everything. That’s why it’s important to focus on one thing.
What is a niche?
A niche is a specific area of expertise in which you specialize. It guides you to select and focus on a certain type of product, content, customers, and partnerships.
There are thousands of niches you can choose from. Find the one you can serve rather than spreading yourself too thin by focusing on multiple areas. Above all, your niche must make for a profitable business.
Set your business apart
Companies serving a larger market have to face fierce competition. When you do so, it becomes difficult for your customers to recognize your value and for your business to stand out.
Let’s take a quick example to further simplify the subject.
Let’s say you want to sell cookies online. In a saturated market where so many other companies are selling cookies, you can stand out by targeting customers who want to send an exciting gift or people who might be looking for the most affordable cookie delivery service online.
Step 7: Create Shareable Content
No matter what part of the market you want to target, you must focus on creating and sharing exciting content so that you engage your audience and tell them who you are.
When it comes to content marketing, you can create a variety of online assets to connect with your audience online. Social media posts, blogs, videos, and Facebook live streaming are some of the popular forms of content.
Many businesses assume that creating good content will help them grow. Unfortunately, this isn’t the case. More than two million blog posts are created every day. Do you think all of them stand out?
To stand out, you must produce content that stands out, grabs the attention, and generates maximum shares and traffic. This will eventually improve your bottom line.
Don’t forget to promote your content
The internet is a crowded place where every business is trying hard to get their share of attention. Your content isn’t likely to produce significant results if you’re not promoting git using various paid advertising techniques.
For example, you can pay Facebook to promote a piece of content. We teach our clients to spend less time creating content and more time promoting it.
We like to follow a simple rule called the 80/20 rule. Spend 20% of your time creating great high-quality content and 80% of the time promoting it to your ideal target audience.
It's also important to distribute this content the on the social media platforms that your target audience is active on.
It wouldn't make sense to post content on Twitter if your ideal people aren't there.
Here are some quick tips for creating shareable content:
Hire creative professionals: writers, editors, video-makers, photographers, etc.
Understand your audience and demographics
Find out what’s trending or topics your audience love to talk about
Engage with your online community
Address the burning questions of your audience
Create skimmable content
Use popular platforms like Medium to share your stories
How To Be A Successful Entrepreneur
There’s no cookie-cutter answer that applies to every situation. Some people are hard workers, others like to work smart. Both of them can be successful.
I would recommend you to work hard and smart. Let’s enlist some of the factors that will determine your success in the entrepreneurial world:
Your mindset: Do you have an abundant mindset? It’s a way of thinking that enables you to overcome challenges and direct your focus, time, energy, and attention towards things that matter.
Consistent, healthy daily routine: Entrepreneurship is hard. Creating a healthy daily routine will keep you grounded, consistent, and confident. You must add activities like workout and mindfulness to your routine - don’t achieve success at the cost of your mental and physical well-being.
Your attitude towards others: Helping others could be your most valuable offering. Entrepreneurs can help others in so many ways. For example, you can help other small business owners in your community.
Your commitment level: Be ready, flexible, and willing to do whatever is required to turn your entrepreneurial dream into reality. Keep your eye on the ball and keep your commitment to success.
Your passion level: If you’re not passionate about your business, you better restart your 9-to-5 job. Passion is what drives you to succeed.
Your business plan: Do you have a concrete plan or just shooting in the dark. As mentioned earlier, entrepreneurs with a plan are more likely to succeed.
You don’t have to be the biggest brand in the world in order to be successful. Set small, manageable, and achievable targets.
Here Is How Entrepreneur Cooperative Makes Your Entrepreneurial Journey Easier
Entrepreneur Cooperative is a large community of industry experts, entrepreneurs, mentors, coaches, and business strategists that collaborate in real-time to achieve their business goals with great ease and speed.
One payment of $497 will give you a lifetime membership and access to unlimited resources. Also, you get a 50% affiliate commission of $497 whenever you get someone to join the TEC. Here is what you get when you pay the $497 one-time fee to join.
Lifetime access to your coach, Gary Henderson
A community of seasoned entrepreneurs
Instant access to fully searchable online trainings and coaching calls by using searchie.io
Instant access to a Facebook community of hundreds of entrepreneurs
It’s time to say goodbye to monotony and live the life you’ve been dreaming of for so long. Be passionate, gritty, and willing to take risks. Give and accept help. Become a successful entrepreneur by developing a business that solves a problem.
The successful entrepreneur mindset is that of innovation, creation, and learning. So, always be ready to take in new information and tools and use them to your advantage.
Overnight success is a myth. You have to take a long-term strategy and convert it into tiny steps until it turns out to be a success. You can join the list of the world's most successful entrepreneurs only when you’re ready to fail and be aware of the potential pitfalls.
One final tip: Find a mentor that can provide you with all the support and advice you need to make your entrepreneurial ride less bumpy.
Nigel Davies, Founder of Claromentis, says, “It’s necessary to find a mentor who can invest time to know your personal capabilities and business model.