f you’re interested in ditching your 9 to 5 for the more adventurous path of becoming an entrepreneur, then look on further. Anyone willing to put in the time and effort can become an entrepreneur. You don’t need a fancy degree, thousands of dollars, and you don’t have to invent the next iPhone to become an entrepreneur.
What you do need is a willingness to keep trying despite setbacks, strong communication with negotiation skills, and a strong work ethic. Anyone can become an entrepreneur even with little money. Here’s what you need to know about how to do it.
Step One – Determine Your Why
Before deciding to become an entrepreneur, ask yourself why? Do you want the freedom from your 9 to 5 to be in charge of your own life and schedule? Is it because you heard you can make a ton of money as an entrepreneur? Or is it because you have an idea that you think can change the world?
There is no wrong reason to become an entrepreneur per se, but you should know it takes an incredible amount of time and effort to become successful entrepreneur and growing your startup. The latest stats show that 22.5% of small businesses close during the first year, and only half survive past five years, and after ten years, that decreases to only a third.
One reason many of them fail is that entrepreneurs do not have what it takes to stick it out when it gets tough, and believe me, it will.
However, if your vision of becoming an entrepreneur – your ‘why’—is strong enough to get you through, you can find great success and freedom as an entrepreneur. Anyone can be a successful entrepreneur if they can stick through the tough times.
Step Two – Research
If you’ve decided that entrepreneurship is right for you, congrats! Now you need to determine your business idea.
Start researching in your areas of interest to see what problems could be solved with a business product or service. For instance, if you love gardening, what common problems do you face when gardening? What could you use or do to make those problems easier/ go away?
You’ll also want to consider if there is a market to purchase your product and services. So, research your target audience. Would they buy something to solve their problems? For how much?
You also need to research potential competitors. Are there businesses out there already selling something similar? What do they charge? How do they market themselves?
Don’t be dissuaded just because there is some competition – competition means there is a market for your business idea! And, if there are enough customers, you can still be successful. A little competition never hurt anyone! - Amelia Mecham
Step Three – Make a Plan
Once you’ve done your research, next you need to create a plan for how to grow your business.
Ask yourself questions like the following to develop your business plan:
- What will your business idea be?
- What problem(s) will it solve?
- Who will buy your product or service?
- How will you tell them about it?
Write everything down and begin to build your business model. You can Google “business plan in X industry” to find sample business plans online for free.
Step Four – Get Funding
This next step is essential to getting your business up and running. If you have little money to start with, you can still become a successful entrepreneur by finding investors and people to invest in your vision. You don’t need your own money to start because you can start a business with OPM (other people’s money).
Start in your network of family, friends and neighbors. If you can prove to them that you can take their investment and earn it back, they may be willing to invest in your business.
Learn more about how to fund your business from the U.S. Small Business Administration.
Become an Entrepreneur, Even if You Have little Money
You can become an entrepreneur and gain the freedom you’re looking for. As an entrepreneur, you will have more control over your schedule, your day-to-day tasks, and where and when you work. You will also have the potential to make more than you could in other jobs. But you will have to be willing to put in the work.
Successful entrepreneurs may have to work long hours at the start and overcome several obstacles. Overall, it’s riskier than staying with a 9 to 5, yet with more risk comes more reward. Good luck!
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