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Business and Startups

How to become an entrepreneur: Ultimate guide of 5 great rules

Entrepreneur

How to become an entrepreneur? Starting with a quote by Erin Wike on Indeed, ‘Becoming an entrepreneur may not have a degree requirement nor specific professional requirements, but it takes lots of knowledge, passion and a drive to achieve. It’s also the type of venture that requires someone who is risk-averse and has support to handle failure or acceptance if the idea doesn’t match the exact need and timing in the market.’[1]

Everyone has ideas, but it is an entrepreneur who knows how to commercialize it. In this article we will cover Everything about “How to become an entrepreneur?”

Role of an Entrepreneur

According to Investopedia ‘An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.’

An entrepreneur figures out a commercial need in a specific community, and works to fulfil the vacuum also generating money.

How to become an entrepreneur

How to become an entrepreneur
Photo by cottonbro on Pexels.com

1 Identify the Vacuum

You can start any business but how profitable it will get? You can get idea from this that 90% of startups fail[2]. Now the question is how to start a profitable startup? The answer is simple; Supply the demand.

Take this example; A city has 5 bakery shop, 1 barber shop and no Hardware shop. what is the business that this city is going to have the highest demand of? If your answer is bakery, then you are not providing a feasible answer, because there is high saturation, the better option will be a barber shop but the best would be the hardware which will attract the customers from all over the city.

So first find where the idea where the demand is high in the society.

2 Implement the 101% Rule

Whatever you are working on, if it is preparing a research, or starting a business, you must research 100% on the idea you want to implement and yourself being 1% more creative in implementing the idea.

Walking on the path after doing 100% research is a trait of simple profitable business persons, but only the blockbuster entrepreneurs take the pain for creating a unique way and contributing 1% of their own.

Recall how Steve Jobs launched one of the variants of iPod. There was already a small pocket in jeans pants from old times. He made the iPod familiar with it.

3 Make an offer

It is nearly impossible in todays’ world that the idea you have thought of is not already out there. even if this is the case, then it is the possibility that growing here is risky and hard. Therefor, make an offer.

If there are three barber shops in you city, Offer something that will stand you out. Either built something in your shop that customers will find entertaining while waiting in a que, or make your quality stand you out, or make yourself affordable in comparison. In nutshell, make an offer.

4 Find where to target

Find who your audience are. Target them. Royal Enfield didn’t target the ‘Uncles.’ that is why everyone who wants to appear as a ‘young-boy-type’ is attracted to it. You must find your audience and build your network.

You can set competitions, and award the winners. You can collaborate with other business and much more.

5 Market with no or least amount of money

Here use the tip 2nd we just discussed above. remember how Starbucks advertised for free! After providing their customers coffee, they would also write name on the cup. then the customer in joy would tweet the picture attracting more customers and so on.

Find the best marketing strategy for your startup and Make sure to stay consistent in it. At first you might not get the favorable outcome, but after some months, you will realize the growth.

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REFERENCES
[1] Erin Wike, Indeed
[2] Aja Frost, Hubspot

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