Step by step guide to becoming an entrepreneur

An entrepreneur is an initiator, a challenger and a driver. Someone that creates something new, either an initiative, a business or a company. He or she is the beginning (and sometimes the end) of a venture, project or activity. The entrepreneur might not be the ideator, but he or she is definitely the one that decides to make that idea a reality. An entrepreneur is the person in charge, the leader and the person to look to for leadership. He or she is the one that pushes forward and inspires a team to follow. The entrepreneur is the ultimate responsible for the destiny of its venture, which can be a company, a project, or any other endeavor.

What does an entrepreneur do?

Entrepreneurs focus on demonstrating a concept. Then they move on to developing a product, followed by getting initial customer traction, then phased production. One of the most important resource they need is capital. Businesses have to grow and that can’t happen unless you’re constantly raising capital for the next phase. Successful entrepreneurs are extremely focused on identifying and trying to solve customers’ problem. They then develop a unique strategy that nobody’s thought of and customers can’t resist. Every startup either figures it out eventually or fails along the way. It’s one or the other.

Most entrepreneurs are good at something and they want to turn it into a business. Unfortunately, they don’t know the business side. They just think that, if they do it, it will sell. Unfortunately, that’s not how competitive markets work. You have to understand your market, your competitors and your unique customer value proposition.

There are basics of project management and building and motivating a team that every founder has to learn to successfully run a venture.

What kind of skills are required?

Successful entrepreneurs must have:

  • the ability to raise and manage money
  • the ability to relieve stress and be productive
  • the ability to make entrepreneur friends
  • the ability to identify strengths and weaknesses
  • the ability to hire effective people
  • the ability to train and manage staff
  • the ability to focus on customers and close sale
  • the ability to spot new trends and deal with the failure

The steps to becoming a doctor

  1. Evaluate yourself
  2. Evaluate your idea
  3. Research the competition
  4. Make a business plan
  5. Seek a mentor
  6. Register your business