What is entrepreneurship all about and how can you be one?

Entrepreneurialism is one of the most important concepts in the economy. Simply put, entrepreneurship refers to the capacity and willingness to generate a business idea, develop it to a venture and manage it to become a viable business venture; entrepreneurs take risks to make profits from the business developed. Entrepreneurialism results to the development of large business ventures as well as medium and small businesses but all are developed by entrepreneurs thus entrepreneurialism does not only lead to the creation of international and large business, it also comprises of the small businesses. Entrepreneurs play a critical role in the growth of any economy; it is at the heart of development. Becoming an entrepreneur enables individuals to better their lives by creating themselves a reliable source of livelihood while making growth contribution to the economy.

It is the dream of many of the people to become successful entrepreneurs. The process of becoming an entrepreneur is not a smooth one, the first obstacle that hinders most from becoming an entrepreneur is the risk involved and the second major obstacle is capital. The objective this guide is to guide you through the process of becoming a successful entrepreneur. In this guide, we will look at what makes entrepreneurs successful and also the reasons that lead to the failure of startups as well as entrepreneurs. We will also highlight the process of developing successful product/service and introduce it in the market.

The concept of entrepreneurship should be approached with due diligence, every single step counts. Becoming an entrepreneur means resolving to solve a specific problem at a profit, this means you will be offering a solution and people will be paying you for it. The process of becoming an entrepreneur involves the following steps.

1. Generate a Great Idea

This is the initial stage of becoming an entrepreneur. The idea that you choose significantly determines whether your venture will be successful, most of the time it is ideal for an individual to choose an idea that they are passionate about. The process of idea generation requires you to highlight some ideas that can be transformed into a business. After generating a number of ideas, now you come to the second stage which involves ideal evaluation. Evaluate the different ideas depending on their viability and their likelihood to become successful in the chosen market. A good idea should be acceptable in the market, offer a solution to customers and be able to compete in the chosen market. The idea you select should be financially viable; this means that the cost to finance it should be less the expected returns and hence capable of generating profits.

2. Make a Plan

Developing a strategy is an essential step in becoming a successful entrepreneur. A plan requires that you do extensive research, collect market data and use the data to make a data-driven market and product development decisions. The plan should highlight different strategies to introduce the product n the market and make it competitive. A marketing plan should be drafted to act as a guide in the process of making the products famous in the market. Pricing strategy and promotion strategy should be outlined.

3. Get Marketing Right

Marketing is one of the critical business function for newly developed products or services; it should be approached with due diligence. Marketing is crucial to the success of new brands, getting it right will help you in introducing your brand in the market and creating awareness.

4. Get a Mentor

The whole idea of entrepreneurship is derived by the creativity but borrowing to the already developed principles that have been tested and known to be effective. Using your creative idea then aligning them to some of the successful business principles is the reason you should get a mentor.

Entrepreneurs are known to have some particular traits. Below are some traits and characteristics of successful entrepreneurs.

  • Risk takers. Most entrepreneurs who are successful today took significant risks to get their ventures to where they are now.
  • Determined
  • Hard working
  • Know how to network
  • Passionate about their work
  • Leadership qualities
  • Highly motivated
  • Have a competitive spirit
  • Creativity

The above are some of the traits of successful, although every entrepreneur doesn’t possess each and every trait it listed above most have these or some of these traits.

Adopting and following the above process will help you in becoming successful and avoiding probable pitfalls that make most of the entrepreneurs fail.