Wanting to become an entrepreneur is a common dream for many individuals in the American work force. There are many reasons why entrepreneurship is such a popular dream. When you become an entrepreneur, you gain a level of independence that is hard to find as an employee.
As such, there are a variety of benefits when you build a business yourself.
- You are your own boss and make your own schedule.
- Your career is built off your own ideas and your passion.
- You will see a greater portion of profits.
- You can create your own destiny.
On the other side of things, while you might have more stability as an employee, personal and professional development can stall, and your salary will often be capped. So, now that you know that your dream to become and entrepreneur and build a business has many benefits, how should you go about following this career path? Take a look at the tips below.
Go Back to School to Become an Entrepreneur
Before embarking on your goal to build a business and become an entrepreneur, it might be prudent depending on your educational qualifications, to go back to school.
Famously, some of the most successful entrepreneurs in the 20th and 21st century were college dropouts. Bill Gates, Mark Zuckerberg, Steve Jobs, and Larry Ellison all left college to build a business and to become an entrepreneur and all found amazing success in their endeavors.
Despite these famous cases, the decision to go back to school can greatly increase your successes if you want to build a business and become and entrepreneur. Frankly, not everyone has the vision of a Bill Gates or Mark Zuckerberg, but if you decide to go back to school you can learn some useful skills that will help you build a business.
If you have a high school diploma or a GED, the decision to go back to school is critical. While your desire to become an entrepreneur and build a business might be strong, an associates or bachelor’s degree will help you learn how to bring those ideas to fruition.
Even if you have a bachelors, masters, or even a doctorate degree, the decision to go back to school, or simply take a few classes can still be important. For example, if you have a degree in History but want to build a business around an idea for an app you have, it would be prudent to go back to school to learn coding and general business tactics.
Create a Business Plan to Become an Entrepreneur
The decision to go back to school is especially important if you need to learn brand new skills associated with your business idea. However, if you already possess the skills needed to build a business and become an entrepreneur in a specific field, then you can obviously forgo the decision to go back to school.
Once you have the skills you think you will need and have the idea that you think will be successful, you will want to build a business plan. The most exciting part in the journey to become an entrepreneur is having an idea and setting out to make it a reality. However, without a proper business plan it is difficult to build a business into something truly successful.
There are a few key steps that you will want to take when you create a business plan.
- Research the market.
- Create a company profile that gives an overview of your business
- Document each aspect of your business.
- Create an in-depth marketing plan.
- Create a mission statement.
A well written and comprehensive business plan will prove invaluable in your quest to become an entrepreneur. It will provide a roadmap for you to follow on the sometimes-rough path you have to take to build a successful business.
Fund Your Business
Perhaps the most important step when building a business is to acquire funding. Getting funding can be a daunting process when you are in the beginning stages of your entrepreneurial journey. No matter how good your idea is if you don’t have the funding necessary, your idea could be dead in the water.
However, there are a variety of options for when you need to get business funding. The most obvious option is to self-fund. If you have planned to build a business for a long time, it is likely that you will have saved a good amount of money and be able to pay most if not all of the startup costs.
What do you do, however, if your personal bank account will not cover the amount you need to start your business? There are a variety of options with different pros and cons.
The first option to consider is to look for outside investors. Outside investment is a good idea because it minimizes the risk of losing your own money. The downside is that you will have to put in a lot of effort and time into pitching your idea to potential investors and you will have to give up a percentage of your company to anyone who is willing to fund you.
The next option to consider is a bank loan. A bank loan is a good option because banks are often willing to give out a large amount of money with favorable terms as long as they approve your application. The problem, especially for new entrepreneurs, is that it can be difficult to be approved without a prior line of business credit.
If these options fail, you can consider a title loan. A title loan uses your car as collateral and can give you a significant amount of money quickly. Title loans can be risky, but if you need a quick influx of cash for your business, they can be a good option.
Work Hard: A Key to Becoming an Entrepreneur
With the tips outlined above in mind, if you want to become an entrepreneur you will have to pour your soul into whatever project you take on. Take the necessary steps to ensure that your new business has the best chance to succeed, but then be willing to put as many hours into the business as it takes to make it thrive.