How to Become an Entrepreneur?

A lot of people talk about entrepreneurship and entrepreneurs but they do not explain how entrepreneurship is different from business or how entrepreneurs differ from businessmen/women. Let's say, I have a business and my turnover is just about $10,000, am I a businesswoman or an entrepreneur? What will make me an entrepreneur?

Entrepreneurship has more to do with mindset than financial ability. Well, entrepreneurs are the people who have businesses and a lot of stakes in companies, but in order to reach that position, they did not start with a lot of money. They knew how to start even when you don't have money.

Business of Uncertainty: How to Carve Your Niche

Entrepreneurs are investors, financiers, innovators, and businessmen/women. They create interesting products, they build a great company, and they make wise investments.

Some investments are risky investments. Some investments are safe investments. As an entrepreneur, you need to choose the investment type depending on your risk tolerance level. If you are a high-risk taker, you can make a high-risk investment. If you are afraid of risks choose secured investments like buying government bonds, fixed deposit bank accounts, etc.

Business is a risk, investment is a risk. You can never be sure of anything when it comes to doing business. However, you can of course do something to ensure that the decision you have taken will actually work, For instance, if you are trying to do a business on x niche, you can do a lot of research on the niche, your potential market, your competitors, etc. and see if the business is viable or not.

There are many ways to survive the competition associated with an online business. I will share a case study associated with Facebook and TikTok, the two most popular social media platforms. Since Facebook was well established social media, Tencent, the owner of TikTok decided to create a new platform with a completely new feature, short videos. Tiktok was able to survive. When TikTok gave fierce competition, Facebook decided to add short videos to its platform. You can see that TikTok created a new product, whereas Facebook implemented the feature that was getting popular with the audience. You can overcome the competition by introducing new products

Build a Great Team to Build a Great Business

You can manage any number of businesses provided you have a great team and great managers. The owner of the company I worked in had three businesses. He was single-handedly running three businesses at the same time (he did not have any partners). He was able to do this because he had recruited great managers and set up a great team.

You cannot be rich on your own, you need a team of people to work for you. For example, if you want to do a job, you need someone to hire you. If you are trying to build a business to become rich, you need to set up a team to manage, run or market your business.

Business can also help you in generating money 24 X 7. However, for the business to generate continuous income, it must be profitable. Not all businesses can be profitable and not all businesses can be successful, therefore, you need to do a lot of research to make your business profitable.

All of these methods are important but the most important one is the first step is very important because, in order to execute your marketing plan, you need a team of markers and a salesman. Setting up a team for marketing is as important as building a marketing plan for your business.

Well, I think you can start a business even when you do not have any skills, knowledge, experience, or expertise. All you require is money to hire the experts. In the early times, businesses were mostly set up by wealthy people who did not know much about the business but were clever enough to set up a good team to manage the business.

What is Entrepreneurship All About

Without skills, you cannot progress not just in entrepreneurship but in life as a whole. And then there is a need for money. Entrepreneurship involves things like investment, finance, and business, and you need money for these purposes. Last but not the least, you need to be innovative, creative, a dreamer, and a hard worker.

First published on Trendri, in the author's name