7 steps to becoming a successful entrepreneur.. Get to know them
The dream of being a successful entrepreneur is the dream of any ambitious young man to own a private project through which he can achieve financial wealth, and does not have to do government work.
Published by the well-known American job search site Indeed report It helps young people to be successful entrepreneurs.
A successful entrepreneur is one who has the ability to create a successful business that has added value and exceeds risk.
Entrepreneurship skill depends on the basic skills of those responsible for implementing these businesses, and the concept of entrepreneurship is based on the principle of discovering opportunities and transforming them into successful projects.
The report summarizes 7 main steps that help the entrepreneur to successfully complete his career, as follows:
１. Defining the problem
The first step should be a great idea and then a successful plan.
The entrepreneur’s idea must be unconventional but at the same time feasible.
２. Expanding Education
Education is essential in the project implementation profession. The entrepreneur must be qualified, either with a university degree, vocational training, or a variety of work experience.
The entrepreneur must want to learn the basics of the business and know its vocabulary, in addition to having a strong business acumen, as problems occur frequently when starting a business, and knowing how to overcome them is vital for an entity to thrive.
It is preferable for the investor to be qualified in the following experiences:
– Business Management.
Economics and Finance.
Marketing and Advertising.
– work’s relationships.
Project strategies and management.
３. Building a network of relationships
Starting a business can be difficult, but you can make that task easier by seeking help from other professionals or mentors.
Those with the ability to network and make new contacts with those with experience can reap valuable benefits.
Also, these contacts sometimes provide valuable advice or major new opportunities.
Find entrepreneurs from among family members, friends, neighbors, or alumni networks and reach out to them for interviews. Consider yourself an investigative reporter and make it your goal to learn 2 to 3 things from each of them about entrepreneurship. And take plenty of notes.
Also, take the time to get to know the investors and the entities that give funding to entrepreneurs and small businesses.
4. Access to financial stability
Although it is possible to obtain additional capital, experts advise that new entrepreneurs have an adequate amount of savings, as they may lose money at the start of the business.
Feel free to work with a financial expert for 1, 2, or 3 years, as many entrepreneurs find that they have already started making profits within 3-5 years and a lot can change in the market during that time.
And if you have spare money either from income or from savings, this can make the transition to a new business idea easier to manage and help raise your expectations.
5. Problem solving
There is no work without problems, and the problems increase whenever the work is emerging.
The problem-solving skill is one of the necessary skills of entrepreneurs, as they must have the ability to deal with problems in the right way, in order to reach the appropriate solutions, which help to get rid of obstacles, while doing so as effectively as possible by saving time, effort and cost paid to implement the solution.
6. Test the idea
The entrepreneur’s idea is certainly ingrained in his mind, but it must be tested.
The testing phase is one of the basics of entrepreneurship, so its value and its great impact on projects cannot be ignored, as it can save a lot of time, effort and money. The test shows how satisfied customers are with the idea, and therefore can continue to work based on that, or make appropriate adjustments.
7. Get financing
It’s good to have savings that you can count on, but an entrepreneur may need a lot to get started.
There are 3 main ways to obtain capital:
Boot: This term refers to starting a business without assistance, and this can be done by cutting costs or using one’s own money.
Apply for a loan: A common way to raise capital is to apply for a bank loan. It may not be possible to apply for a small business loan early on. However, individuals can apply for general loans to cover startup costs.
aLooking for an investor: Networks help entrepreneurs find those who can provide financial assistance.
Offering a business plan to an angel investor — a wealthy person who provides capital to startups often in exchange for convertible bonds or stakes in the project — is a great option.
Otherwise, an individual may need to contact a venture capital firm. These companies make specific requests from entrepreneurs to submit and evaluate their projects.