Entrepreneurship is the process of starting your own business. It involves developing your own business model and gathering both human capital and capital capital (you know, money.) This next sentence will either thrill you or scare you – but keep reading! You are fully responsible for either its success or failure. Okay, breathe now!
Now that we’ve gotten past that, let’s talk about why you want to be your own boss:
• Set your own hours
• Work closer to home or from home (that’s pretty close!)
• Have more balance in your life
• Be passionate about something that will benefit you and your family
• You have been laid off and cannot find another job and you have always dreamed of having your own business.
And, those are just to name a few. There may be many more reasons, and it may be all of those reasons. But, where do you start? Well, you have taken the first step by making that decision. Now you just need to move forward with a written plan.
As an Entrepreneur you need to do some exploring; start with yourself first. What is your personality like – are you social or prefer to deal with machines? Do you have self-discipline? Knowing yourself will help you pick the right business and that’s the first step on the path to success.
What will be the purpose of your business? Are you solving a problem/filling a need? Are you going to use the skills you already have or will you have to add new ones? Are you emulating someone else’s idea with a twist? You can be an Entrepreneur and still sell what other people are selling; think Starbucks, Peet’s Coffee & Tea, Dutch Bros. Coffee, Grace Coffee Roasters…and the list goes on.
Funding. That’s that “capital capital” I was talking about. Do you have the startup funds or will you be asking friends and family for money. Just remember, friends and family may be part of your support system, so treat them well. Pay them back first. Or, maybe you’ll look into a Small Business Administration loan.
Know your audience. The same is true whether delivering a speech or delivering a product or service. What does your audience want or need or desire? Your audience has to be bigger than your friends and family and their friends and family. We are not talking about getting into a multi-level marking business here. To have the most success, your product or service must be relevant to their everyday life.
Earlier I talked about a support network. In addition to your friends and family, you’ll want a network of people that also includes other supporters, advisors, vendors, and partners. Join a network in your area such as business networks like your local Chamber of Commerce, Business Network Inc. or MeetUp. Remember, think about what you can do for them first, then think about what they can do for you. How can you help them be more successful? People are always willing to help people who have helped them. Get help from experts; find other people who you would define as an Entrepreneur.
An Entrepreneur uses Social Media to not only learn about how people view the product and services you want to sell, but to talk to others about the products and services that they are selling. It’s also important to share information that is helpful or interesting to others (that’s the Social part.) Social Media is almost the cheapest form of advertising; word of mouth is free. But these take time, so make sure you put them into your calendar every month. Take 2 hours a week to schedule your social media for the week; or hire someone else to do that. Entrepreneurs do what makes them the most money and hire the rest out.
An Entrepreneur is creative, innovative and confident. If you want a sustainable business, you must keep moving forward. Have confidence in your product or service and customers will be drawn to you.
Now that you’re ready to be an Entrepreneur – what are you waiting for? Let me know if I can help you on this journey. If you don’t want to create a whole new business from scratch, then you might want to consider a franchise. I can help you find the right business for you. You can contact me by email at brian@apexbusinessadvisors.llc.com or by phone at (859) 866-3349. I can steer you to be Captain of your Entrepreneur-ship.
