How to be an Entrepreneur if You Have No Money or Experience
Many of us want to become entrepreneurs. Starting your own business is one of the biggest dreams of our times. But how do you get to be an entrepreneur?
Most of the advice focuses on the practicalities: writing a business plan, raising money, finding staff, marketing and PR.
What are Successful Entrepreneurs?
We'll go down a different route. In our eyes, at the heart of successful entrepreneurship lies something oddly more abstract: an accurate insight into the causes of human unhappiness. To be an entrepreneur means, essentially, to become an expert in the things that make life difficult for people. That's because every appropriately ambitious business is in some way trying to fix things for other people.
And the more significant and more original what you're trying to fix happens to be, the more successful your business can be. Because consumer society is now well developed, it may be easy to think that all the big problems out there already have thousands of fixes anyway.
Think of all those car companies, or pizza outlets, or news websites. We indeed have enough of everything. What could we possibly add to what's already out there?
But to get a sense of the vast opportunities that still remain in capitalism, all you need to do is ask yourself: where and in what areas you're unhappy in an average day? Every unhappiness is really a new business waiting to be born.
Your frustrations are a nearly inexhaustible source of raw materials out of which the businesses of the future can be built. So while there may already be plenty of breakfast cereals, and t-shirts, and cell phones, and cab rides for sale, there's so much more than frustrates and depresses us: think of how difficult it is to get on with one's partner, educate children, cope with anxiety, discover what you want to do with your life, find a nice place to live, calm down in the evening.
One could go on and on. Our griefs and irritations are endless, thankfully for the budding entrepreneurs.
Let's Become an Entrepreneur
Look for Gaps
Therefore, the most significant first step towards entrepreneurship is studying your unhappiness and what might heal it for you and others. When profits decline in businesses, it's really the result of too many people throwing themselves at trying to fix the same area 'cause they can't think of anything more innovative than starting a new airline, mobile phone company, or supermarket chain.
And by contrast, healthy profits are a reward for understanding and mastering an area of human distress ahead of anyone else. Of course, ideas aren't enough on their own; you need to take care of practicalities and money, but they won't help you if your original psychological insight into human unhappiness isn't sound.
And by the same token, if your insight into what makes people unhappy is razor-sharp and your solutions bold, then however complex the journey, your business will stand a high chance of making money and benefiting humanity too.
Get Busy Building Your Network
To be a successful entrepreneur, you need a lot of footage and connections, so you must contact new people every day that are in your niche. The best way to build your network is to chat and make friends with people on social media. Advisors, lawyers, investors, and other white-collar people with big aims and dreams. Try to go to as many social events as you can and be good at your communication.
Organize Your Business
It is hard to present or introduce your idea credibly and test it without any basic foundation of your business. Decide the best location for your business, set up a business bank account, get a Tax ID certificate and get your accounting setup.
Testing Your Idea
Then it's time to start actively testing your idea. Start selling your idea; you can overprice your opinion or operate a freemium model. Start enrolling new customers and grow your network. Then as your network increases, your product will evolve eventually. The main point of this is that you need to know that there is someone in the market interested in your product.
You must focus on marketing before, during, and after you start your business. E.g., if you have a glasses shop in the city, nobody will come if they don't know that your shop exists. Marketing can be tricky, but you are good to go if you focus on your target audience.
For example, Millennials are more likely to view an advertisement on social media than on a downtown billboard.
Entrepreneur Salary & Job Growth
With many online millionaires and billionaires, many people exaggerate when it comes to entrepreneurs' salaries. In contrast to any other field, entrepreneurs' pay varies a lot. If their business is failing, they probably receive less income or no income.
All that being said, many entrepreneurs typically receive around $60K-$72K depending on which part of the world they are living in. Successful entrepreneurs can grow and get much more than typical rates.
Trust me or not, every business starts from negative to zero and then positive. This means that before becoming a successful businessman, they can lose money. With population increasing all across the country, more businesses are required.
Therefore, the success of the business also depends on where it is located. If a company is in a densely populated country, there is a greater chance it will succeed.
The field you end up being in as an entrepreneur should play a more significant role in the money you make and the security you will have in your position.
Entrepreneur Association & Groups
Networking is an essential part of entrepreneurship. Below I have outlined groups with whom you can network.
Founded in 1987, the Entrepreneurs’ Organization (EO) is a global network of over 12,000 entrepreneurs. The EO offers networking and mentorship opportunities, making it ideal for future entrepreneurs.
Vistage is a peer-to-peer business consulting community for entrepreneurs and business leaders. This organization's highlights include coaching and peer advisory boards.
As a global community and startup, Startup Grind connects entrepreneurs and teaches them new business ways. They hold conferences and seminars around the world.
Resources for Entrepreneurs
G Suite combines all Google tools, including G Drive, GMail, Adwords, and Analytics. This is a must if your business depends on network traffic.
Another set of tools, Microsoft Office, is famous for Word and Excel. The kit will help you keep track of data and information.
Evernote is a web and phone application that allows you to save information and notes online. You can write a message on your computer and open it on your phone to keep all your information at your fingertips.
In conclusion, I would say that it takes time to become a successful entrepreneur, but as your business grows, you will start making passive income and live a life full of joy and freedom. Moreover, it is essential to follow all steps I have mentioned above in sequence to ensure that your business doesn't fail.