According to Forbes, over 90% of the world’s wealthiest men and women are entrepreneurs. So, searching for becoming an entrepreneur or how to become a successful entrepreneur shows that you have the desire to be rich.
The untold truth is that becoming an entrepreneur is not as easy as you think. It comes with many challenges that are not easy to go by.
But with the right guide, persistence, and determination, you can become one. Before we move into the details of how to become an entrepreneur, who is an entrepreneur?
Who is an Entrepreneur?
An entrepreneur is a person that spots a business opportunity, works to develop it, and creates a system to transfer the result to the next generation while bearing the entire burden.
This means that any commercial activity that individual does without a system and intention of transferring to the next generation is called “Trading.”
From my definition of an entrepreneur, an opportunity could be anything you know that can legitimately fetch you money after working on it.
There are two types of opportunity, which are:
- Long term opportunity
- Short term opportunity
You must analyze how long the business opportunity will last. Long-term business opportunities may last forever (evergreen). In comparison, some business opportunities last for a short while and phase off.
So, as an aspiring entrepreneur, you should be able to know how long a business opportunity could be.
The system entails making a provision such that the business can stand on its own or run independently with little or no effort from you after a while.
This means your business can be moving smoothly even in your absence.
Transferring the result means that the business must outlive you, or be inherited by your children or any other family member.
Bearing the burden means that you must be ready to take financial and emotional risks.
After this definition and explanation, do you see yourself becoming an entrepreneur?
One common question I see people ask is, what to study to become an entrepreneur? I will try to give you insight on what to study if becoming an entrepreneur is your goal.
What to study to Become an Entrepreneur?
There are a lot to study if you want to become a successful entrepreneur. You should not be overwhelmed by the that because it is achievable.
In this article, I will focus on the most important thing to study, and that is the life and history of successful entrepreneurs.
Yes, the best way is by reading and studying the journey of masters in the game.
When read books, and biographies of successful entrepreneur you are indirectly learning from them.
Some of the things you must study from them are:
- How they handle failures
- The persistence
- General view of money
Some of the world most successful entrepreneurs you must read about are:
- Bill gate
- Donald trump
- Robert Kiyosaki
- Opera Winfrey and many more
The list is endless. So, go and start study on how to become one today.
What are the Challenges of Becoming an Entrepreneur?
Is it easy to become an entrepreneur? Yes, only if you are ready to face the challenges of being one.
Let’s take a deep look into the challenges you may face in your quest to becoming an entrepreneur.
1. Getting the right mentor
The importance of getting the right mentor that will guide cannot be overemphasized. I use the word right mentor because it makes a lot of difference.
A mentor will help you start your journey on the right note. Also, a mentor will infuse new ideas and support you need along the line.
Right mentors are usually expensive and hard to get because they are typically busy with their daily activities.
So, the first challenge facing you is the search for a mentor.
2. Building a team
Behind every successful entrepreneur is a team of colleagues with the same vision and mission. But the problem lies in how to assemble a team.
The best way to do that is to start the try and error method. This means you will invite and fire as many people as possible.
You will retain those that key into your visions and missions and fire those that you perceive cannot work the way you want it
Finance is a huge topic when it comes to becoming an entrepreneur. Finance acquisition and finance management are two things every entrepreneur must know how to do.
Cash flow is the lifeline of every business. But lack of it is the central issue most startups face.
On the other hand, some entrepreneurs face the challenge of managing their finance or maximum output.
So, as an aspiring entrepreneur, you must start with developing the skill of getting the investor and adequately managing the scarce resources.
4. Slow Result
The reward of being an entrepreneur is not instant. In most cases, it takes years to start seeing the result. You’re bound to see failures and disappointment from all angles.
People or partners do not keep their part of the agreement. Sales do not go as projected, and many more.
Therefore every aspiring entrepreneur should be ready to endure and persistently put in the work until success.
Becoming an Entrepreneur – Conclusion
Your decision to join the world of entrepreneurship is the right one. Becoming a successful entrepreneur is not an easy ride. But it is a task that is achievable.
The steps listed above provided the answer to the question, how do I start becoming an entrepreneur?
Follow it, and you will be glad you take the decision today.
Do not leave your present means of living to become an entrepreneur until you have seen the light along the way.
In other words, start the journey while doing your present job. Leave when the coast is evident in your new adventure.