How To Become an Entrepreneur , Business man and woman in 7 Simple Steps in 2023
Who is a Entrepreneur / businessperson?
An entrepreneur is someone who establishes and runs a new company or Business while taking on financial or personal risk. Entrepreneurs can be anyone with the desire to create a business and work for themselves, whether they are small business owners, content creators, startup founders, or anyone else.
What to expect if i should become an entrepreneur?
Starting your own business can be thrilling and fun. It can also be intimidating and challenging. First, determine whether you are prepared to start a business for the long term. Being an entrepreneur may first seem exciting, but building a successful company takes time. Are you prepared to dedicate yourself to this for the foreseeable future?
New businesses has failure rate for new firms. The security of a regular income and day job must be abandoned by aspiring entrepreneurs in order to embrace the ups and downs with grace. Your company may need some time to become successful. Having said that, becoming an entrepreneur may be rewarding if you know what you’re doing.
How to become an entrepreneur/business person
- Find a profitable business idea
- Develop a product
- Validate your product
- Write a business plan
- Secure capital/funding
- Launch your business
- Manage the business
We’ll lead you through the seven crucial stages you must take to launch your own business, including deciding what to sell and how to make inventory.
1. Find a profitable business idea
One of the most crucial choices you’ll have to make will be which product category will serve as the foundation of your internet business.
The “ideal” product might not exist, but there are ways to reduce risk by picking a product and a market that have more factors working in their favor than against them. Use the guidelines below as a starting point to help you evaluate the advantages and disadvantages of the product you’re considering, hopefully improving your chances of success overall.
Does your product fulfill a desire or address an issue?
It’s always advantageous to sell goods that fulfill a passion or address an issue. Additionally, since new consumers are actively looking for a solution rather than needing you to intensively market your product to locate them, selling products that meet one of these criteria typically results in cheaper marketing expenses.
It’s always advantageous to sell goods that fulfill a passion or address an issue.
Is this a rising market or a passing fad?
Riding a trend can be risky. A trend may be profitable. Growing markets are best, whereas stable markets are safe. Knowing where your product and niche fit can make all the difference between success and failure.
Let’s first look at the conceptual growth curves before going through a real-world example for each type to better grasp the distinctions.
A fad is something that gains popularity for a brief period of time before soon losing it. Building your firm on a more stable basis is preferable to riding a craze, which might be profitable provided your entry and exit into the target market are timed correctly. However, this can be impossible to forecast and a prescription for catastrophe. Do you recall fidget spinners? The portable spinning toys were all the rage in 2017, reached their peak, and then virtually disappeared overnight.
A trend is a longer-term trend that a product’s market appears to be following. It lasts longer than a craze, doesn’t expand as quickly, and typically doesn’t fade away quite as quickly.
Even while this is sometimes challenging to forecast, popular products can occasionally evolve into long-term expanding markets. Several patterns have emerged as a result of the epidemic, including an increase in demand for domestic items like kitchen towels and storage containers due to the amount of time we are all spending at home.
A market that is stable is typically resistant to shocks and hiccups. It maintains itself for a lengthy period of time rather than increasing or diminishing. For the past 15 years, the popularity of teapots, for instance, has remained steady.
A market that is expanding steadily and exhibiting indicators of a long-term or permanent market shift is said to be growing. Since the end of 2014, the athleisure market has been expanding, but the pandemic seems to have accelerated this rise. Given the size of the market (and the demand for it), it is unlikely to disappear anytime soon.
What does the market environment look like?
What is the state of the market competition for the niche and product you have chosen? Are you the market’s pioneer? Is the market already saturated with businesses selling the same goods to the same customers in the same niche?
If you’re the first to market, you should conduct extensive market research to ascertain whether there is, in fact, a market for your product. It may be a positive indication that the market has been validated if there are already a few rivals in the area and they appear to be performing rather well.
It’s also a sign that the market has been verified if there are lots of rivals in it. To make a name for yourself among the sea of rival brands and products, you’ll probably need to figure out how to set yours apart.
2. Get your product developed
Once you decide what you’ll sell, there are several options for product development. You can make your own products by hand, like the artisans the produces hand wash soap or You can find a manufacturing partner who will develop your product idea to your specifications.
Another choice is to acquire your product wholesale, in this case you would get pre-made goods from a wholesale market. For this, our marketplace, Handshake, is a fantastic choice for eg. if you want to start selling laptop in lagos or in any part of nigeria and you dont have the captital you can do a dropshipping with gbn mobile computers in lagos and it will be shipped direct to your store to enable you serve your customer and make your profit.
You can Consider dropshipping if you’d like not to have inventory. When a customer buys something from you through dropshipping, you purchase it from a different vendor. In this way, you never have to handle, store, or send any merchandise because the third party will ship the item directly to the consumer.
A comparable choice is to provide printing on demand if you design your own t-shirts, art prints, mugs, etc. When you collaborate with a supplier to print your own designs on white-labeled products that are only made when a consumer makes a purchase, this process is known as printing on demand. You never have to store or ship the things yourself because you only sell the amount of inventory that there is a demand for.
3. Validate your product
Your product idea has to be validated as a following step. You can determine if you are selling things that customers actually want through this procedure. Making your first few sales is when your product is truly validated. Therefore, it’s beneficial to do a few low-cost tests before investing a lot of money or time into your new product line.
Create a coming soon page to generate interest. Alternately, start pre-orders to see if there is any interest. The owners of gbn mobile computer, a store that sells uk used laptop and computers in lagos nigeria, validated their goods by initially selling them during live events.
You’ll be better able to confirm there is a market for what you’re selling once you’ve made a few sales.
The actual product validation happens when you make your first few sales.
4. Write your business plan
It’s time to draft a business strategy after receiving some much-needed product validation. A business plan is a document that describes pretty much every aspect of your enterprise. The key concepts in it will be: who you can advertise to and reach; your business model; the prices you’ll charge for each product; the product lines you’ll launch; and your marketing approach.
A business plan assures that you’ll stay on course and that you have a strong, well-thought-out strategy moving ahead, even though it may sound thrilling to start with the fun stuff like setting up your social media accounts or creating your logo. Make use of our free business plan template as a roadmap for the procedure.
5. Secure the Capital/ funding you need
Businesses are expensive, particularly if you intend to sell your own goods. Even while you can put early gains back into your company, many businesses require some sort of financial flow. Here are a few well-liked choices:
- Own resources. You can finance your own business if you have the resources. Just be certain that you can afford the expense for a while. While some firms earn a profit fast, it could take some time for a business to realize a return on its investment.
- Take out a business loan. Another option is to take out a small business loan.
- Find venture capitalists for funding. An angel investor or venture fund are two different types of capital investment. Startups and early-stage businesses receive capital from these accredited investors. They receive equity ownership or convertible debt, which is a loan that may one day be converted into equity, in exchange for their investment.
6. Launch your business
Don’t overthink it; hard effort and action will help you succeed as an entrepreneur. Create a launch checklist for the store for the first day. Additionally, you should ensure that any launch day marketing initiatives, such as organic social media postings, are prepared and set up. Additionally, you should have a strategy for customer support or at the very least, a simple means for clients to get in touch with you if they need assistance.
The next thing to do is spend all of your time and energy on getting your first sales. You can expand your acquisition efforts later.
7. Manage your business and keep learning
Managing a business will teach you more about business than any business course will. But prosperous business people are continuously learning about entrepreneurship.
Experienced startup executives freely share their experiences in an effort to advance the sector. In my work thus far, advice from other founders, investors, and IT experts has been invaluable. Their experiences and lessons have shown me how to avoid problems where they faltered and have helped me navigate my own roadblocks.
You’ll be more able to avoid costly errors and innovate where others haven’t if you invest more time in learning, especially from those who have gone before you. Working with a mentor, reading business books, taking classes, listening to business podcasts, or simply signing up for email newsletters are all options. Pick whichever approach suits you the most, but always keep learning new things.