For many people, being your own boss is a calling and pushing to achieve their goals is the ultimate career aspiration.
But, as exciting as owning a business seems, it's also really challenging.
What is the level of difficulty? 90% of new businesses fail.
Entrepreneurs are also more worried and stressed on a daily basis than the general population. After all, when you're in charge of the bottom line, every setback is your responsibility.
The good news is that starting a business may be one of the most rewarding, thrilling, and exciting experiences you'll ever have. Use the tactics and ideas in this article if you're aware of the hazards yet still want to be an entrepreneur.
How to become an entrepreneur?
Consider the following Options if you want to become a successful Entrepreneur
Come up with a list of profitable startup ideas
An idea is the foundation of any successful business. You can't start a company without one. Here are some innovative ways to think about a product or service:
Find out what irritates your buddies
What factors influence the profitability of a product or service? It solves an issue or a source of annoyance that people are prepared to pay to have solved.
With that in mind, begin by asking your friends what they find frustrating.
Founders are always inspired by their frustrations. Consider the following example:
- After having difficulty finding a cab, Travis Kalanick and Garret Camp founded Uber.
- Venmo (bought by PayPal) was developed by Andrew Kortina and Iqram Magdon-Ismail as they had problems paying each other back via check.
- After becoming dissatisfied with how wrinkly and ill-fitting his ordinary button-down shirts were when he didn't tuck them in, Chris Riccobono founded UNTUCKit, a brand of shirts that look fine untucked.
As you brainstorm, have your pals make track of the things that irritate them daily. Then browse through their lists and see if there are any problems you can help with.
Get ideas from other startups that are just getting started
Looking at what others have come up with might be a terrific way to get your own creative juices flowing. For digital inspiration, visit Product Hunt, a regularly updated collection of the latest applications, websites, and games. Meanwhile, for actual products, Kickstarter is fantastic.
There are also a slew of product review websites that can pique your interest. Uncrate, Werd, and Wirecutter are all worth a look.
Pick a growing category and concentrate on it (or categories)
Stephen Key, a licensing specialist and intellectual property strategist, suggests choosing a sector that interests you but isn't excessively competitive.
"I stay away from areas that are known for being difficult, such as the toy industry. In that space, there are so many people who are developing "He clarifies. "If you concentrate on product categories that are both growing and open to open innovation, you will have an easier job licensing your ideas."
After you've chosen a category, Key recommends that you research all of the products within that category.
- What are the advantages of each product, and how do they differ?
- What packaging and marketing technique do they employ?
- What do the critics have to say?
- What are the possible enhancements?
Read more:-How Can You Get a Company Easily Registered at Low Cost in UAE?
Fill a gap in the market
If there aren't enough wheels, there's no need to recreate the wheel. After recognizing a vacuum in the market, many people create profitable enterprises. For example, you might discover that there is a scarcity of high-quality sales outsourcing. You might decide to offer this service to tech startups because you have experience in sales development and account management at early-stage sales organizations.
Make something that is better (or less expensive) than what is currently available
It isn't always necessary to create something completely fresh. You'll have lots of clients if you can offer an existing product at a reduced price, higher quality, or, better yet, both. Even better, there is certainly a market for it.
Make a list of everything you use as you go about your day. Then go over the list again to see if there's anything you might improve.
Make a Business Plan
A business plan is a written document that lays out your company's objectives and the activities you'll take to get them. Marketing plan, budget, and financial estimates and milestones are all examples of this.
Your duty as an entrepreneur is to define your company's mission, vision, and long- and short-term objectives. The business plan is an output of this type of strategic planning for your firm, and it serves to lead the growth of your startup.
To make money, you must first spend Money.
Consider the following options for funding your startup:
Inviting relatives and friends to invest in your company is a great way to start.
Many entrepreneurs rely on friends and family for their first investment, dubbed a "seed round" by the industry. You can request personal loans (with or without interest), or even gifts in exchange for funding (e.g., your cousin receives 4% of the company after giving you AED 12,000).
Make an application for a small company grant.
Low-interest loans, venture capital, and grants are available from the federal, state, and municipal governments to assist small enterprises.
You might not be able to find anything because most firms aren't eligible. But it's worth investigating since, it's free money!
Make use of a crowdsourcing platform.
Crowdfunding services such as Kickstarter, Indiegogo, GoFundMe, Fundable, and others allow you to raise funds through an online campaign.
This strategy can help you acquire early product feedback, brand exposure, and, in certain cases, publicity if you have an interesting narrative or really cool product.
Make a pitch to a group of Angel Investors.
Angel investors want early-stage enterprises that can return 10 times or more on their investment. They usually invest between AED 25,000 and AED 50,000. With this in mind, they'll assess a company's potential future value as well as the ease with which it may be achieved.
They'll work hard to make sure you understand your target market, the product area, how you'll earn money, and how you'll scale. Make sure you have a sound business plan in place as well as early indicators of traction (such as "the average user refers two additional users in their first week" or "we doubled our revenue from January to March.")
You'll have access to an angel's skills and contacts in addition to the money. They will be compensated with stock.
For a quick cash option, use a credit card.
Using your credit card to pay for company expenditures is generally not a good idea – unless you can pay off the balance. You don't always have a choice: you need money, and you need it now. However, compromising your credit score and accumulating credit card debt will have a long-term negative impact on your business (not to mention, your personal financial health).
Bootstrap it
If you don't want to, you don't have to accept money from others. Some businesses never need to solicit money at all; its founders cover all of the startup costs themselves, and once the business becomes profitable, the revenue covers all costs.
This option permits you (and, if applicable, your co-founder) to keep a considerably larger percentage of your company. However, if you don't have a lot of money, you might not be able to grow as quickly. If you opt to bootstrap, maintain your costs as low as possible to extend the life of your business.
Conclusion
The road to entrepreneurship can be long and winding, but it can also be extremely rewarding. You know what it takes to become an entrepreneur, obtain experience, and fund a business, even if it won't happen immediately. The experts of Dhanguard hope this article will assist you in growing the business you've been dreaming about, and we wish you the best of luck along the way.