How can we define the term ‘entrepreneur?’ In plain lingo, an entrepreneur is someone who creates his or her own business. He/she is the visionary and risk taker. Qualities of an entrepreneur includes, but are not limited to, having passion for what they do, believe in risk-taking and innovation, among other things. Those who aspire to become an entrepreneur must possess self discipline and a great work ethic (that is a MUST!). Talking with individuals and getting their insight, check out this well put together list of some basic tips on how to take the first step of becoming your own boss:
Think of a great idea. Should a great idea come to you, evaluate if it is realistic in terms of cost, time, and popularity. If not, keep on thinking.
Write a business plan. This is extremely important if you are seeking investors. This should detail descriptions of every aspect of your idea. Including details and descriptions of your product; and plan everything out realistically. Take your time and evaluate your product at each section.
The sections of a good business plan include:
Product description: develop your product. What will it look like? What materials will you need? Make your product eye-catching.
Market Analysis: Who is your market? Where do they shop? Where are they located?
Competition: Who is your competition? What are their strengths? How will you beat them?
Marketing: How will you market your product? Advertising avenues? What will your packaging look like?
Sales: Where will you sell? How will you get your customers to buy? When will you sell? What is your estimated sales forecast?
Manufacturing: How do you make your product? What materials do you need to make your product? When and where will you manufacture? What is your COGS (cost of goods sold)?
Finance: How much start up money does your business need? What is your expected gross profit?
Pitch your idea to potential investors: Make a PowerPoint presentation [with business plan included] explaining why your product is the best. Discuss your estimated gross profit and how much percentage of that they will earn in interest.
Sell. Sell and distribute your product. If you’re getting revenue, then you’re in business. If you’re not getting revenue, then it’s all in your head.
Hang out with entrepreneurs: Meet fellow entrepreneurs in social gatherings where you can network and hear about opportunities.