Can you learn to be an entrepreneur and make a startup, or does one just do it?
Most of the startups fail in the first five years and consistent with some research, in 2019, the failure rate of startups was around 90%. The research concludes 21.5% of startups fail within the first year, 30% within the second year, and 50% within the fifth year.
Being your own boss, calling all the odd shots, hustling to attain your goals for several people, to become an entrepreneur is everything. However, all this sounds so awesome but just brooding about it is like creating a dream world around yourself because it all takes uttermost dedication and labor.
Most of the startups fail in the first 5 years and consistent with some research, in 2019, the failure rate of startups was around 90%. The research concludes 21.5% of startups fail within the first year, 30% within the second year, and 50% within the fifth year. Someone was asked to tell the definition of entrepreneur and after thinking for a moment he said entrepreneurs are crazy people that risk their own money for freedom, instead of exchanging their freedom for money.
Entrepreneurs are more anxious than people and experience more day-to-day stress. After all, when you're liable for rock bottom line, every setback falls on you.
Starting a corporation can be one of the foremost rewarding, exhilarating, and interesting opportunities you'll ever get. If you're conscious of the risks and you are still dead-set on being an entrepreneur.
How to Become an Entrepreneur:
- Identify profitable startup ideas
A successful startup begins with an idea, always remember it’s not about a new and innovative idea but it is about doing similar work with new methods and techniques. You cannot build a business without a correct idea. Here is a creative technique for thinking of a product or service: you can ask people about a particular product that what irritates them in that, what changes they might wish to see, or in what service they feel the foremost problem.
- Identify and specialize in a growing category (or categories)
Licensing expert and property strategist Stephen Key recommends picking a category that fascinates you but isn't overly competitive.
"I avoid industries that are notoriously challenging, like the toy industry. There are so many people creating in that space," he explains. "You will have an easier time licensing your ideas if you focus on categories of products that are growing as well as receptive to open innovation."
After you've picked a category, Key says you need to study all the products therein category.
- What are each product's benefits, and the way they vary?
- What's their packaging and marketing strategy?
- What do reviewers say?
- What are the potential improvements?
Once you've picked a product, consider questions like:
- What can be done to enhance it?
- Can I add a replacement feature?
- What a few different materials?
- Can I personalize it somehow?
- Fill demands
You don't get to restart the wheel if there aren't enough wheels. Many of us start successful businesses after noticing a distinct segment within the market. For instance, perhaps you learn there's a shortage of low-quality sales outsourcing. Since you have experience in sales development and account management at early-stage sales companies, you'd possibly decide to offer this service to tech startups. By reading and understanding the market you fulfil demands.
4Find your audience before spending even one penny
Not every business appeals to everyone. The age, gender, income, race, area and culture of your target group will play an outsized role in determining where you open up shop – or if you even got to have a physical address for business. Research which group fits your business model best, then gear everything to attract that demographic.
- Make something better (or cheaper) than what's out there
You don't always need to develop something brand-new. If you'll offer an existing product at a lower cost point, better quality, or ideally, both, you'll have many purchasers. Better yet, there's existing demand.
As you set about your day, make an inventory of everything you employ. Then review the list for something you'll improve.
- Validate your startup idea with buyer persona research
Great, you have got an idea. But don't quit your day job yet. Before you go beat, you'd wish to understand people will want your product.
To securely gauge the viability of your product within the market, start by understanding your buyer persona, i.e. the important people you propose to sell to. If your product doesn't serve a requirement, they're going to not have an interest, no matter how innovative or calm is. That's why buyer persona and marketing research is so important.
- Create a business plan
A business plan is a formalized document that details your business goals and therefore the steps you'll fancy achieve them. This might include marketing strategy, budget, and financial projections and milestones.
As an entrepreneur, your job is to line your company's mission, vision, and long-term and short-term goals. As you're doing this sort of strategic planning for your venture, the business plan is an output of your work and helps to guide the expansion of your startup.
- Find a co-founder
Conventional wisdom says you ought to search for a co-founder when starting a new business. you'll learn many advantages once you discover an ideal co-founder. It won’t only help monetarily but also emotionally because whenever you start questioning your decisions there would be someone to hold you.