Think you want to become an entrepreneur? Read this first! “Entrepreneur,” a word commonly heard and used, but what exactly does it mean? Entrepreneurs are people who develop, organize, and run a new business to generate profit. It is someone who makes an idea into a reality, whether it’s a service or a product, and sells it to an audience to supply the demand. Entrepreneurs can range anywhere from small business owners, to content creators, startup founders, or anyone who has the ambition to build a business and work for their vision.

1. COMMON TRAITS OF SUCCESSFUL ENTREPRENEURS

Enjoy freedom and flexibility, are inventive, are goal-oriented and ambitious, think creatively, are fearless, and have problem solving skills. With an estimated 50% of new businesses failing in the first five years, entrepreneurs also need to be committed, persistent, and adaptable to beat the odds.

2. BASIC STARTUP REQUIREMENTS TO BUILD A PROFITABLE BUSINESS

Starting a business generally requires the following: first and foremost a business concept or idea that involves a product, service, process, or new technology. People who support the work, whether as employees, vendors, or mentors. A process for how the product or service will be delivered, or how the technology will be developed. And the capitol to support the development of the idea to the point that it generates revenue.

3. REASONS THAT DRIVE PEOPLE TO START THEIR OWN BUSINESSES

The top main reasons people go into entrepreneurship are: control and to be their own boss. Ambition: they are extremely motivated to start something from scratch themselves or to provide a solution to a problem. The reason may also be financial: for the opportunity to invest and earn even more money.

4. HOW TO CHOOSE WHAT KIND OF BUSINESS TO GET INTO

Finding a need or opportunity in the market and filling it is at the core of entrepreneurship and small business success. Consider the following; your interests, your skills, your background and experiences, your financial resources, market needs, your network and connections. Ask yourself, do people need this product/ service? Does it have a large market? Does it have a high profit margin? Is it easy to operate and scale without the founders? Sell based on emotion: what will really speak to your customers? Does your product/service idea solve a pain point or offer something that will bring people joy?

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