Entrepreneurship 101: The Basics of Becoming An Entrepreneur
Entrepreneurship is a field that not many people would want to venture into. And the reason for that is pretty obvious – it is a risk. Nobody wants to risk their money, time, and resources on a new venture that might not be successful from the get-go. But that’s the thing! An entrepreneur takes the risk! And they do not think of short-term or instant success, they think of long-term or success over time.
If you have always wanted to be an entrepreneur, then you have come to the right place! In today’s blog, we will be talking about the basics of becoming an entrepreneur. The first step for any entrepreneur is having the right internet connection for conducting their business. As you can find everything on the internet, whether it is customers, business partners, tips and tricks about the business, etc., a good internet connection is highly crucial.
Wave broadband is one such option for homes and businesses. If you check the Wave Internet reviews, you will find that their Fiber internet services are vast and they are very prompt in managing any issues with them. So, let’s move on ahead with our topic and see who an entrepreneur exactly is, and what you need to know to become one.
Who is an Entrepreneur?
When we said before that an entrepreneur takes risks, we didn’t mean that they are careless or just act on impulse. Rather, an entrepreneur takes risks that are very well calculated, but only to an extent. Let’s explain with the help of an example.
When a person is working a 9 to 5 job, they have the stability of knowing that whatever hard work they are putting in, it will be repaid at the end of the month by means of a salary. Nobody would work hard for free, right?
However, an entrepreneur doesn’t work for anyone. Just like you might have heard, they are their own boss, so that means, nobody is going to be paying them at the end of the month for their hard work. Whatever money they make, they invest back into their business after taking out a reasonable amount of profit. Needless to mention, that’s not the case with employees – they work during their shifts only and make a fixed amount of money each month (in most scenarios).
An entrepreneur uses their skills, be it technical, business, or anything else to satisfy the needs of people.
Types of Entrepreneurs
Now that you know who an entrepreneur is, let’s briefly discuss the different types of entrepreneurs. If you plan to be an entrepreneur, it is important to identify which type of entrepreneur you are. So, there are 9 types of entrepreneurs in total.
- Small business entrepreneurs – Small business entrepreneurs are the ones that have small or moderate-sized businesses that provide just enough for the person to get some profit and support their families and lifestyle. These businesses are not trying to seek any huge profits or capital funding.
- Large company entrepreneurs
These types of business entrepreneurs are looking to expand their business locally, maybe even internationally. They have an advanced understanding of the market and they strive to bring innovation into their products and services. Usually, when a small business is growing rapidly, they change from small business entrepreneurs to large company entrepreneurs. It can also be that the small business was acquired by a larger, more prominent business.
- Scalable startup entrepreneurs
Scalable startup entrepreneurs look for opportunities and create solutions for the gaps and problems many people might be facing. They are of the view that their company or business is unique and can change the world with their product or service.
These entrepreneurs have unique and innovative ideas for creating solutions to existing problems of people. They are highly motivated to improve their inventions and sell them to the customers so that they can fulfill their needs.
Hustler entrepreneurs, like the name suggests, are those that pour everything into their work. They work day and night to get what they want and to grow their business.
These entrepreneurs don’t necessarily work to make a profit, rather they work for any social cause or good. Their focus is on creating products and services that will help in any social cause.
Imitator entrepreneurs are the ones that do not come up with new and unique solutions, rather they work on improving an already existing solution. They look at the current problem, its solution, and lastly, what they can change about it to make it more efficient.
Research entrepreneurs take their time to delve deep into the research of their business and the industry. The time they spent on research helps them understand how they can target their products and services to be an instant hit!
These entrepreneurs are super wealthy and instead of coming up with an idea for a business, they will buy the business. They can also buy a business that is not so successful and turn it into something that everyone wants, by improving on the ideas.
How Do You Become An Entrepreneur?
Becoming an entrepreneur is no easy feat, but if you are determined to become one, here are some things you should know and do.
Working in Another Company
Becoming an entrepreneur means you work for no one. Depending on your business size, you will probably hire other people to work for you. And of course, you will also need to work or collaborate with other people for different reasons. In that case, it is ideal that you work in another company to see and learn how you can manage your own business. You can’t just wing being the boss, you have to properly learn, so you don’t lose anything.
Being your own boss also means that you need to have the right knowledge about the industry trends and business rules. Your employees will be looking to you for guidance and if you don’t have the right information, how can you run a company?
Being an entrepreneur means you might not have the financial assets or capital like a company does, and that is exactly why you should have expertise in budgeting. You should know how much to save and how much to invest. Dividing the salary among your employees will also count as budgeting.
Consistency is the key to success. As long as you are consistent in your honest efforts and hard work, you are bound to find success with your business. You should have that attribute and to do that, you need to be patient with the efforts and results. Rushing something or finding shortcuts will not get you anywhere.
Now you know the basics of being an entrepreneur. Of course, it is not easy and it is definitely not fun a lot of times, but as long as you are happy and doing what you love, it is beneficial for you in the long run!