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How do you become a successful entrepreneur?
I am a senior in highschool and need help on how to become a successful entrepreneur. #entrepreneur #ceo #entrepreneurship
8 answers
Updated
Jim’s Answer
Hi Daylen,
I'm not an entrepreneur myself but have been thinking about this question a lot for my kids. I've worked at big companies most of my career and while it has worked out well I believe going forward it will be critical for younger generations to be able to start and manage their own businesses.
From what I've learned I think some of the key things are to start early, start small and fail fast. Most successful entrepreneurs I've listened to all say their first few businesses failed.
Also if you can start small while you are young, in an area you are passionate about, you have lots of time to grow your expertise and your audience or customer base.
Figure out a way to start selling a service or product online and learn about how to accept payments and manage finances, even if the amounts are small. If you are technically inclined I'd recommend learning how to accept bitcoin and running your own BTCPay server.
From there you learn and adjust. Good luck to you.
I'm not an entrepreneur myself but have been thinking about this question a lot for my kids. I've worked at big companies most of my career and while it has worked out well I believe going forward it will be critical for younger generations to be able to start and manage their own businesses.
From what I've learned I think some of the key things are to start early, start small and fail fast. Most successful entrepreneurs I've listened to all say their first few businesses failed.
Also if you can start small while you are young, in an area you are passionate about, you have lots of time to grow your expertise and your audience or customer base.
Figure out a way to start selling a service or product online and learn about how to accept payments and manage finances, even if the amounts are small. If you are technically inclined I'd recommend learning how to accept bitcoin and running your own BTCPay server.
From there you learn and adjust. Good luck to you.
Updated
Doc’s Answer
I'm glad to learn that you already have an itch to prepare yourself to become an entrepreneur Daylen. There's no question that college is a great place to learn and experiment with different courses that may provide you with the skills and exposure necessary to pursue your venture. If you're wondering what education is needed to become an entrepreneur, you might be relieved to learn that there are no minimum educational requirements for entrepreneurship. Anyone can start a business. However, an associate's degree in business management can be a good place to start for individuals seeking a business background. Business management programs include courses on microeconomics, marketing, and leadership, which can be useful for entrepreneurs. Another option would be to pursue a bachelor's degree in business administration. Business administration programs have courses in such areas as business management, finance, e-commerce, and business policy, and they might even allow students to select a track in entrepreneurship.
Entrepreneurs are defined as self-starters and are self-employed. It takes a certain skill set to succeed in self-employment. Entrepreneurs need determination as well as the ability to take risks, multi-task, and manage their time. Starting a business takes a lot of work, and the results can be unpredictable. Often, start-up entrepreneurs must work unstable hours and perform several or all of the tasks required to get their businesses off the ground. Additionally, they need to be detail-oriented in order to keep track of inventory and operations and to develop a business plan or investment proposal. Communication, customer service, and interpersonal skills can come in handy too, since an entrepreneur will need to reach out to customers, clients, partners, or other professionals involved in the business, such as suppliers.
Good Luck Daylen
Entrepreneurs are defined as self-starters and are self-employed. It takes a certain skill set to succeed in self-employment. Entrepreneurs need determination as well as the ability to take risks, multi-task, and manage their time. Starting a business takes a lot of work, and the results can be unpredictable. Often, start-up entrepreneurs must work unstable hours and perform several or all of the tasks required to get their businesses off the ground. Additionally, they need to be detail-oriented in order to keep track of inventory and operations and to develop a business plan or investment proposal. Communication, customer service, and interpersonal skills can come in handy too, since an entrepreneur will need to reach out to customers, clients, partners, or other professionals involved in the business, such as suppliers.
Good Luck Daylen
Updated
ARIEL’s Answer
Hi Daylen,
Good for you for thinking about how to create your own business. The first thing I would suggest is to think about what is "successful" to you. Does that mean making a lot of money, uplifting your community, building wealth and legacy for your family and generations after you? Having a clear understanding of what success looks like for you is your north star for your goals. Without it, you will always be trying to achieve someone else's goals and idea of success.
Second, what are the things you are good at and passionate about. If you are good at art and love fashion, start by painting on clothes and shoes for your family and friends. Make custom pieces for people that showcases your creativity. Or if you are funny, make videos on youtube about your everyday life and the humor you find in the mundane. This can be difficult if you have a hard time thinking about the the things you are good at. To help, ask family and friends to give their opinions about what you do well. Then think of ways you expose others to that talent. Whatever it is, make sure it is something that you would do if you never made money and you are willing to do the work to get better at.
Third, my advice would be to write down all of your ideas however silly you may think they are. Manifesting your goals start with speaking them out-loud and seeing them on paper (or apple notes). You don't have to execute everything you write down but it help get everything out and start trying.
Next research your craft and talk to others who are doing it. Network and look for mentors who can shed light on common mistakes and missed opportunities that can get you to where you want to be. This can be on social media, through email, or even if you know them personally. Don't be afraid to ask questions to people who are doing what you want to do. Most people love sharing their story and giving advice.
I hope this helps. Continue thinking and dreaming big. I hope you find happiness, prosperity, and purpose in whatever you do!
Good for you for thinking about how to create your own business. The first thing I would suggest is to think about what is "successful" to you. Does that mean making a lot of money, uplifting your community, building wealth and legacy for your family and generations after you? Having a clear understanding of what success looks like for you is your north star for your goals. Without it, you will always be trying to achieve someone else's goals and idea of success.
Second, what are the things you are good at and passionate about. If you are good at art and love fashion, start by painting on clothes and shoes for your family and friends. Make custom pieces for people that showcases your creativity. Or if you are funny, make videos on youtube about your everyday life and the humor you find in the mundane. This can be difficult if you have a hard time thinking about the the things you are good at. To help, ask family and friends to give their opinions about what you do well. Then think of ways you expose others to that talent. Whatever it is, make sure it is something that you would do if you never made money and you are willing to do the work to get better at.
Third, my advice would be to write down all of your ideas however silly you may think they are. Manifesting your goals start with speaking them out-loud and seeing them on paper (or apple notes). You don't have to execute everything you write down but it help get everything out and start trying.
Next research your craft and talk to others who are doing it. Network and look for mentors who can shed light on common mistakes and missed opportunities that can get you to where you want to be. This can be on social media, through email, or even if you know them personally. Don't be afraid to ask questions to people who are doing what you want to do. Most people love sharing their story and giving advice.
I hope this helps. Continue thinking and dreaming big. I hope you find happiness, prosperity, and purpose in whatever you do!
Updated
Steve’s Answer
I have in the past created my own business that I considered successful, and I will share with you some of what I did to start. So the first question to ask yourself is "What is the end game?" How do you define success? For some, success is just being able to provide for yourself without having to answer to a "boss". To others, success might look like having a lot of money, or to be able to have the flexibility to travel the world. When you first define what success is, then you will want to figure out "how" you want to do it. Is there an area where you would like this to be done? What can you do to provide a product or service to the world?
When you decide what it is you will offer, you will need to do some market research. You need to find out if there is a market for your product or service? Is it something people want or need? Is someone else already doing it? How many people offer the same as you? What makes YOU different than them? If it's a "new" idea, is it something people will utilize? How will you let them know who you are and what you have for them? How will they know that they need it?
Other important questions:
Do I need a special license or certification? How do I set up a business license? How will I market myself (internet, business cards, flyers, publications)? How much time will I need to spend in the office vs outside the office "pounding the pavement"? WHO do I need to be talking to (who is the decision maker)? How much do I need to "sell" to break even? How long will that take?
This is a start, and when you are able to answer these questions, you should know if you have a good idea that is worth pursuing? And what it will take. The most important thing to know is if you truly believe in your idea, then you will do all that it takes to make it happen!
When you decide what it is you will offer, you will need to do some market research. You need to find out if there is a market for your product or service? Is it something people want or need? Is someone else already doing it? How many people offer the same as you? What makes YOU different than them? If it's a "new" idea, is it something people will utilize? How will you let them know who you are and what you have for them? How will they know that they need it?
Other important questions:
Do I need a special license or certification? How do I set up a business license? How will I market myself (internet, business cards, flyers, publications)? How much time will I need to spend in the office vs outside the office "pounding the pavement"? WHO do I need to be talking to (who is the decision maker)? How much do I need to "sell" to break even? How long will that take?
This is a start, and when you are able to answer these questions, you should know if you have a good idea that is worth pursuing? And what it will take. The most important thing to know is if you truly believe in your idea, then you will do all that it takes to make it happen!
Updated
Samantha’s Answer
Hey Daylen! Here a few steps I would recommend if you're looking to becoming a successful entrepreneur.
1. Brainstorm - determine what business you're trying to build, the industry, the target market, the product(s), the price point, etc. This process can be long and involve lots of ideas, but it's essential to help create a vision for your business that will guide you as you develop it
2. Start planning - once you have your ideas down, map out what you'll need to build your business; funding, product design, marketing, accounting etc. Think through each aspect of your business, what it will cost, and what resources you'll need to build that piece out. This part can get overwhelming, but don't get discouraged, this planning phase is essential at the beginning of an entrepreneurial journey.
3. Don't give up - this one sounds silly, but being an entrepreneur is far from easy. It takes lots of time, hard work and scarifies that people often don't expect at the beginning. If you're passionate about your business and stick with it no matter what, you'll be successful!
I hope this helps, good luck!
1. Brainstorm - determine what business you're trying to build, the industry, the target market, the product(s), the price point, etc. This process can be long and involve lots of ideas, but it's essential to help create a vision for your business that will guide you as you develop it
2. Start planning - once you have your ideas down, map out what you'll need to build your business; funding, product design, marketing, accounting etc. Think through each aspect of your business, what it will cost, and what resources you'll need to build that piece out. This part can get overwhelming, but don't get discouraged, this planning phase is essential at the beginning of an entrepreneurial journey.
3. Don't give up - this one sounds silly, but being an entrepreneur is far from easy. It takes lots of time, hard work and scarifies that people often don't expect at the beginning. If you're passionate about your business and stick with it no matter what, you'll be successful!
I hope this helps, good luck!
Wayne Archibald
Cybersecurity Associate Director here to share knowledge!
221
Answers
Updated
Wayne’s Answer
Hi Daylen.
The dream of entrepreneurship is one many share. It’s all about being your own boss, having financial security, and creating something from nothing through hard work, dedication, and skill. My mother was a successful entrepreneur for many years and I worked with her. It was a lot of work but it was very rewarding. Plus, if you love what you do, most of the time it doesn't feel like work anyway.
Here are 8 Practical Steps on How to Become an Entrepreneur:
1. Develop Your Idea -- It doesn’t have to be a totally unique or groundbreaking business idea in order to be a successful one. Just because there is competition in a field doesn’t mean that you can’t be very successful when you start a business, too. Go ahead and use the business model of the most successful competitor, but make it your own by identifying shortcomings and weaknesses that you can exploit for your own success.
2. Research, Research, Research -- Research the industry and get to know the players, trade associations, and conventions. Research the products and services involved. It’s not uncommon that the most profitable part of a business isn’t the “main” product, but an ancillary add-on product. For example, it’s not uncommon for a restaurant to break even on the food and only make money on the drinks. The reason they can offer a plate full of food for $5.00 is really the $2.00 Coke or $5.00 glass of wine you order with it.Finally, research the customer. Things like average age, sex, buying habits, interests, attitudes about health, wealth, social media, and status are all helpful in your targeting and marketing efforts.
3. Create a Formal Business Plan -- This step is often overlooked and shouldn’t be. As a one or two-person show, you can probably get along fine without one, but once you start hiring employees, having a formal business plan is essential. Unfortunately, if you don’t put it in place right away, by the time you need it, you’ll be too busy to create one. It’s always smart to do it up front.
4. Build Your Network -- No one can build a successful business on their own. You’ll need investors, attorneys, accountants, bankers, as well as vendors, industry contacts, employees, and a whole host of others. Start attending trade shows and conventions, as well as joining trade association and online groups. These are all great networking resources for you.
5. Test Your Ideas -- Start small, as there’s no way you can predict every possible problem or issue that will arise. You’ll find it’s much easier to address these issues if they’re limited to a few test markets as opposed to a global rollout.
6. Turn Early Customers Into Fans -- Another advantage of starting out on a small scale while learning how to become an entrepreneur is that you can develop more personal relationships with customers. Make sure to provide a great experience for these first customers to build up the most effective advertising there is — word of mouth.
7. Raise Capital -- At this point, you should have a proven business model with customers, cash flow, and a plan for expansion. You can now start to raise money through investors, venture capitalists, and banks.
8. Scale Your Business -- Take the money raised and use it to scale the business for maximum returns for you, your employees, investors, and early backers.
Good luck!
The dream of entrepreneurship is one many share. It’s all about being your own boss, having financial security, and creating something from nothing through hard work, dedication, and skill. My mother was a successful entrepreneur for many years and I worked with her. It was a lot of work but it was very rewarding. Plus, if you love what you do, most of the time it doesn't feel like work anyway.
Here are 8 Practical Steps on How to Become an Entrepreneur:
1. Develop Your Idea -- It doesn’t have to be a totally unique or groundbreaking business idea in order to be a successful one. Just because there is competition in a field doesn’t mean that you can’t be very successful when you start a business, too. Go ahead and use the business model of the most successful competitor, but make it your own by identifying shortcomings and weaknesses that you can exploit for your own success.
2. Research, Research, Research -- Research the industry and get to know the players, trade associations, and conventions. Research the products and services involved. It’s not uncommon that the most profitable part of a business isn’t the “main” product, but an ancillary add-on product. For example, it’s not uncommon for a restaurant to break even on the food and only make money on the drinks. The reason they can offer a plate full of food for $5.00 is really the $2.00 Coke or $5.00 glass of wine you order with it.Finally, research the customer. Things like average age, sex, buying habits, interests, attitudes about health, wealth, social media, and status are all helpful in your targeting and marketing efforts.
3. Create a Formal Business Plan -- This step is often overlooked and shouldn’t be. As a one or two-person show, you can probably get along fine without one, but once you start hiring employees, having a formal business plan is essential. Unfortunately, if you don’t put it in place right away, by the time you need it, you’ll be too busy to create one. It’s always smart to do it up front.
4. Build Your Network -- No one can build a successful business on their own. You’ll need investors, attorneys, accountants, bankers, as well as vendors, industry contacts, employees, and a whole host of others. Start attending trade shows and conventions, as well as joining trade association and online groups. These are all great networking resources for you.
5. Test Your Ideas -- Start small, as there’s no way you can predict every possible problem or issue that will arise. You’ll find it’s much easier to address these issues if they’re limited to a few test markets as opposed to a global rollout.
6. Turn Early Customers Into Fans -- Another advantage of starting out on a small scale while learning how to become an entrepreneur is that you can develop more personal relationships with customers. Make sure to provide a great experience for these first customers to build up the most effective advertising there is — word of mouth.
7. Raise Capital -- At this point, you should have a proven business model with customers, cash flow, and a plan for expansion. You can now start to raise money through investors, venture capitalists, and banks.
8. Scale Your Business -- Take the money raised and use it to scale the business for maximum returns for you, your employees, investors, and early backers.
Good luck!
Updated
Thomas’s Answer
"It is very easy to follow the footsteps of others on the road to success. But, not everyone loves to follow the path that is shown by anyone else. Such people build their own path, gather each stone with hard work and build a path with all of their potential and wit towards the success. Being an entrepreneur is never easy. If one wants to be a successful entrepreneur, you will have no career guide, one to guide you or show you any map to the road of success, you are the only one who is managing everything. You are the reason for your success and for your failure. Following are the few tips that one should mindset in order to become a successful entrepreneur-
1. Love it? Choose it!
You cannot achieve anything if you work half-heartedly on any project. No matter if it is a small project or a grand project print towards your entrepreneur assignment, if you do it half heartedly and with disinterest, then none of your efforts will be fruitful. So choose your passion wisely and not in excitement. Put your all effort and hard work to achieve the colour of success that you want to achieve. Choosing what you love will not only maintain the positivity, but it will also help you to deal with failure optimistically.
2. Fly But with One Step on the Ground!
It looks simple to take big steps in the initial days of your journey and imagine that you will reach your destination. But what it results is the exhausting journey and you are left with no strength. So you need to calculate your risks as it is one of the most important factors for any startup. The balance of loss and gain is very vital, as sometimes small risk can take you to the great height but, great risk can result in the downfall of your start up. Small reward in the starting is enough to boost the morale of the entrepreneur.
3. Always Be Flexible!
It looks easy to carry on the plan initially. But, there are lots of internal and external factors that alter the success of your startup. So, one needs to be flexible to adapt any types another second way, if the first plan is not working for the success. These changes are not necessary to be small, but sometimes you change to make some large changes and it can result in another great success story of a start-up. So even if things are not going in your favor as you planned, go with the flow and achieve success.
4. Teamwork Wins the Game!
This is true that initially you have to work solely for your startup, but after a period of time, you need a proper time that to assign work to everyone. It can be a team of just three-four persons, who work in a systematic way. Everyone should match the set of skills and attitude that you require to make your startup work because you don’t have time to experiment. It will enhance your reputation and as you are the one who is leading everyone else, so you will also become more dedicated and will try to set an example for everyone else.
5. Outline Your Goal!
As an entrepreneur, one needs to be sure of what he looks at as an achievement at the end of the day. You are the one who controls your actions. You should have a proper goal regarding your startup achievement. You should work on all your plans and then only you will know whether it results in failure or success. But, you should try best in order to achieve your goal.
“Rome was not built in a day!”
Source: https://www.entrepreneur.com/article/305924
1. Love it? Choose it!
You cannot achieve anything if you work half-heartedly on any project. No matter if it is a small project or a grand project print towards your entrepreneur assignment, if you do it half heartedly and with disinterest, then none of your efforts will be fruitful. So choose your passion wisely and not in excitement. Put your all effort and hard work to achieve the colour of success that you want to achieve. Choosing what you love will not only maintain the positivity, but it will also help you to deal with failure optimistically.
2. Fly But with One Step on the Ground!
It looks simple to take big steps in the initial days of your journey and imagine that you will reach your destination. But what it results is the exhausting journey and you are left with no strength. So you need to calculate your risks as it is one of the most important factors for any startup. The balance of loss and gain is very vital, as sometimes small risk can take you to the great height but, great risk can result in the downfall of your start up. Small reward in the starting is enough to boost the morale of the entrepreneur.
3. Always Be Flexible!
It looks easy to carry on the plan initially. But, there are lots of internal and external factors that alter the success of your startup. So, one needs to be flexible to adapt any types another second way, if the first plan is not working for the success. These changes are not necessary to be small, but sometimes you change to make some large changes and it can result in another great success story of a start-up. So even if things are not going in your favor as you planned, go with the flow and achieve success.
4. Teamwork Wins the Game!
This is true that initially you have to work solely for your startup, but after a period of time, you need a proper time that to assign work to everyone. It can be a team of just three-four persons, who work in a systematic way. Everyone should match the set of skills and attitude that you require to make your startup work because you don’t have time to experiment. It will enhance your reputation and as you are the one who is leading everyone else, so you will also become more dedicated and will try to set an example for everyone else.
5. Outline Your Goal!
As an entrepreneur, one needs to be sure of what he looks at as an achievement at the end of the day. You are the one who controls your actions. You should have a proper goal regarding your startup achievement. You should work on all your plans and then only you will know whether it results in failure or success. But, you should try best in order to achieve your goal.
“Rome was not built in a day!”
Source: https://www.entrepreneur.com/article/305924
Updated
Simeon’s Answer
You'll want to do a business analysis and make a business plan. Try to set up a budget plan and account for all possible expenses. You'll also want to take into account things such as insurance and marketing. Any research you can do on your customers will be helpful as you will want to make sure you optimize the product/service to match their desires and that you market in the appropriate locations. Online marketing is safer than traditional marketing because most online marketing services give you feedback on how effective the marketing has been thus far.
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