5 answers
Tiana
Student
Long Beach, California
2
Questions
Asked
822 views
What do I need to study to become a successful entrepreneur?
I Want to become a successful small business owner, but I don't understand what I need to study or what classes I need to take in order to make this possible.
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5 answers
Aaron Holloway
Mortgage Operations-Closing Specialist
33
Answers
Detroit, Michigan
Updated
Aaron’s Answer
Tiana,
Becoming a successful business owner requires focusing on what type of business service or product you will provide. Secondly, it involves doing what is called a SWOT analysis. This stands for strength, weaknesses, opportunities, and threats. This is an exercise to determine what are your individual business strengths, what are your weaknesses, analyzing the opportunities of your field by size/revenue, and what are threats i.e. companies that can be your direct competition. Then you should prepare a business plan to outline your business focus, and what you will be bring to the market. Lastly, and most importantly raising capital to fund your business either through your own means or via investors. If you take on investors they may want equity or a percentage of your business, which means they would become your partner in exchange for their money.
Go to your library and check out books about business, and starting a business. If you are planning to go to college, study business or a field in which you have an interest in starting a business in. If you want to jump in to business now or in the future watch podcasts on Youtube, on your subject, read or listen to audio books. Good luck.
https://www.forbes.com/advisor/business/how-to-start-a-business/
https://www.businessnewsdaily.com/4686-how-to-start-a-business.html
Intern with businesses you maybe interested in.
https://www.usnews.com/best-graduate-schools/top-business-schools/mba-rankings
https://www.bandangels.com/
Becoming a successful business owner requires focusing on what type of business service or product you will provide. Secondly, it involves doing what is called a SWOT analysis. This stands for strength, weaknesses, opportunities, and threats. This is an exercise to determine what are your individual business strengths, what are your weaknesses, analyzing the opportunities of your field by size/revenue, and what are threats i.e. companies that can be your direct competition. Then you should prepare a business plan to outline your business focus, and what you will be bring to the market. Lastly, and most importantly raising capital to fund your business either through your own means or via investors. If you take on investors they may want equity or a percentage of your business, which means they would become your partner in exchange for their money.
Go to your library and check out books about business, and starting a business. If you are planning to go to college, study business or a field in which you have an interest in starting a business in. If you want to jump in to business now or in the future watch podcasts on Youtube, on your subject, read or listen to audio books. Good luck.
Aaron recommends the following next steps:
Aisha Taylor
Mortgage Closing Specialist
472
Answers
Detroit, Michigan
Updated
Aisha’s Answer
Great Question, Tiana.
A business degree is the obvious choice for most entrepreneurs, but starting your very own business is all about taking a risk.
Find a profitable business idea.
Develop a product.
Validate your product.
Write a business plan.
Secure funding.
Launch your business.
Manage the business.
Personally, as a business owner, I had to determine what business would best fit me, I never wanted to go in business without having a passion to do it. I love the beauty industry and its what I decided to tap into. Most Women, especially in the African American community, will always get their hair done, so I took it upon myself to learn how to make affordable units (wigs), the latest craze and I have an amazing clientele that supports my business to the fullest.
Best,
Aisha T
A business degree is the obvious choice for most entrepreneurs, but starting your very own business is all about taking a risk.
Find a profitable business idea.
Develop a product.
Validate your product.
Write a business plan.
Secure funding.
Launch your business.
Manage the business.
Personally, as a business owner, I had to determine what business would best fit me, I never wanted to go in business without having a passion to do it. I love the beauty industry and its what I decided to tap into. Most Women, especially in the African American community, will always get their hair done, so I took it upon myself to learn how to make affordable units (wigs), the latest craze and I have an amazing clientele that supports my business to the fullest.
Best,
Aisha T
Rebecca Tang
Banking
1858
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for sharing. I am glad to hear that you would like to be an entrepreneur.
Have you thought about what business you would like to start your business?
Below are my suggestions :
1. Think about the industries what you have interest or you have strength. Identify the industries you would like to do your business.
2. Analyze the industries, e.g. the competition, entry criteria, any substitutes/alternatives, etc. Shortlist the industry you would to start your business
3. Take relevant courses in the college
4. Work in the industry some time after graduation to understand the business model and establish people network
5. Start the business online if possible
Hope this helps! Good Luck!
Have you thought about what business you would like to start your business?
Below are my suggestions :
1. Think about the industries what you have interest or you have strength. Identify the industries you would like to do your business.
2. Analyze the industries, e.g. the competition, entry criteria, any substitutes/alternatives, etc. Shortlist the industry you would to start your business
3. Take relevant courses in the college
4. Work in the industry some time after graduation to understand the business model and establish people network
5. Start the business online if possible
Hope this helps! Good Luck!
Hagen Finley
Technical Sales DELL Alliances
52
Answers
Fort Collins, CO
Updated
Hagen’s Answer
One important consideration might be that most entrepreneurs don't start out as entrepreneurs. They work in a business sector for years and learn the fundamentals of that business which include; technical competence (if you want to run a software development business, can you program?) business and market savvy (what's it take /cost to get started?) customers (do you know people who will hire you and your business based on your demonstrated expertise and relationship?).
If I can assume you'll need to make money to live, then the first test might be becoming successful in a role in someone else's business. If you can't earn enough to live comfortably in that business it's difficult to imagine you're going to get rich on your own.
To some degree successful entrepreneurs are born. They are driven to their careers and to work too much. It's good news bad news but it takes a lot of effort and sacrifice and an innate ability to deal with stress and people who don't like you (who likes their boss? ;-).
I know it's not flashy but most people should wait until they're around 40 to start their own business. That implies you've achieved some stability, have a family, home and some money in the bank. You'll need all of that to succeed in business .
Decide how you want to spend your work day. What sounds great? What sounds awful?
You need to develop genuine expertise in some service or product for which people are willing to pay - how are you going to do that?
Learn how you learn. Learning is a lifelong undertaking which doesn't end with formal education. Reading a lot is good if it suits you.
Ask yourself why you want to be an entrepreneur? It's possible you don't really. What is it about being an entrepreneur that you want? Do you have to be an entrepreneur to get that?
If I can assume you'll need to make money to live, then the first test might be becoming successful in a role in someone else's business. If you can't earn enough to live comfortably in that business it's difficult to imagine you're going to get rich on your own.
To some degree successful entrepreneurs are born. They are driven to their careers and to work too much. It's good news bad news but it takes a lot of effort and sacrifice and an innate ability to deal with stress and people who don't like you (who likes their boss? ;-).
I know it's not flashy but most people should wait until they're around 40 to start their own business. That implies you've achieved some stability, have a family, home and some money in the bank. You'll need all of that to succeed in business .
Hagen recommends the following next steps:
Nada L
IT Software
100
Answers
Sydney, New South Wales, Australia
Updated
Nada’s Answer
Hi Tiana,
It's exciting you're considering the entrepreneurial path right out of school! It takes courage, creativity, and a whole lot of hustle, but the rewards can be immense.
Here's some guidance to help you on your journey:
1. Nurture the Entrepreneurial Mindset:
* Embrace Curiosity: Always be learning, questioning, and exploring new ideas. The world is full of opportunities for those who are curious.
* Become a Problem Solver: Entrepreneurship is about finding solutions to problems. Train your mind to identify needs and think creatively about how to address them.
* Cultivate Resilience: Setbacks are inevitable. Develop the grit and determination to bounce back from challenges and keep moving forward.
* Embrace Risk (Smartly): Calculated risks are part of the game. Learn to assess potential downsides and make informed decisions.
* Build a Strong Network: Connect with other entrepreneurs, mentors, and potential collaborators. Surround yourself with people who inspire and support you.
2. Essential Skills to Develop:
* Sales and Marketing: Learn how to effectively promote your ideas and persuade people to believe in your vision.
* Financial Literacy: Understand basic accounting, cash flow management, and how to make smart financial decisions.
* Communication Skills: Master the art of clear and persuasive communication, both written and verbal.
* Time Management: Learn to prioritize tasks, manage your time effectively, and stay organized.
* Leadership: Even if you're starting solo, develop leadership skills to inspire and motivate yourself and others in the future.
3. Taking the First Steps:
* Identify Your Passion: What are you truly passionate about? What problems do you want to solve? Your business should align with your interests and values.
* Validate Your Idea: Don't assume your idea is great just because you like it. Talk to potential customers, get feedback, and refine your concept.
* Start Small, Think Big: You don't need a world-changing idea right away. Focus on solving a specific problem for a specific group of people.
* Create a Simple Business Plan: Outline your goals, target market, revenue model, and marketing strategy. It doesn't have to be a formal document, but it helps to have a roadmap.
4. Resources for Young Entrepreneurs:
* Mentorship Programs: Seek guidance from experienced entrepreneurs who can offer advice and support.
* Small Business Development Centers (SBDCs): These centers offer free or low-cost counseling, training, and resources for small business owners.
* SCORE: This nonprofit organization provides free mentoring and resources to entrepreneurs.
* Online Courses and Communities: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge on entrepreneurship.
Important Reminders:
* Continuous Learning: The business world is constantly evolving. Stay curious, keep learning, and adapt to new trends and technologies.
* Embrace Failure as a Learning Opportunity: Not every venture will be successful. Learn from your mistakes, adapt, and keep trying.
* Believe in Yourself: Entrepreneurship is a journey with ups and downs. Believe in your abilities, stay persistent, and never give up on your dreams.
Starting your entrepreneurial journey right out of school is a bold and exciting move. With passion, dedication, and the right mindset, you can achieve great things. Good luck!
It's exciting you're considering the entrepreneurial path right out of school! It takes courage, creativity, and a whole lot of hustle, but the rewards can be immense.
Here's some guidance to help you on your journey:
1. Nurture the Entrepreneurial Mindset:
* Embrace Curiosity: Always be learning, questioning, and exploring new ideas. The world is full of opportunities for those who are curious.
* Become a Problem Solver: Entrepreneurship is about finding solutions to problems. Train your mind to identify needs and think creatively about how to address them.
* Cultivate Resilience: Setbacks are inevitable. Develop the grit and determination to bounce back from challenges and keep moving forward.
* Embrace Risk (Smartly): Calculated risks are part of the game. Learn to assess potential downsides and make informed decisions.
* Build a Strong Network: Connect with other entrepreneurs, mentors, and potential collaborators. Surround yourself with people who inspire and support you.
2. Essential Skills to Develop:
* Sales and Marketing: Learn how to effectively promote your ideas and persuade people to believe in your vision.
* Financial Literacy: Understand basic accounting, cash flow management, and how to make smart financial decisions.
* Communication Skills: Master the art of clear and persuasive communication, both written and verbal.
* Time Management: Learn to prioritize tasks, manage your time effectively, and stay organized.
* Leadership: Even if you're starting solo, develop leadership skills to inspire and motivate yourself and others in the future.
3. Taking the First Steps:
* Identify Your Passion: What are you truly passionate about? What problems do you want to solve? Your business should align with your interests and values.
* Validate Your Idea: Don't assume your idea is great just because you like it. Talk to potential customers, get feedback, and refine your concept.
* Start Small, Think Big: You don't need a world-changing idea right away. Focus on solving a specific problem for a specific group of people.
* Create a Simple Business Plan: Outline your goals, target market, revenue model, and marketing strategy. It doesn't have to be a formal document, but it helps to have a roadmap.
4. Resources for Young Entrepreneurs:
* Mentorship Programs: Seek guidance from experienced entrepreneurs who can offer advice and support.
* Small Business Development Centers (SBDCs): These centers offer free or low-cost counseling, training, and resources for small business owners.
* SCORE: This nonprofit organization provides free mentoring and resources to entrepreneurs.
* Online Courses and Communities: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge on entrepreneurship.
Important Reminders:
* Continuous Learning: The business world is constantly evolving. Stay curious, keep learning, and adapt to new trends and technologies.
* Embrace Failure as a Learning Opportunity: Not every venture will be successful. Learn from your mistakes, adapt, and keep trying.
* Believe in Yourself: Entrepreneurship is a journey with ups and downs. Believe in your abilities, stay persistent, and never give up on your dreams.
Starting your entrepreneurial journey right out of school is a bold and exciting move. With passion, dedication, and the right mindset, you can achieve great things. Good luck!