An entrepreneur is a person who recognizes the need for new and different products and services and finds ways to provide them.
They are self-employed, are often creative thinkers, and very diligent workers.
If you decide to become an entrepreneur, you have a very hard path to follow, but one that can be very rewarding also.
If you feel like working for a salary is silly, are constantly trying to think of ways to make money out of things, and people like Richard Branson are your personal heroes, then it’s likely that you are an entrepreneur in the making.
To become an entrepreneur, you’ll need to have a lot of courage and faith in yourself.
Unless you’ve got enough money to fund the business yourself, you will need to find financial backing and get others to believe in your ideas.
Sure, you might get laughed out of a few banks in the beginning, just remember to write down their names so you can go back and flaunt your piles of cash at them later on when you’ve made it.
Education Requirements to Become an Entrepreneur
There is no formal or even regular educational pathway for an Entrepreneur.
Some of the best known entrepreneurs like Bill Gates and Mark Zuckerberg dropped out of college before graduation.
This being said, there are others out there that have masters, or even doctorate degrees.
As an entrepreneur, you’re going to need a wide skills base.
Skills in business, accounting, marketing and finance are all going to come in handy.
Completing a college degree is going to arm your with a lot of the knowledge that you require.
The most important things you need are ideas.
You’re going to need to be able to come up with original products and services to provide customers with.
Either that, or you’ll need to find new and better ways to market existing services.
Once you know what your focus is going to be as an entrepreneur, you will need to put together a business plan.
Think about what you are selling, providing, or creating.
Who is going to give you money for it? Who is going to use it? Think about how you are going to market it.
Make a focused plan for your first 12 months, as well as a more generalized business plan for the first five years.
Entrepreneur Job Description
Working as an entrepreneur, you are responsible for your own job description.
You need to have excellent self discipline, so as to be able to stick to your business plan.
You might be working out of home, from an office, or in another location that works for you.
Some entrepreneurs, usually the ones just starting out, work alone.
This means they need to look after every aspect of their business, from taking inquires, to balancing the books, to promotion and marketing.
This means that you will probably be very busy and working long hours.
As time goes on, you will be able to hire staff and delegate responsibility.
Some entrepreneurs have staffs of hundreds, if not thousands of people.
Here are some of the tasks an entrepreneur might find themselves completing:
- Coming up with new ideas
- Generating new ways to market current ideas
- Gaining financial backing
- Communicating with suppliers and manufacturers
- Marketing and promotion
- Product sales
- Customer service
- Building relationships
- Working with computers
Entrepreneur Salary and Career Path
While many entrepreneurs begin their own businesses right after college, some have been a part of the work force for many years and decide to leave to start their own enterprise.
The salary you earn as an entrepreneur is unlimited.
It will only be determined by the caliber of your ideas, how well you can market them, and how hard you are prepared to work.
In your first few years of business, most people shouldn’t expect to make a lot of money.
You will likely pay yourself a modest salary and work very long hours trying to promote and develop your business.
After a few years, you can expect to make more money and have a higher cash flow.
While 50% of new businesses fail in their first three years, it should also be noted that some of the world’s richest men and women are entrepreneurs, and started their own businesses from scratch.
When you become an entrepreneur, you open yourself up to the freedom of being your own boss and calling the shots.
You also face long hours for little pay in the beginning, and a lot of hurdles that will need to be jumped along the way.
Being an entrepreneur can bring a lot of job satisfaction, as well as a lot of money.