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5 Things You Should Know Before Becoming an Entrepreneur

Posted: September 28, 2019 at 11:46 am   /   by   /   comments (0)

If you’re passionate about a particular industry, or you think you’d make a great boss, it’s likely that you’ve considered a path in entrepreneurship. Entrepreneurship is a great way to make money doing something you love while maintaining flexibility, because you’re the boss and you work for yourself. You can even be an entrepreneur with no business experience and no money, but having both of those things will make your journey much easier. If you want to become an entrepreneur, read these five things to know before you take the plunge. 

1. Experience helps

As mentioned above, experience is not necessary to be an entrepreneur, but it surely helps. One way to gain business leadership experience is by becoming a franchise owner and operator. And franchise opportunities are great because they allow you to gain experience leading a business with the benefit of knowing your business will likely succeed, because you will have name recognition and loyal customers to the company for whom you’re franchising. For instance, if you start a UPS Store franchise, you know you’ll have customers because UPS is a tried-and-true parcel service. However, if you started your own business or company with no experience, connections, or idea of how a business works, it’s unlikely you’d have an immediate customer base.
 

2. The market could be oversaturated

Before you choose the idea you want to run with for your entrepreneurial journey, you will want to keep in mind that some markets are incredibly saturated with ideas already. Your idea will have to be different for people to pay attention to it. You can challenge a saturated market by identifying gaps in that market and coming up with an idea that addresses those gaps. For instance, if you’re looking to get into the dating phone app industry, which is one with many options for apps already, you will want to create an app that does something the existing ones do not. Perhaps it has built-in date venue recommendations or allows you to refer a potential match to someone else. Whatever your idea is, to make it in a saturated market, you will need to set yourself apart. 

3. You will need the capital

To run a successful startup business, you will definitely need capital. However, you don’t have to start with a large amount of money. You can always look into small personal loans, crowdfunding, or research government programs that may be available for small businesses. Having enough funding will make it much easier for you to develop your idea, hire knowledgeable team members to work with you, rent work space, and buy materials.

4. You have to care about what you’re doing

While you’re working on your new business, it’s good to keep your heart in it the whole time. Your customers and your team members will be able to tell if you truly care about your business and if you bring a passion to your work. That spark will make people more likely to do business with you and to refer you to their friends, which can be a great way to expand your business.

5. Organization and sharpness is key

Once you’ve gotten your new business off the ground, it’s important to follow it up with smart and organized business maintenance. Use a unified platform to keep track of inventory, customer communications, marketing, and employee forms so that nothing slips through the cracks. After all, it’s no use having an amazing and successful business if you lack the organization to maintain and grow that success.

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