Entrepreneurship is building a new business from the ground up. It means coming up with an idea you think will be successful, and then doing the work to make that business a reality – including raising money to get started, developing a brand, producing products, and managing the business.
All big businesses start out as someone’s idea, but not all entrepreneurs need to aim so high. Any type of business can be entrepreneurship:
“Entrepreneurship is about turning what excites you in life into capital,
so that you can do more of it and move forward with it.“
There are plenty of benefits to running your own successful business, but it’s still a ton of work. Entrepreneurship can mean making your own hours and (eventually) writing your own paycheck, but many entrepreneurs start businesses for other reasons.
Some other perks of being your own boss can include:
Following through on your dreams of entrepreneurship can be intimidating when you’re just getting started. Here’s what the process can look like:
Step 1: Find an idea. Solve a problem for people or create a product that fills a need.
Step 2: Do some market research. Look into what others are already doing in this field. Figure out if demand is strong.
Step 3: Make a plan. Design your product or service. Outline the steps it will take to build your business and your brand.
Step 4: Organize your finances. Does your business need cash to get started? If so, consider your assets, loans, crowdfunding, and other potential sources.
Step 5: Do the boring stuff. Pick a name, create a website, and file for any licenses. Choose your business structure, whether a sole proprietorship, LLC, or partnership.
Step 6: Get the word out. Before you launch, start promoting your business online and in social media. Consider creating an advertising budget so you can increase your reach as your business grows.
Step 7: Bring it to life. Launch your website. Open your doors.
It’s ok if your business isn’t perfect on the first day it opens—you can always tweak things along the way. At some point, it becomes more important to simply get it up and running.
“Chase the vision, not the money. The money will end up following you.“
Keep a journal and make a note any time you think of:
You don’t have to wait until you have your Big Idea™ to start your entrepreneurship journey. There are already tons of ways to start your own small business to get the entrepreneurship ball rolling:
Many people think it takes something special to become an entrepreneur, such as an advanced degree, a ton of money, or a sky-high IQ. Really, though, anyone with an idea for a product or service that other people will pay for and the guts to put in the work can become an entrepreneur.
“I’m convinced that about half of what separates successful entrepreneurs from the nonsuccessful ones is pure perseverance.“