How To Become an Entrepreneur in 5 Step


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In 2020, there were 33.7 million small businesses (also known as “entrepreneurs”) in the United States. You may have interacted with an entrepreneur and not really understood what that meant or if that may be something that might interest you in your own career growth and development.

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1. Identify a problem

After you’ve come up with your great idea—like a restaurant concept, delivery service, coaching specialty or new app—you can then start creating the business plan. Often, you’ve found a concept or process that will make consumers’ lives easier.

2. Expand your formal and informal education

Education is essential in an entrepreneurial career. This may be a college degree program, apprenticeship or a variety of work experience. You will want to learn the basics of business and build your vocabulary, as well as have solid business acumen.

3. Build your network

It can be challenging to get a business venture going, but you can make it easier by enlisting help from other professionals or mentors. Those who take the time to network and make new connections can gain valuable benefits

4. Reach financial stability

Although it's possible to obtain additional capital, experts advise that new entrepreneurs have a decent amount of savings, since they may lose money on their first business. Do not hesitate to work with a financial expert on what your P&L (Profits & Losses) worksheet may look like one, two and three years out.

5. Solve the problem with a business idea

Continuing with the previous example, the entrepreneur's solution is to open a childcare facility with multiple corporate partners who support the tri-county area. With so many businesses employing parents with small children and no business already providing dependable childcare, there's plenty of customers and revenue to be made. The entrepreneur can now formulate their business plan.