What is entrepreneurship?
According to Merriam-Webster: an entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise.
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Entrepreneurship is the only way to gain financial independence and to become very wealthy. No seven-figure (or more) job can do that for you. If you don’t own it, then it’s not yours. You can control how much or how little you earn. You can also set up your own hours, charge your own rates, receive tax benefits, and allow your gifts/talents to be exposed to the world.
But of course, there are some disadvantages including an unstable income, no benefits, no paid time off, no employee incentives, and total reliance on yourself.
Drive: The initiative to move and prospect for clients and/or customers.
The best way to gain clientele is networking. Meeting people who are in your industry can give you various viewpoints, provide mentorship and open the door to many opportunities. Although, a lot of people have turned to social media to network which is what I do as well, it’s better to meet new people, exchange information, and develop relationships in person. I highly recommend setting up an account on Meetup.com and downloading their app. It allows you to set up your interests so you can connect with those who share your interest in your area. You can also get notifications emailed and/or have alerts sent to your phone for events within your group or that you might be interested in. Redeveloping business skills and perfecting your expertise is vital to your entrepreneurial growth. Although, I have a business degree, I purchase and utilize courses from Udemy to learn new skills and improve my business acumen. There are other online education platforms like Lynda.com, Skillshare, Coursera, Udacity, and of course, YouTube. Even if you don’t have a degree, you can learn from resources about your industry by attending seminars, conferences, webinars, non-credit college courses, etc. Networking and continual education will motivate you to expand your business and financial capacity.
Purpose: The definite reason why you are an entrepreneur and why your product(s) or service(s) are important to others. Your product(s) or service(s) are a solution to someone else’s problem. Think about products and services like Uber, selfie sticks, even The Odyssey Online. Effective business plans start with a mission statement and a purpose. This will help you to discover your target audience that will later determine your projected revenue. If you unsure on what you should offer, try this exercise:
- Brainstorm: write a list of products or services that you can’t locate and that you would like to see come into fruition. You can also list products or service that you have thought before in the past and it would be great need or want in society.
- Research: google it to see if they exist. If it exists, see how the competition is doing and if you are able to compete with it. If it does not exist, then research the qualifications and the entry barrier of that industry.
- SWOT: Once you have narrowed down on a few ideas that piques your interest, develop your SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The SWOT analysis is the key ingredient to determine how profitable your business will be.
- Pursue: Now that you have looked at each SWOT analysis of the product or service, it’s time to make a decision. You can pursue more than one at a time, but it’s better to do one at a time, so you can make sure that each business concept is getting your undivided attention. Most of us have things going on like a full-time job, family, etc., so set a schedule that you are working on your concept at set days and time.
Passion: The desire to keep on whether you are doing good or bad and believe there is a positive result in the end. Some people are motivated by money, others by influence, and yes, even some by power. Generally, entrepreneurs are visionaries. I find it helpful to have a vision board of all things that I want to be and do. Sometimes, it’s better to have more than one board, especially if you have a large vision. You can have separate boards like one for business aspirations, another one for personal goals, etc. Always make sure that you are taking time to listen, read, and watch material that burns your passion. For reading, I suggest books like Rich Dad/Poor Dad by Robert Kiyosaki, Think and Grow Rich by Napoleon Hill, and The Millionaire Mind by Thomas Stanley. For listening, I recommend podcasts like The School of Greatness with Lewis Howes and Entrepreneurs On Fire with John Lee Dumas. For watching, I love Evan Carmichael’s motivation videos and shows like Shark Tank, The Profit, and The West Texas Investors Club. Keep a group of people close to you that share your entrepreneurial endeavors. They can be either inspiring or established business owners. This is why old fashion networking is still important. As Jim Rohn says, “you are the average of the five people you spend the most time with.”
Some entrepreneurs start out like me, part-time while working a full-time job. Most people become entrepreneurs because they have given up finding a job. Whatever the case might be, DON’T GIVE UP!!! Keep the drive, stay on your purpose, and live with passion, so you can become a fulfilled and thriving entrepreneur.
