Entrepreneurship is attracting more people now than ever before. There was a time when entrepreneurs were viewed as ambitious innovators who were willing to take a risk and break free from the norm. Now, many see entrepreneurship as a viable way to generate income for their family that is not dependent on the success or failure of an employer. There are several steps you can take to make entrepreneurship a reality.
1. Truly Understand What Entrepreneurship Is
Entrepreneurship means different things to different people. There is a difference between working for yourself as a freelancer, starting a small retail business, and creating the next big thing in technology.
illustration by Snehal
Being an entrepreneur might start with you monetizing your favorite hobby. But you don’t just do your favorite hobby every day and become a billionaire. You have to take on several roles and learn the ins and outs of business. Entrepreneurship is not working a couple of hours a week while traveling the world and enjoying the best resorts. It is work.
Make no mistake, most entrepreneurs do not want to quit their business and go back to working for others. However, entrepreneurship requires grit, determination, and self-sacrifice. You have to have a personality that allows you to stick to something even when the going gets tough.
2. Come up with a Business Idea
Entrepreneurs are ideas people. They have new ideas all the time. Success comes from being able to narrow down to an idea that is right for you and then make it work.
For example, let’s say you’re interested in creating an online course to teach art. That is a great business idea. In fact, according to Kajabi, creating an online course is “the best way to build a passive income long-term.” You do all the work up front and then you keep making money from your efforts for years to come.
To be successful, you have to be excited about building something from scratch. You might already be in a wonderful job doing something that you love since college. But you now see creating an online course as a way for you to add value to your life and the lives of your customers.
Next, you have to do a little research. Who is your competition? How commercially viable is your idea for an online course? What’s the need in the market? How much are people willing to pay to satisfy that need?
3. Structure Your Business
You are going to need connections and resources to get your online course off the ground. This means consulting with people outside of your field, including lawyers, advisors, and investors.
Organize your business by getting your ideas laid out. Take care of any legal requirements, including tax ID, bank accounts, and insurance.
Take the capital that you get from your initial earnings and reinvest those into your business. You want to replicate success and scale your business. Work to expand into new markets and increase what you offer. Maybe you will create a second course that will build on the first course you created.
Becoming an entrepreneur does not happen overnight. With work and diligence, you can build something that will provide satisfaction and financial returns for years to come.
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