The World of Entrepreneurship

The world is full of entrepreneurs, whether they’re just starting up or if they’ve been in the game for many years. An entrepreneur is an individual that ultimately shows willingness to start up a new business. Meaning entrepreneurship is the idea of creating, developing and managing a business. 

Throughout the pandemic and beyond, we saw a rise in entrepreneurship. In fact, according to Reason, the United States saw a 8.9% increase from November 2020 to November 2021. Going to show this amazing world of entrepreneurship is only getting better. We want to run you through some of the ways to start up, what skills you need to have to become successful and the benefits of the journey.

The World of Entrepreneurship

How do I become an entrepreneur?

Unlike most career paths, there isn’t a defined journey with being an entrepreneur. For instance, if you wanted to become a lawyer, you would go to law University, pass the exams, get some experience under your belt and voila. With entrepreneurship, everyone will have a different story to tell. For example; Colonel Sanders didn’t start promoting his now famous KFC recipes until over the age of 60 years old, when most people start putting their feet up to retire. Whereas someone like Mark Zuckerberg created the conception of Facebook in his college dorm and became a self-made billionaire by the age of 23. In truth, your journey as an entrepreneur can start at any time and with any idea. 

Educate yourself – No matter how old you are, there is never a time in one’s life when they should stop learning. The most successful people in the world take the time to learn everyday and they don’t mind surrounding themselves with experts in different fields to take information from. Learn to be humble and accept you won’t know everything under the sun, educate yourself to open your mind to new opportunities.

Funds – One thing to recommend would be to have a healthy amount of cash behind you before you start your journey. This is definitely not a necessity, but entrepreneurship can be a long road and you are not always making money, sometimes you’re even making a loss. Having some funds behind you to be able to live comfortably whilst starting up is a great idea just to be on the safe side! According to Business News Daily, most microbusinesses cost about $3,000 to start. Whereas most home-based franchises cost between $2,000 – $5,000 

Identify & solve a problem – Something that has become more difficult yet simultaneously more simple somehow (it makes sense in our head) is the ability to solve a problem and launch a business based on that idea. Every time you think you have a genius idea, you realise it’s already been thought up. Sometimes it can take multiple failed attempts to come to your brilliant idea that sticks. Don’t give up and keep racking your brain. People love to have a problem solved for them, and they will pay a lot of money for it too. 

Network, network, network – The importance of networking cannot be overstated. Entrepreneurs need other like-minded people around them and contacts in their back pocket for a time of need. Make sure you are establishing yourself at networking events like our very own Breakfast Club on every last Wednesday of the month. The benefits are unparalleled. We have a blog dedicated to the importance of networking right here

What kind of skills do I need to have to become an entrepreneur? 

This is a common question that gets asked by new starters. Entrepreneurs need to be all-rounders. Ultimately, you need to be willing to innovate and create as you will be starting a business from scratch. This is where it is handy to identify and solve a problem, innovation comes at this process.

Confidence and self-belief are qualities that are almost essential; being an entrepreneur can be a lonely and defeating time in some situations. Whilst the highs are extremely high, the lows can seem like the end of the world. This means you need to be willing to go through hardship and pick yourself up through times when ideas aren’t striking gold instantly. 

Good time management skills are also extremely useful. As you will be working alone most times, it is very easy to get distracted and just spend days and days on one thing. Make sure you are planning your time efficiently.

Persistence is key. As mentioned previously, it is very easy to give up as an entrepreneur and just start that job that has been catching your eye that guarantees regular and stable income when ideas aren’t working. You have to remain driven at these times and make sure you are believing in yourself when sometimes, no one else is. 

Final Thoughts

Being an entrepreneur is a risky but very rewarding career if you do it correctly. The Breakfast Club was proud to host Bart Dalton as our keynote speaker this April. We have amazing keynote speakers at every event; make sure you keep up to date with to see who the next keynote speaker will be whilst networking with like-minded individuals!