We often come across a problem in our daily lives that we imagine creating a solution for, for ourselves as well as for others who might be facing the same problem.
An entrepreneur does exactly that!
Entrepreneurship is the art of finding novel solutions to problems that no one else has thought of before, or adding value to existing solutions. It is gaining immense popularity among the youth as it offers them a brilliant alternative to pursuing monotonous jobs by cultivating a challenging lifestyle. Though the risk factor in starting a business venture on a new idea is quite large, profits can be equally indulging.
Do you also have the entrepreneurship bug? Read on to know more on becoming an entrepreneur.
Choose a Problem
The basic thing about entrepreneurship is to have an idea. The best way to do it is to look for a problem to which you can give an affordable and creative solution. It is important to research thoroughly on market trends and buying potential of the masses and you should be able to offer what is not already there. Most of the start-ups do not go beyond the ideation phase as they fail to understand the problem comprehensively. It is important to look at the problem from the consumer’s point of view, then only you can come up with a solution that will be accepted in the market.
Research the Market
Whether it is a service or a product that you are launching as an entrepreneur, you need to understand the market first. Ensure that what you are offering is unique and has a strong appeal. It is suggested to do thorough research using available data and then creating your own surveys. This process involves talking to competitors to know what they offer and then deciding how you can improve on it. Additionally, doing extensive research on your target customers is ideal to establish a product-market fit.
Many start-ups that cross the ideation phase succumb due to lack of investment or wrong strategy. It is important for an entrepreneur to know how much to put on stake. After researching the market, preparing a draft on investment is followed. It is suggested to invest in a phased manner and launch a product or a service in a selected market to know the response. Investing a lot of money in one go has a greater risk factor.
Building a Customer Base
Once you are firm on how much you should invest, the next step is to build a customer base or a clientele. In order to do so, you need to generate goodwill among your audience. A brand built on trust and mutual understanding is likelier to succeed than a purely profit-driven brand. At this stage, marketing plays a crucial role. Depending on the service or a product that you are offering, you can choose a medium to reach out to masses and create your brand image.
Launching a Product
The final and the most crucial part of the process that serves as a litmus test for a business is how audiences respond. Launching a product or service after a series of marketing campaigns should garner a decent amount of attention. The timing of the launch event and who you take help from in launching your product makes a great difference. The ideal way to do this is by developing a Minimum Viable Product initially and rolling it out within your focus groups to gain feedback before pushing out the final product.
Is Education Necessary to Become an Entrepreneur?
Entrepreneurship requires a person to be highly informative about markets and willing to take risks. Generally, formal education is not required but the amount of research it involves and competitiveness in the market makes education an important asset for an entrepreneur.
Having a diploma in business or a bachelor’s degree is enough to launch a start-up business but having higher education can give you a holistic approach to business and help you come up with more dynamic solutions and creative marketing campaigns for it. Many higher education institutions offer undergraduate and postgraduate programmes in business management and business studies, including an MBA or a PG Diploma in Management.
Top entrepreneurs today have a mixed education background - some come from the who’s who of the higher education world while some are school dropouts. While a programme doesn’t decipher your worth and success, it is beneficial to have an academic background to establish your credentials, especially as a first-time entrepreneur.