Bria Harper Breaie.com
The definition of an entrepreneur is a person who organizes, operates, and assumes the risk for a business venture.
In order to become an entrepreneur, a person has to make the decision with passion to jump into the game.
Here is what you should consider before becoming an entrepreneur and quit your job. I’m not saying give up your job and jump all in to start a business. I recommend should you have employment, to start your business slowly and not quit your day job just yet. You need to have yourself set up financially to get through the start up phase of your venture. Work your new business as a side hustle to see how profitable your venture will be.
Don’t have an idea for a business you can start? Here are some suggestions on what you can ask yourself. Get a note pad and jot down your answers so you can review them.
You need to find your passion and what are you good at? What do you enjoy doing that makes you happy? Take serious assessments of your skills, hobbies, and interests that you would love to do daily. Would you be willing to work for free or very little financial rewards doing what you love with no real guarantees that you will be successful? Can you work your business part time while keeping your day job for income?
Will your idea for a product or service solve a problem or contribute to making the world a better place?
Research your passion to determine if there is a place in the market that indicates moving forward with your idea will be profitable. Keep in mind that just because your idea is your passion does not mean that there is a market for that concept.
You have to gather as much information as possible on your target market, what are they willing to pay for that product or service, and are you tied geographically to a local area or can you be nationwide or global? How strong are the competitors?
Niche markets are an excellent area, but if drill down to a very small niche, you may not have a large audience. If possible, check for competitors and how they conduct business. During this phase, you may discover that your passion won’t be profitable, but you may uncover another business idea that is not your passion that has a lot more potential. Don t’ be afraid of being flexible and checking out that business path.
Make a decision and execute. Don’t be afraid to act on your idea. Don’t get stuck in the research phase and not come to a point that you can’t make a decision. You must act on your idea either move forward, change paths, or decide not to move forward.
There is a fifty percent chance or more that you will either succeed or fail. Regardless of the outcome. Keep positive and remember this is a learning curve. You will learn valuable lessons that can’t be learned in school or through reading a book. Continue doing your market research. This will help you to continue to move forward with your dreams better equipped with experience, skills, as well as knowledge to jump again.