Being an entrepreneur is a very fashionable career choice at the moment as so many people have seen the successes of people like Misha Kaura, a successful figurehead in the world of textiles and an entrepreneur in every sense of the word. The issue is that so many people just don’t have what it takes, and if you are serious about being an entrepreneur you need to understand the steps which you must take first. If you are passionate about launching your own business then here are the 5 steps which you need to be looking to take.
1 – Research Your Industry
You may have a great idea for a product but before you even get into the design stage you must ensure that you know your industry. Spend time looking at successful businesses and products within the market which you want to launch into and see if anyone has a product which is similar to yours. You need to understand your competition, customer trends and what impact the market which you want to work in.
2- Design, Test, Perfect
Once you have gained a solid understanding of your industry it is time to start putting the earl stages of production into your product or service. As many will tell you, there is only one chance to make a good first impression and the same thing goes for your product. Get a prototype and test it relentlessly until it is perfect.
3- Secure Funding
No entrepreneur started their business without cash so the next step is to work hard on securing the funding for your venture. There are a number of ways to go about this of course, you could seek private investment from angel investors, you could take out a personal loan or a business loan and you could even try to seek support from friends or family.
4 – Business Plan
Once you have the perfect product, an understanding of the market and the money behind you, it is time to start making a real plan for how you are going to launch. You need to think of how much money you’ll spend on setting up and launching the business, how many staff will you need, what premises you may require, as well as looking at making connections with logistics, manufacturing and freight companies. This plan will be your blueprint for success.
5- Launch and Survive
Launching a business is, in reality, the very first step in becoming a successful entrepreneur and much like learning to drive, it is only once you have launched that you are going to learn how to run a business. For the first 3 years you should be looking to simply survive, the two years following that you should expect some profit and following that is when you should really come into your own as both a business and as an entrepreneur.
These steps will get you on the first rung of your journey, the rest is up to you.