Today, many Americans are wondering how to become a business entrepreneur. With the promise of wealth and greater personal freedom, owning one’s own business has grown in popularity since 2007.
Despite all the challenges small businesses have faced in the last several years, seven out of ten of entrepreneurs would start their businesses all over again, according to Business News Daily (June 2013). Not only that, 48% of all Americans are currently harboring entrepreneurial dreams of their own.
That data comes in spite of the fact that the same new research has also found that most small business owners say running their business has become more challenging in the past half decade.
Overall, 59 percent of business owners stated that running a business is harder today, mainly because of the economy, new technologies and increased competition. Business owners also mentioned that they face new challenges in finding new clientele, retaining existing ones and with time management.
There are three fundamental basics in how you can transform your life into becoming a successful business entrepreneur. These are:
- Knowing clearly who you are as a brand, easily perceived in your demeanor and tone.
- Implementing a pragmatic, yet bold business plan to ensure proper organization, efficient sales & marketing, as well as high-quality delivery.
- Possessing the personal determination and ambition to ensure that nothing less than your ideal is attained, regardless of the nature of the challenges you must overcome.
3 Paths On How To Become A Business Entrepreneur
While there are several options on how to become a business entrepreneur, I am going to list what I feel are the three best paths to take.
Path No. 1 – Start Your Business While Working Your Current Job. One of the most common ways on how to become a business entrepreneur is to “moonlight” with a business that your launch from your own home. Even if just a few hours a day, you now have begun a journey that so others have taken in the same manner. Consulting and coaching are common endeavors to start from home, part-time. I suggest that you start out with a professional website, which you can begin simply and inexpensively, as well some business cards and completing your LinkedIn profile.
Path No. 2 – Purchase A Struggling Business With Massive Potential. A great path to take in becoming a business entrepreneur is to buy a struggling business that has a ton of potential. I have one client who purchased a 25-year old home improvement business that was barely making a profit (It was making about $20,000 per month). Yet, it had a client base of about 3,000. Without any marketing, and surviving solely on word-of-mouth, this couple saw great potential in a business where the owner just wanted out. So for less than $100,000, they purchased and took over this business. They did not have all the money up front, but paid about a third up front and made payments over a year’s time to pay off the balance.
They then hired me as their marketing coach and we went to town on online marketing, postcard mailings, social media and a host of other marketing, sales and organizational changes. Result? Four years later, that business is now averaging $120,000 per month in revenue. There are many distressed businesses out there, with owners who just want to walk away, that can be purchased for pennies on the dollar.
Path No. 3 – Bring Incredible Value To A Backed Partnership. Similar to path no.3 there are opportunities to jump into with an existing business, or a new start-up, as a partner/owner. By bringing to that enterprise your know-how, creativity and sweat equity, and maybe a bit of cash, you can launch your new career. Many business owners and start-ups recognize that they have severe weaknesses in vital areas, which can spell a perfect place for you and your talents. Often, these businesses will offer you a piece of the pie in terms of percentage of profits, stock options, or even both. You may have to provide some money up front, but this can be minimized if you bring incredible wisdom and skills to the table.
How To Become A Business Entrepreneur Is Wide Open
While the news is filled with dire headlines on the economy and the state of the world, the fact remains that the opportunities on how to become a business entrepreneur are easier today than ever. The resources of know-how and the amount of people who are like minded has never been stronger. Yes, there are new challenges and stiffer competition.
If you’re still wondering on how to become a business entrepreneur, then please contact me for a free 1-hour consultation on how we can structure a plan and a program tailored to your purposes and ideals.