What’s An Entrepreneur?
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With over 10% of the adult population engaged in some kind of entrepreneurial activities, Australia is an entrepreneurs’ breeding ground.
In fact, the nation ranked first in the Asia-pacific region and fifth globally in the Global Entrepreneurship Index.
A high score for ease of doing business, high tertiary education standards, and a booming economy underpinned by strong domestic demand and a rise in private investment explains why the country boasts such a thriving entrepreneurial ecosystem.
So, if you’re considering starting your journey as an entrepreneur, keep reading. In this short guide, we’ll explain what an entrepreneur is, and highlight the key steps to becoming a successful entrepreneur.
What’s An Entrepreneur?
An entrepreneur is an individual who identifies a need for a product or service and works tirelessly to bring it to market.
Very involved and committed to their projects, entrepreneurs differ from businessmen in that they aren’t solely focused on the income that can derive from a professional activity.
Entrepreneurs often invest their time and own money to bring their idea to life and get their business off the ground.
Therefore, entrepreneurs are typically defined as risk-taking individuals with a passion and drive for their ideas coupled with a strong personality. So much so that some of them can embody the company they created, much like Steve Jobs or Mark Zuckerberg.
Skills You Need To Become A Successful Entrepreneur
60% of Australian small businesses fail.
And the harsh reality is that sometimes small businesses fail because the business owner doesn’t have the quality and skills required to succeed.
So, here’s a list of skills you imperatively need if you want to be a successful entrepreneur:
- Strategic thinking
- Growth Mindset
- Time management
- Negotiation and sales
- Finance and accounting
Steps To Becoming A Successful Entrepreneur
Although learning everything there is to know about becoming a successful entrepreneur could take months and even years, here’s a quick summary of the steps you’ll need to take to create a thriving business:
Research Your Idea
Market research is critical before starting anything. This step is often overlooked by passionate entrepreneurs eager to get started with the more practical aspects of the business. Yet, your product or service should cater to market needs and add value to your ideal customer’s life.
And conducting market research is the best way to understand if that’s the case.
Create A Business Plan
Your business plan crystallises your vision and allows you to define a set of strategies. But it’s also essential if you’re looking for a loan, as lenders will require a business plan.
A well-drafted business plan should include essential information about your company, such as your mission statement, a clear description of your products or services, a competitive analysis, your financial objectives, and a detailed marketing strategy.
Building your support network through industry events or LinkedIn is key to becoming a successful entrepreneur. Networking allows you to learn from more experienced entrepreneurs and find a mentor.
Besides, it’ll be a great way to promote your business for free once it’s up and running.
Build The Legal And Financial Skeleton Of Your Business
Unless you love admin and setting up your business, this is perhaps the least appealing side of becoming an entrepreneur. Yet, registering for tax, setting up your accounting system, and learning about your rights and obligations as an employer is an integral part of any entrepreneurs’ journey.
Test Your Idea
Testing your idea will allow you to assess the demand for your products or services and fine-tune your marketing strategy. The early stages are critical because they enable you to learn what customers like and don’t like about your offering and reward early adopters to encourage word of mouth.
Purchase Business Insurance
Business insurance is designed to protect your business and financial assets against costly claims in the event one of your clients gets hurt due to your business operations. Now, understanding which insurance policy is best for your business can be overwhelming, especially as you're just getting started.
That’s why we’ve created a free instant quote generator where you can get an estimate on market-leading insurance in seconds.
Simply enter your occupation and expected revenue to get started.