How to Become an Entrepreneur 2022: Step-by-Step Guide
Knowing the mechanics of marketing is an integral part of keeping a business alive, and as such, a crucial part of being an entrepreneur. Without innovative marketing and strategic methods, it’s impossible to build a reputation that is essential to a start-up.
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master’s in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.
Amy is an ACA and the CEO and founder of OnPoint Learning, a financial training company delivering training to financial professionals. She has nearly two decades of experience in the financial industry and as a financial instructor for industry professionals and individuals.
Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. In 2011, she became editor of World Tea News, a weekly newsletter for the U.S. tea trade. In 2013, she was hired as senior editor to assist in the transformation of Tea Magazine from a small quarterly publication to a nationally distributed monthly magazine. Katrina also served as a copy editor at Cloth, Paper, Scissors and as a proofreader for Applewood Books. Since 2015 she has worked as a fact-checker for America’s Test Kitchen’s Cook’s Illustrated and Cook’s Country magazines. She has published articles in The Boston Globe, Yankee Magazine, and more. In 2011, she published her first book, A Tea Reader: Living Life One Cup at a Time (Tuttle). Before working as an editor, she earned a Master of Public Health degree in health services and worked in non-profit administration.
What Is an Entrepreneur?
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market. Entrepreneurship that proves to be successful in taking on the risks of creating a startup is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship that fails results in losses and less prevalence in the markets for those involved.
How to Know if You Would Enjoy a Job in Entrepreneurship
It takes a special person to shoulder the weight of starting a new business from the ground up while putting their all into making sure it succeeds. Before diving into a career as a business owner, think about whether your personality traits fit within this path.
Entrepreneurs are known for being tenacious go-getters who don’t get discouraged when they hit a dead end; rather, they just look for an alternate route. They also demonstrate flexibility to make things work, rarely taking a my-way-or-the-highway approach — unless they feel it weakens their business. Entrepreneurs are self-motivated, possessing the determination and focus to put in hundreds of hours of work to see their vision through.
Lastly, entrepreneurs are persuasive. Whether convincing a potential client to use their product or service, or making sure they hire only the best employees, entrepreneurs know how to convince others to believe in their vision.
Steps to Becoming an Entrepreneur
Becoming an entrepreneur requires hard work, determination, and focus. Simply put, it is not for the faint of heart. That said, many entrepreneurs begin their businesses while in school or directly after graduating, making it a great option for motivated learners with a clear vision of what they want to create.
Step One: Earn a Degree
Because no clear cut path to becoming an entrepreneur exists, future entrepreneurs undertake a wide spectrum of undergraduate degrees. For instance, someone interested in starting a digital marketing firm may decide to pursue a marketing degree with a business minor. It’s important to consider what knowledge and skills will be needed for the particular focus on a venture and pursue a degree that provides a relevant curriculum.
Step Two: Earn Professional Experience
Before would-be entrepreneurs strike out on their own, working for another business owner can help provide the real-world skills that are harder to gain during college. In these settings, recent graduates can observe leadership in action, get a clearer sense of the way finances in small businesses work, and learn about common pitfalls to avoid when it’s time to start a new company.
Step Three: Consider an MBA in Entrepreneurship
Pursuing an MBA in entrepreneurship provides the advanced business skills needed to start a business that defies the odds and makes it past the five-year mark. These programs take between one and two years to complete and provide opportunities to hone skills needed by successful entrepreneurs. Many schools offer MBA in entrepreneurship programs both online and in-person for maximum flexibility.
Step Four: Network and Build Connections
Successful business owners know that they need both clients and qualified employees. One of the best ways to get both is to network and make connections. Whether speaking to a trade show about your product/service or staying active on LinkedIn to learn about professionals in your area, taking time to complete this important step can make the difference in whether your business succeeds or fails.
Step Five: Create a Business Idea and Start Your Own Business
When creating a business idea, entrepreneurs need to be aware of what the market wants. Before ever launching a concept, take time to conduct market research and identify if the product/service is needed or designed by potential clients. If not, it’s time to go back to the drawing board.
It’s also important to create a solid business plan that addresses topics such as starting costs, marketing, staffing needs, overhead, and how long the business can go on before turning a profit. By anticipating the hard parts of starting and owning a business on the front end, there’s a much greater chance the business will succeed.
Getting an environmental science degree can be beneficial to anyone looking to become an entrepreneur and bring green improvements to the industry. Today many entrepreneurs improve industry services or goods in a way that is beneficial to the environment and saves customers’ money—they’re called eco-entrepreneurs or ecopreneurs.
Interested in pursuing a degree?
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Ecopreneurs are valuable to the market since unsustainable consumption is prevalent, and anyone who can contribute to a safer and better future is important. Students of environmental science become problem solvers who learn how ecosystems work across a variety of applications.
Benefits of an environmental science degree for entrepreneurs