Entrepreneurship
is a journey that requires a lot of time, effort and hard work, and perhaps unsurprisingly,
many people end up failing. But if your company survives, the rewards of
entrepreneurship are well worth the obstacles you'll face on the road to
success.
If
you think you're ready to start your first business, here's a step-by-step
overview of what you need to do to make it happen.
Brainstorm Ideas:
Every
new business starts with an idea. Maybe there's something you're really
knowledgeable and passionate about, or perhaps you think you've found a way to fill
a gap in the marketplace. Wherever your interests lie, it's almost guaranteed
that there's a way to turn it into a business.
Once
you've narrowed your list of ideas down to one or two, do a quick search for
existing companies in your chosen industry. Learn what current brand
leaders are doing, and figure out how you can do it better. If you think
your business can deliver something other companies don't , you've got a solid idea and are ready to create
a business plan.
Another
option is to open a franchise of an established company. The concept, brand
following and business model are already in place; all you need is a good
location and the means to fund your operation.
Build a Business Plan:
Now
that you have your idea in place, you need to ask yourself a few important
questions: What is the purpose of your business? Who are you selling to? What
are your end goals? How will you finance your startup costs? All of these
questions can be answered in a well-written business plan.
A
business plan helps you figure out where your company is going, how it will
overcome any potential difficulties and what you need to sustain it.
Some say not to mix passion
and entrepreneurship, but it is not correct. Money can take you only so far,
but integrating your passion with your business provides sustainable
motivation and the grit to weather the inevitable ups and downs of
entrepreneurial endeavors.
In fact, following
your passion has been scientifically proven to make you happier. One study found
that “harmonious” passion, an internalization of an interest into a personal
identity, leads to psychological well-being and prevents negative, internal
conflict. All well and good. But simply enjoying something isn’t always
going to pay the rent, and that problem may make the notion of turning
passion into profit seem implausible.
There are so many
people who have successfully turned their passions into profitable startups.
So, even if you think you lack the necessary tools, consider taking the
following steps to do what they did.
1. Find a
void and fill it.
Observe what other
businesses are missing and use your business to fill a void in the marketplace.
Discover how you can change your industry and why it is necessary. Ask: How can
I do it better? How can I make it better?
2. Get
comfortable with stepping outside of your comfort zone.
Doing something
you’ve never done before can be scary and uncomfortable. The unknown often
becomes an excuse for not moving forward. But let your fear empower, not hinder
you. The most interesting place to play at is your limits, right? So make a
habit of staying at ease in uncomfortable situations.
3.
Practice for 24 hours.
The only way to
build your skills is gradually over time. Practice to become a master, and request feedback
from mentors to ensure you’re doing it right.
4. Be
creative with money.
A startup today
has more options for financing than just big investors, bank loans or
venture capital. First, develop a strategic marketing plan that details exactly
how much you need to get started. Then, use social media to gather community
support and market your brand before it comes to fruition.
5. Start
today, not tomorrow.
As the old adage
says, life is a journey, not a destination: Realize that success will not
come instantly. You must
start focusing on your passion project now. By defining what’s working, you'll turn your dream project into a business model you can
expand on for profitable results.
With patience and
ingenuity, you too can find your passion project and turn it into a profit --
and you will be happier for it.