6 Essential Steps of the Entrepreneurial Journey
So, are you someone who wants to become an entrepreneur? That is amazing! And because you want to become an entrepreneur, it is obvious for you and anyone to get confused and nervous. There is no doubt in it that being an entrepreneur is not a cakewalk, at all. There will certainly be challenges in every step in your journey of becoming an entrepreneur.
Keeping that in mind, do you know the 6 Essential steps of the entrepreneurial journey? Are you aware of the phases that you may need to face in your entrepreneurial journey?
Well, not to worry if your answer is no to any of the two questions. Because we are going to guide you in this regard. We will help you know what are the 6 essential steps of the entrepreneurial journey.
#1. Idea generation (in whatever term you are comfortable with, all mean the same)
Anything new begins with its idea. Especially when it comes to starting entrepreneurship or opening a business (yes, you guessed it right. Entrepreneurship and Business are not the same, they are different). So, it would be better if you generate your entrepreneurship idea and work on it to make it better and clear. Before you proceed ahead. Doing it will help you in the further steps of becoming an entrepreneur.
Now, are you thinking about how you can do it? Well, we will tell you the way for this as well. And the way is, to explore the trends that are related to what you like, and the latest in the market, then research to find the gaps between them. Once you succeed to find the gap, you will get the opportunity also.
#2. Evaluate Your Opportunities
Well, now in this step, there are two sub-steps in it. That two steps are 1 (A). Risk Assessment, and 2 (B). Market Research.
- Risk Assessment: There is a risk in everything, and becoming an entrepreneur or doing entrepreneurship is no exception to this fact. Before you start your entrepreneurship journey, you need to beware of your risk-taking and management abilities. Let us put it straight, check the financial situation you are currently in, and the related requirements that whether you can fulfill them or need some funds for the same. Have a discourse with your family members and take their opinion. It will help you to know their comfort regarding your decision.
- Market Research: Now it does not matter if you are starting your own business or trying to become an entrepreneur, researching your market is the most important part. Because success and failure depend on your market research. When you are aware of your market size, the behavior of your customers, and your challengers, your entrepreneurial journey becomes quite easy than when you are unaware of the mentioned.
#3. Have a Plan
To have a plan for your business or your entrepreneurship is like having a map or a compass in the desert, without it you will be lost. The same is the scenario in business or entrepreneurship, having a plan enables you to navigate through the steps and processes in or of your business or entrepreneurship. Are you wondering, again, thinking what a business plan should have? Not to worry, we have got your back!
So, a business plan is something that is containing:
- Market analysis like the size of the market, customer behavior, and competitor
- Your financial requirement for operational expenses (OPEX) and capital expenses (CAPEX)
- The Break-even Price ( also known as Breakeven Point, or BEP)
The above business plan is given as an example so that you can get a bit of idea and help regarding the same. You can modify or change it according to yourself when you start your business or entrepreneurship.
#4. Company Set-Up
Now, as you have completed the above three steps and have done everything that is mentioned there, let us come to the fourth one. Are you excited? We know you are! Let us proceed, then.
But, here is the catch! Setting up a company is not only mean registering the company, sorting out the finances, and getting resourced. Before you go to set up your company, you need to understand, know, or select the type of your company or business as per your convenience that whether it is or should be a partnership company, a Proprietorship, LLP, Private Limited, an Enterprise, or a Public Listed Company. There are differences in each of these business types.
#5. Create an Online Presence of Your Business
Once you are done with setting up your company, it is now time to take it online. Because as per this research by Datareportal, an average of 6 hours and 53 minutes is being spent on the internet by people, daily. Using the mode of internet, your business can reach everywhere in the world. Today, we are living in a generation where business without the internet is unthinkable. Taking your business online will help you get well-capable employees, and it also enables you to bring and reach your target audiences or customers.
To make your business online, first, you need to buy a domain name for your business website, a platform to develop your website, a hosting server where your website will be hosted, and a professional business mail liked with your domain name. And, obviously, social media presence.
#6. Management of Your Company
Now, as you are an entrepreneur and so are an owner of the brand new company of your dreams. It is time to manage it, which is a bit serious thing. This is where you may need to hustle and multitask to make it more beautiful and succeed.
To make work easier for yourself, you can use some online tools like SEMrush for your digital marketing campaigns. And tools for email marketing that will help you in its related purpose.
So, we are now done with this, where we have discussed the 6 essential steps of the entrepreneurial journey. And here we wish you all the very best and success on your entrepreneurial journey.